I received an Orchard Bank Mastercard Plus card a week ago. I started to cancel it right away, but I decided to activate it (dumb). It is only for $300 CL with a $69.00 annual fee. My other 3 cards have no fees with at least double the CLs. If I cancel it now, will I still have to pay the $69.00 annual fee? The billing rights disclosure only mentions if they cancel the card. Anyone with experience? Will a call to retention be worthwhile? Will canceling it hurt my FICO for long? Thanks for the help. Happy Easter, MikeB
CALL THEM AND CLOSE THE ACCOUNT AND TELL THEM TO CREDIT THE $69.00 FEE Tell the ONLY reason is the credit line...your other cards are MUCH higher credit lines...
Thanks George. bj, I used the card once, but paid off the new charges already. The only charges on the card now is the annual fee. I also hear their increases are worse than Crap Ones, so no point in keeping it. Thx, MikeB
Mike, I received a phone solicitation from Orchard in Aug. 1998 for a Bally Total Fitness Visa card. I started out with a 1,500 limit....my limit is now $5,000 and APR is 13%. Keep in mind that this card is different from the mastercards they offer online. However, since Orchard is owned by Household if you establish a good history with Orchard/Household I can assure you that good things will happen. I have had good luck with this company and even though I have Citibank Plat. select and Chase plat. cards, I still keep the Orchard Visa because of the good relationship I've developed with this company. I would think about keeping the card for a year and see what happens, if not, call within 30 days and they will close and credit annual fee. Sean
