Orchard Bank- Warning to those considering this card!
Written: Jun 20 '02 (Updated Jul 07 '06)
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Pros: Everything about this card spells trouble!
Cons: Too many to mention without rambling on and on!
The Bottom Line: If you have negative credit- try any other company including Capital One. This card should be considered only if you have no other alternative!
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| RuggedMan01's Full Review: Orchard Bank Credit Card |
Orchard Bank offers a MasterCard to people with damaged credit or history of a discharged bankruptcy. The Annual APR generally starts anywhere from about 16-22% depending upon FICO score. The Annual Fee is typically $59.00 (not great but not bad either). They start you off with a low credit limit (typically $300.00). This is not a great starting limit, but seems to be the norm for cards of this kind.
Here is the BAD NEWS. HSBC (issuer of the Orchard Card) uses a practice known as "Universal Default". What this means is that if you carry other cards or open new accounts that appear on your credit report, they will automatically increase your APR to at least 28% (even if all of your other accounts are in good standing!) You don't even have to be late on any of your other accounts! Universal Default is a practice used by creditors and reserved for increasing your APR if you are ever late on any account, but HSBC will increase your APR for whatever reason they want, even if you are in perfect standing with them and all your other accounts. Be very careful about getting this card!
The bad news just keeps getting worse! Customer service is a real nightmare with this company. If you need to call and speak with a representative, your call will be routed to India with someone you will not be able to understand very easily. They are not trained to answer most questions, except for the most basic, and even then, they have difficulty understanding what it is you are asking.
Getting credit limit increases from this company is also extremely difficult, to say the least!!!
Recommended:
No
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Epinions.com ID:
RuggedMan01
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Member: Phil Powell
Reviews written: 11
Trusted by: 0 members
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