I just received a "pre qualified" offer for an Orchard Bank Platinum MC. The annual fee is $39, and the APR is 12.9%. Has anyone had experiences with them? Would this be a good card to get?
I used Orchard's platinum MC for rebuilding after BK.
I like them - they are easy to pay online and they qualify as a bank card. Because I didn't have a bankcard and FICO likes one for scoring purposes, my score went up 20 points when I opened them. I did close them before the first anniversary because they had done their job for me and I was able to open a bank card without AF's.
Do a search on these forums and you will find many posts regarding Orchard.
If you're rebuilding, and don't yet have a bank card, they're a good bet.
On the other hand, if you're past rebuilding, and already have a bank card without an AF, you are past needing this type of card.
Orchard is owned by hsbc. I agree with the previous, if you don't need the help, don't get it. I just got one a few months ago because I'm rebuilding. I plan to keep it for a year and then see where my score is after my mortgage and acquiring the new card has settled down on my report. I hope to not have to pay the annual fee next year.
I've had one since 2007 with an initial CL of $2000.00, however, I have not had a CLI since...