First Premier vs. Orchard Bank

[Anonymous]

Which one do you guys prefer? I am reading a lot on both cards, i hear good and bad from both so not sure which one to get. what does your score have to be to even get a secured card? What were some of your scores when your were approved for a secured card? Hopefully they even approve me lol I don't know my fico score, i cannot view because it says i haven't had an open account for 6 months or more, but im so curious to know my scores, last i checked from true credit they were TU 558, Ex 535, and EQ 573, but that was before i disputed a lot of paid items and had maybe 4 or 5 deleted, so maybe its higher now who knows. If anyone has had these cards what were the fees, and which one would be the best to go with?

[Anonymous]

With orchard bank if you go over your CL by even one dollar they will take you to a 30% apr. But on the other hand they offer free online bill pay where as First Premier charges for online access and I think 7.00 for online payments. So if you think you can stay under your CL I would go with Orchard.

[Anonymous]

also with orchard i get annaul cli w/o having to ask or pay for it and no annual fee, no monthly maint. fee. if i had to choose orchard anyday.

[Anonymous]

how do you get the no annual fee and no monthly fee?

[Anonymous]

just replied to the offers they mailed me. have a visa and mc, the discover did come with an ann fee.

[Anonymous]

wow i definitely need to try orchard bank, also do you have to have your own savings account to get the card? i have read a lot that they accept almost anyone, if you dont mind me asking what was your score when they approved you?

Message Edited by Michelle27 on 09-08-2007 02:10 PM

[Anonymous]

really don't know what the scores where, but i've had the mc over two years. i've only had a savings account since march (had to join a credit union to have them finance a van), but have had a checking account for years.

funny thing after we got the van, in the welcome call they offered (and i accepted and ran like a thief) a $3500 visa card.

[Anonymous]

I had applied and received both cards when I was building my credit back up.  My scores were all around 550 across the board.  I would DEFINITELY recommend Orchard Bank over Premier for these reasons.

Online bill pay is free with Orchard Bank (as long as it's not a rush payment).  Anytime you want to pay with Premier, it was $7.00 per payment!  There was also a hefty annual fee if I remember correctly.  Orchard Bank's was/is $39.00.  Orchard Bank started me off with a $300.00 limit and mine is $1800 now.  I ended up closing the Premier account after a year.  I had a $250.00 limit with them and it never increased. 

I've had my Orchard Bank card since 2004 and I used it often back then just to show usage on my report but I would pay it off the moment it showed online.  I don't use it much anymore but since I've had it for awhile now, I don't want to close it.  Hope this helps a bit. 

[Anonymous]

Orchard or another HSBC card by far. Also look at the Tribute card. FP sucks and I was so glad I could close mine this week.

[PayYouNever]

I have both Orchard and FP. Although FP charges a monthly service charge, and they haven't give me a CLI in the three years that I had the card, they are more willing to waive late and OTL charges. Orchard claims they have a policy of one adjustment per mistake per year... whereas with FP if you miss a payment, get jacked up to 30%APR, it goes back down to 9% after two back to back payments. I don't know if that happens with Orchard.

What I did to alleviate the online payment fee is pay through the BillPay on checking account, that way BofA issuing a check free of charge. So far I haven't been charged the $7/monthly fee for that.