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Discussion in 'Credit Talk' started by Paul, Sep 11, 2000.
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Orchard Bank gets my vote.
Annual fee=can be waived
Grace period for purchases
Grace fee for payment (must be a week late before late fee imposed).
interest rate is reasonable (for subprime) and may be lowered through negotiation.
credit line increases every three to six months.
I do not work for Orchard.
ORCHARD/HOUSEHOLD GETS MY VOTE ALSO. STAY AWAY FROM FIRST PREMIER, CROSS COUNTRY, AND DIRECT MERCHANTS.
Capital One, The Future Card, Orchard Bank. Good banks to do business with.
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A lot of people are satisfied with Orchard Bank, but I have a reservation. The annual fee can be waived after a few years, but not immediately. Am I correct?
Dave has had the card for several years, and apparently they reward you for handling the account well, which Dave has done.
But until then, you could face a stiff annual fee. My first offer from them mentioned $69, and my second offer $89. I think it was a general price increase for new accounts, since my credit record didn't deteriorate between mailings.
If you carry a large balance on your card, then Orchard Bank may be the best, with one of the lowest subprime interest rates. But if you carry small balances, remember that the cost of credit includes annual fees as well as interest rates.
If you won't need a subprime card for several years, long enough to waive the annual fee, then Orchard is no better than several other subprime cards. If you just need an open line to build your credit record and don't care about credit limit increases, then Capital One is cheaper, with a $29 annual fee if you apply over the Internet. Or if you really want credit limit increases, then Providian will probably give them to you more quickly than Orchard, although at a higher interest rate.
Remember that ANY subprime card is going to be expensive by definition, and the only justification for subprime cards is that they prepare you for something better.
Being that is it my job to obtain credit for my clients, I would that there are only a few companies that I would trust. Stay away from the high load cards or buy down credit cards. Cap One, and Merrick are fair. The rates and fees may be high but so are all sub-prime cards. Atleast these two issuers disclose all the fees and live up to what they promise. I've consulted for both of these issuers and know the managements point of view towards the customer. Sometimes marketers can get out of control and hurt and issuers thought process or model, but they are both solid companies.