Orchard Bank Offer

Discussion in 'Credit Talk' started by CR, Oct 26, 2000.

  1. CR

    CR Well-Known Member

    Hi all,

    I received an offer in the mail today from Orchard Bank telling me I was "preselected" for their Mastercard. The offer states that it is unsecured and that my initial credit limit could be as high as $500.00 (but not lower than $300.00 which is more than Cap 1 gave me). They also state that their annual fee is $99.00.

    Isn't that a little high for an annual fee? I am trying to rebuild my credit, so I was pleased to see an offer from them. I've also read from many of you that after some time with them, you have been able to request they drop the annual fee. Am I correct on this? Also, I understand they're pretty good about their credit increases. True? What is the general opinion on this offer?
  2. CiRcUs-FrE

    CiRcUs-FrE Guest

    My advise would be to call up Orchard Bank... request one of their applications and apply that way... Then you will have to pay a 49.00 app fee and then 49.00 annual fee. That will save you quite a bit later on down the road.
  3. Doris K.

    Doris K. Well-Known Member

    You can also apply online and get away with the $49 up front and perhaps get a higher credit line.
  4. RichGuy

    RichGuy Guest

    I got the same offer last week and couldn't believe it. They previously offered limits of "up to" $2500 or thereabouts. The annual fee has crept up from $69 to $89 and now $99, with a much lower credit limit to boot.

    The offer claimed they were introducing a new card. In a perverse way, this is true. The card is new. It just isn't new and improved. Devolution is more common than evolution in nature, and apparently in the unnatural world of subprime credit cards as well.

    Orchard Bank is changing rapidly under new management, and many positive remarks about it may no longer apply. Consider that as you make your decision.

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