ORCHARD BANK - HOUSEHOLD CREDIT SERVICES REWARDING PAYMENT IN FULL/OVER MINIMUM DUE WITH RAISING APR/FEES SALINAS California
Having been faithfully trying to rebuild my credit over the past 8 months with either payment in full, or paying higher than the minimum due...always well in advance of the due date - I find that I am to be rewarded by a postcard from Orchard/HSBC. This postcard informs me of an upcoming increase in my APR/fees, with the decision based on my performance with Orchard Bank/HSBC....? What? A call to the long distance number listed to provide me with a "detailed explanation" of their decision only resulted in the India CSR asking me if I would like to receive a letter listing the details of my rate increase....? What?....let's recap. I spent extra money trying to build my credit, then I have to spend extra money placing a long distance call - only to be asked if I'd like to receive a letter in 10 business days. Needless to say I will look elsewhere for a credit rebuilder. This will become a sock drawer card.
I wonder what would have happened if I would have made minimum payments for the last 8 months?
Cynthia
torrance, California
U.S.A.
1 Updates & Rebuttals
Brad
Little Rock,Arkansas,
U.S.A.
Same here... I suspect that HSBC is raising the rates on the "good" accounts because they aren't making enough money off of us.
#2Consumer Comment
Mon, April 10, 2006
I two have maintained a perfect record with my Orchard card since I obtained it 10 mos. ago. But, regardless of that fact, I two received the little post card stating that my APR is going to increase with the same "based on your history with us" excuse. I have always paid on time and often multiple times during a billing cycle. I suspect that HSBC is raising the rates on the "good" accounts because they aren't making enough money off of us. What a way to thank loyal customers...