• Report: #236523

Complaint Review: Orchard Bank

  • Submitted: Mon, February 19, 2007
  • Updated: Mon, February 19, 2007

  • Reported By:simi valley California
Orchard Bank
1301 E. Tower Road, Schaumburg, IL 60173 Schaumburg, Illinois U.S.A.

Orchard Bank, HSBC Card Services Deceptive Business Practices Schaumburg Illinois

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I applied for and received an Orchard Bank credit card with a $300 limit and 14.99% interest with a FICO score of 625 in June 2006. Since then, my balance has never been more than $160.00. I have made all payments on time and my FICO score has actually increased to 631.

I just received a notice that they are raising my interest rate to 29.99%!!! Supposedly this is based on something being reported to Experian. When I tried calling the number on the letter, it goes to an India call center where they tell me they'll have to send a letter explaining why the rate increased. The person said that it was happening to all Orchard Bank cardholders.

I'll be cancelling this account - it's not worth it. I have cards with higher limits and better rates elsewhere for longer.

simi valley, California

This report was posted on Ripoff Report on 02/19/2007 03:09 PM and is a permanent record located here: http://www.ripoffreport.com/r/Orchard-Bank/Schaumburg-Illinois-60173/Orchard-Bank-HSBC-Card-Services-Deceptive-Business-Practices-Schaumburg-Illinois-236523. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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