orchardbank.com
Orchard bank gave me a credit card with a $ 300 limit.Now sending an e-mail offers for Platinum Elite.What do? *
About a year ago, I applied for an Orchard Bank MasterCard. I got it with a $ 300 limit, 14.9% variable APR and a $ 69 annual fee. After 6 months they upped my limit at 1 / 3 to $ 400 They recently sent me a better deal. An orchard bank 2% cash rewards card no interest for one year, 12.9% variable APR after that, but still a $ 39 annual fee. I did the math and I would have to spend $ 1,950 on the card to break even at 2% so that makes me kind of angry that they would send me a rewards program card with such a high annual fee that I would be need to spend so much just to make it 0 My question is, should I take the offer or wait for better conditions? If I take the offer, should I cancel the original card? How close a credit card account affect your credit score?
Answer:
1) cut them both up and throw them away —– trust me they are far more problems than they are worth
2) I agree, your rate sucks! There are many cards out there with no annual fee. My Visa card from my bank has no annual fee, and if I do not pay it off each month, my rate is 12? but I never get charged interest because I always pay it off and only use it for emergencies.
3) I had an Orchard Bank card and it was not a good idea. I had to cancel everything and pay it off. It is better to try to get something like a Capital One card if your credit is good enough for it.
4) Have you read all the charges they put on your credit card. You have 300.00 credit but they charge you $ 95.00 to process the application and other fees. At the time they are added to other charges, you only have 150.00 left on the card. Always read the charges before you apply for the card. I know because I was stupid enough to get one themselves. The goal is mostly old people, because they know they can not read to well.
5) If the Orchard bank gave you a card with $ 300 then your credit score is not too good. So you’re better off improving the card you were already in place to apply for a new one. First attempt to illuminate your annual fee. Inform them that you might consider closing your account because you no longer wish to pay your annual fee and you have received credit offers without such fees. It is very likely that HSBC Bank (real name of Orchard bank) will waive your annual fees after that threat. If they do not waive the fee then consider closing the account for real. If your annual fee waived the request credit limit increase. Remind them that your payment history with them is clean, and you deserve a better deal.
6) I am in the same situation. Believe me, you do not want to go there. Not even taking it. Wait for a better deal. They’re playing with you. If they see that you do not answer, they will certainly give you a better deal.
7) right now you’re paying your dues to build good credit. take the card, so you create more creditor relationships on your credit report. use cards sparingly, keep balances of $ 100 to make the payments. after about a year, you should start to get real credit card offers, and you wont need these awful cards anymore. dont close them if they refuse to waive the annual fee on the road. how long your creditor relationships appears on your report will play a factor in your score creditor.