About a year ago, I applied for an Orchard Bank mastercard. I got it with a $ 300 limit, 14.9% variable APR, and a $ 69 annual fee. After 6 months they upped my limit by 1/3 to $ 400. They recently sent me a better deal. An Orchard Bank 2% cash rewards card, no interest for a year, 12.9% variable APR after that, but still a $ 39 annual fee. I did the math and I would have to spend $ 1950 on the card to break even at 2%, so that makes me kind of angry that they would send me a rewards card with such a high annual fee that I would have to spend that much just to make it 0. My question is should I take the offer or wait for a better deal? If I do take the offer, should I cancel the original card? How does closing a credit card account affect your credit score?
orchard bank said i was approved for 300 do they send me a card now? Orchard credit card $300 limitImprove Credit » Orchard bank gave me a credit card with a $300 limit.Now they sent a mail offer for Platinum Elite.What to do?
cut them both up and throw them away—– trust me they are way more trouble than they are worth
I agree, your rates stink! There are many cards out there with no annual fee. My Visa card from my bank has no annual fee and if I don’t pay it off every month my rate is 12.?? but I never get charged interest because I always pay it off and only use it for emergencies.
I had a Orchard bank card and it wasn’t a good idea. I had to cancel the whole thing and pay it off. It’s better to try and get something like a Capital One card if your credit is good enough for it.
Did you read all the charges the put on your credit card. You have 300.00 credit but they charge you 95.00 dollars to process the application and other charges. By the time they add on the other charges you only have 150.00 left on the card. Always read the charges before you apply for the card. I know because I was stupid enough to get one myself. They target mostly old people because they know they don’t read to well.
If Orchard bank gave you a card with $ 300 then your credit score is not too good. Therefore you are better off improving the card you got already instead of applying for a new one.
First, try to illuminate your annual fee. Inform them that you consider closing your account because you no longer wish to pay your annual fees and you have received credit offers without such fees. It is very likely that HSBC bank (real name of Orchard bank) will waive your annual fees after this threat. If they do not waive the fee then consider closing this account for real.
If your annual fee is waived request credit limit increase. Remind them that your payment history with them is spotless and you deserved a better deal.
I am in the same situation. Trust me, you don’t wanna go there. Don’t even take it. Wait for a better deal. They’re playing with you. If they see, you don’t reply, they surely will offer you a better deal.
right now you are paying your dues to build good credit. take the card so you establish more creditor relationships on your credit report. use the cards sparingly, keep the balances under $ 100 make the payments. after about a year you should start to get real credit card offers and you wont need these awful cards any longer.
dont close them unless they refuse to waive the annual fee down the road. how long your creditor relationships show on your report play a factor in your creditor score.