- Report: #296243
Complaint Review: Orchard Bank - HSBC Card Services - Carol Stream Illinois
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Orchard Bank - HSBC Card Services
Po Box 5222 Carol Stream, 60197 Illinois, U.S.A.
Phone:
503-2934037
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Orchard Bank - HSBC Card Services Raised APR on a fixed APR account Carol Stream Illinois
I have been an on-time-paying customer since 2005 and this year they bumped my APR from 12% to 28.5%. Look, I filed bankruptcy in 2005 and I had no illusions about my credit situation so I immediately got an account to help me re-establish myself. This card has helped me greatly but I feel this APR hike is quite ludicrous and insanely high. It's like my loyalty and on-time payment history means nothing to this company.
I have called customer service to inquire about this hike, and even though she was courteous and tried desperately to keep my business, I told them that if this wasn't reversed soon, I would be closing my account and paying it off quickly. It looks better to creditors to have a lot of available credit via open accounts than to have closed accounts (which I learned after my bankruptcy).
They have even been sending me emails and calling me saying how well I've re-established my credit and since I have an excellent payment history with them, I qualify for a new card or to refinance my current auto loan. BS! IF they really felt that way, then it'd happen. Actions speak louder than words. But with this recent experience, I won't be going back to this company. I have qualified for and obtained 3 other credit cards so I don't need this BS.
That's another thing, do your homework. I know some of you reading this are probably thinking "if credit is such a bad thing, then why did she get 3 other cards?" I'll tell you why: a lot of available credit looks great to creditors, employers, insurance agencies (and anyone else who uses your credit history against you now), and etc. because it shows that you have money when you need it. Your history also reveals whether you are a low risk to them (whether you'll repay your debt), you can effectively manage small or large amounts of available credit, your responsibility level, and etc. I have learned a lot but one greatest thing that entrepreneurship and debt have taught me is that it's great to have money on hand when I need it but there's nothing like SAVING money. You're less likely to waste it.
Felicia
Milwaukee, Wisconsin
U.S.A.
I have called customer service to inquire about this hike, and even though she was courteous and tried desperately to keep my business, I told them that if this wasn't reversed soon, I would be closing my account and paying it off quickly. It looks better to creditors to have a lot of available credit via open accounts than to have closed accounts (which I learned after my bankruptcy).
They have even been sending me emails and calling me saying how well I've re-established my credit and since I have an excellent payment history with them, I qualify for a new card or to refinance my current auto loan. BS! IF they really felt that way, then it'd happen. Actions speak louder than words. But with this recent experience, I won't be going back to this company. I have qualified for and obtained 3 other credit cards so I don't need this BS.
That's another thing, do your homework. I know some of you reading this are probably thinking "if credit is such a bad thing, then why did she get 3 other cards?" I'll tell you why: a lot of available credit looks great to creditors, employers, insurance agencies (and anyone else who uses your credit history against you now), and etc. because it shows that you have money when you need it. Your history also reveals whether you are a low risk to them (whether you'll repay your debt), you can effectively manage small or large amounts of available credit, your responsibility level, and etc. I have learned a lot but one greatest thing that entrepreneurship and debt have taught me is that it's great to have money on hand when I need it but there's nothing like SAVING money. You're less likely to waste it.
Felicia
Milwaukee, Wisconsin
U.S.A.
6 Updates & Rebuttals
Paul
Beaverton,Oregon,
U.S.A.
5% APR too high?
#2UPDATE EX-employee responds
Wed, January 30, 2008
HSBC is a very greedy company that is why I no longer work there and your bankruptcy had nothing to do with your APR going up. People with great credit history are getting the same rate hike you were, unfortunately this info was in your disclosure that comes with the credit card from any company that they can raise your APR at anytime for any reason, it just that HSBC is the worst credit card to do this to the best of customers. A 5% APR on a credit card in todays economy is an incredible rate and typically is only a introductory rate to get your business, you probably should not expect anything lower. And if you pay you balance in full each month it doesn't matter what the APR is because there would be no interest charged if received by the due date.
Billcoll01
MESA,Arizona,
U.S.A.
