Late Payment my A$$!
Written: Jan 17 '08 (Updated Jan 17 '08)
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Pros: Good way to build credit if you have no other option.
Cons: Sneaky. Be careful. Do your homework before getting this card.
The Bottom Line: This should be a last resort, last ditch effort to obtain credit.
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| scotthazlett82's Full Review: Orchard Bank Credit Card |
I have always been early with my payments for all of my credit cards. I was looking through my bank records, and I noticed that, in the last year, it has never taken more than 6 business days for my payment to travel and be processed by Orchard. I checked this information because, this month, Orchard Bank claimed that my payment took 12 business days to be delivered and processed. Because of this, my payment was "late" and they charged me a $30 late payment fee. I contested the charge through a few different people both over the phone and the website "Contact Us" service. After about an hour I got the late payment fee retracted. If the payment had actually been late, they most definetly would not have credited the money back to me. What they did was hold on to my payment a couple extra days so that they could make a few extra bucks. Only after I threatened to close my account, did they credit me the $30.
I got this particular card to help me restore my credit, and up until now, I had no problems with Orchard. It is unfortunate that they are taking advantage of the customers that need their help the most. Even though I am frustrated, I will NOT be cancelling my account. Bottom line is that it is helping me restore my credit. I have done some research and I now understand that this is how most credit card companies make their money. From now on I will be paying much closer attention in my interactions with them. I have found out that many many people have gone through the EXACT same thing.
My advise, if you have this card or want this card, is to sign up for online bill pay and call each month to confirm that you payment has been received. That way they cannot claim that "the mail must have been slow" which is what they said to me.
Unfortunately, most credit card companies will try their best to make an extra few bucks off of people who need the cards the most. After going through this ordeal, I would no longer recommend this card, or this company. This card should be a last resort! Instead, try Capital One. Their customer service so far (8 months) has been phenomenal. And although your credit limit will most likely be low at first, they seem to be eager to help you strengthen your credit and may offer to increase your limit after few short months of being on time. They seem to value their customers and the potential for FUTURE business... not the opportunity to make a quick buck.
Recommended:
No
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scotthazlett82
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Reviews written: 1
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