If you are an Orchard Bank cardholder, you should receive a change of terms letter in the mail very soon. In the changes you will find out that Household now owns Orchard. Read the agreement very carefully because it states that "If you request and are approved for a credit line increase ("CLI"), a CLI Fee FINANCE CHARGE of as much as 50% of your credit line increase may be charged, depending on your creditworthiness. Now granted that I know this, I won't exactly be requesting a line increase. Its only a matter of time before this CLI fee is extended to all increases. With all that said, I think a good card just got "bad" because of fees, but the verdict is still out. I'm protecting myself early, I just made on online payment which pays my balance in full and I'm closing the account. Just food for thought, JP (JP from OK)
RE: A big step backwards for O Up to early this year when the topic of Orchard Bank came up it was universally acclaimed as having the friendliest site accompanied by the best customer service, unfortunately, the fact of having no toll free number kept them at the bottom tier of sub-prime creditors. Then they "finally" added a toll free line and instituted on-line banking for its customers and thus clearly became the best sub-prime grantor in the market. I stated as much on this and other credit sites when the question arose. While I was aware of Households' controlling interest for some time it was never factor until this point. Its obvious that being the best sub-prime offerer is not sufficient for Household, instead they have decided to increase profits anyway they can and have started instituted the typical "gouge and screw" tactics of the worst providers such as First National Bank of Marin and FNCC. I feel that Household has made a critical error in starting their ripoff regime by instituting this CLI fee for as has been demonstrated here in numerous posts the ability to gain a credit increase is of prime importance and if one grantor decided to make this a prohibitive expense then like yourself, JP, customers will desert en masse.
RE: Orchard Bank change in ter I'll agree that a good company just went down the drain, hopefully they will keep the same positive way Orchard did. I notice 2 week ago that Orchard is now Household Bank, because I received a Pre Approval in the mail and applied and received it and while I was going over the terms and agrements I notice that the card was issued the owner of Household Bank, although my other card from Orchard Bank did not have it on the back of the card.
RE: Orchard Bank change in ter I received a pre-approved app. for a MC from Orchard this week. I threw it away, the main reason, a $99.00 Annual Fee, $35.00 Rush Fee, and a $19.00 Processing Fee, and after reading here about their up to 50% CLI FEE I'm glad I did. I had read good things about orchard in the past, most of it here at creditnet. But I guess as it was said, all good things must come to an end.
RE: Orchard Bank change in ter I received the same offer in the mail 2 weeks ago, but it didn't have a processing fee attached to it. I currently have a Orchard Bank Mastercard, Ihad it abot 6 months I called the number on the card to let the customer service know I already had a card with Orchard Bank and she said I could have more than 1 Mastercard with them she encourage me to apply.
RE: Orchard Bank change in ter You have to mail in the $19 processing fee, the other two fees they charge to your account. Your limit could be as low as $300 so after you pay $153 in fees you have a balance of $147 dollars. So in reality you will pay $153 to have $147 or less in credit to use. Then next year they hit you with another $99 annual fee. As I understand it these fees count as cash advances so the rate is figured different. Anyway I didn't think it was a very good deal in the long run, so I filed it in drawer 13.
RE: Orchard Bank change in ter This is not how my offer read. It read as follows $99 Annual Fee that amount will be subtracted from your credit line, and there wasn't any processing fee just a $35 rush fee if you agree to it.
RE: Orchard Bank change in ter Beth, maybe since you already have a card with them you don't have to pay a processing fee. But mine asked for a $19 processing fee and stated that if I sent it in a money order or cashiers check that it would get processed faster. If I sent a personal check it could delay it by as much as 14 days. And this fee had to be mailed to them with the app.
RE: A big step backwards for O Well, I have had this card for one month and this news really depresses me. I have a $1000 limit - I suppose a $300 increase will now cost me a hundred bucks at least. Reminds me of Cross Country Bank.
RE: A big step backwards for O I just received my mastercard from fed ex today and was extremely angry to see all the changes in fees. Needless to say this card is history.. I'm only sorry I requested express delivery. What a waste, Orchard Bank has made a huge error in marketing. As a matter of fact I think I'm gonna contact my state office to find out if any action can be taken against them. One thing you don't need when you are trying to re-establish credit is raw deal. BIG MISTAKE ORCHARD BANK/HOUSEHOLD BANK, BIG MISTAKE