ONE OF THE BEST
#3Consumer Comment
Fri, January 11, 2008
THIS IS ONE OF THE BEST POSTS I HAVE READ ON HERE IN A WHILE. ITS RARE TO FIND SOMEONE ON HERE THAT ACTUALLY LEARN FROM PAST MISTAKES. GREAT IDEA NOT CLOSING THE ACCT AS IT DOES INCREASE YOUR SCORE. DONT WORRY ABOUT CORY, HAVING TOO MUCH CREDIT IS FINE AS LONG AS YOU DONT GET CARRIED AWAY WITH SPENDING, BUT IT SOUNDS LIKE YOU ARE GOING TO DO JUST FINE. I GET TIRED OF READING THE BOO h*o POSTS ON HERE FROM PEOPLE THAT OVEREXTEND THEMSELVES & GET ON HERE & BLAME THE BANKS & COLLECTION AGENCIES FOR THEIR POOR BUSINESS DECISIONS. THIS POST WAS A WELCOME CHANGE OF PACE. BEST OF LUCK TO YOU & YOUR NEW FUTURE FELICIA & THANKS FOR SHARING YOUR STORY!!
Brett
Sioux Falls,South Dakota,
U.S.A.
Hike
#4Consumer Comment
Thu, January 10, 2008
Did you make a late payment? If one of your payments was received after the due date, that would explain the APR raise. How is a 5% APR high?
Felicia
Milwaukee,Wisconsin,
U.S.A.
Orchard Bank's APR Hike reversal and finance charge refunds
#5Author of original report
Wed, January 02, 2008
Holy hell in a pita! I was not only able to get my APR down from 28.5% to 5% (7% less than what I started with in '05) but they also refunded my finance charges! I guess they really do want my business (yeah, more like my reliable money, lol). Anyway, I'm still determined to pay the balance and leave it alone cuz I not only have a few other unused cards but my savings is over $3k (and trust me, trucking ain't always reliable with our slow seasons and all so saving that again was a struggle in itself) so I have all of the backup I need for now.
Felicia
Milwaukee,Wisconsin,
U.S.A.
Update to Orchard Bank's HIGH APR hike
#6Author of original report
Wed, January 02, 2008
Well the negotiation worked! I got it down to 5% (still high to me) but that didn't change my decision to pay it and be done with it. It just made it easier for me to pay it down more quickly. *YAY* Reply to Cory: 1) Your prejudice and ignorance does not amaze me, dude! You couldn't possibly know what led me to bankruptcy in 2005, so, in the future, don't project your insecurities and failed experiments onto strangers. 2) To letcha in on a lil' secret....*shhhhh, tis between us*..... great credit history is VERY important now-a-days because it's used against ya in employment, insurance quotes, and God knows what else it'll be used for. Oh yeah, and what excuse are you talking about? In order to re-establish your credit, you need some type of credit account to make it happen. *DUH* How else could I do it, *expletive*?? 3) Just because I have another 3 cards doesn't mean they're being used, mr(s)-I-think-I-know-it-all 4) Bad debt, like I said previously, has taught me a great deal about SAVING (and thank GOD for the people who came up with the HSA.... I wonder how that'll be affected when the FairTax comes aboard, hmm.....). Tell ya what, try reading AND comprehending someone's article before responding for this world can't take much more of your ignorance. Knowledge is power!
Cory
San Antonio,Texas,
U.S.A.
All I Can Say Is
#7Consumer Suggestion
Wed, January 02, 2008
I would have thought you would have learned your lesson with the bankruptcy. "Look, I filed bankruptcy in 2005 ....so I immediately got(opened) an account(another credit card) to help me re-establish myself". Lord, the ink wasn't even dry on your bankruptcy and you're starting all over again. "I have qualified and obtained 3 other credit cards so I don't need this BS". THREE, THREE???? I get offers from dozens of credit card companies and they all go in the shredder. The last paragraph is trying to convince yourself that it is ok to have three cards. That's what got you in a bind in the first place. I keep a couple of cards for emergencies and travel but that's about it. I pay cash for everything else.
