HSBC ORCHARD BANK OUTRAGEOUS INTEREST RATES LAS VEGAS Nevada

Ron, you're right - that interest rate is unbelievable, but it does happen. There are many high risk credit cards out there that use what the industry describes as a default rate, and it's really awful. What happens is this:

If you happen to be late with ANY payment whatsoever, like a car loan, another credit card perhaps, maybe a payday loan... and that late payments shows up on your credit report, many high-risk credit cards automatically increase your rate to the maximum default rate (it's allowed in the small print for them to do something like this), even if you weren't late with the credit card payment.

The theory is that if you are late - it could be the beginning of a downward spiral. I'm not saying you were late with anything - there's nothing in your report indicating you were. But, it appears you are at the default rate for some reason.

It's not a matter of controling spending, it's making certain you're making payments on time, everywhere, and every time. Otherwise, the credit card companies can pretty much hit you with the default rate because your credit information follows you in anyway imaginable. Get rid of that card and get another one.

What is that supposed to mean? Who said anything about spending? I believe my oeiginal comments were regarding the interest rates of these slugs

Since Orchard bank only offer low credit limit (mine is $300) and very high interest rates, I was just using this card to pay my gas and some other small purchases, which is about $100-200/month.

The most important thing is to take control of your spending (only buy things that are truly needed). It was really a hard struggle for me, but it's not impossible and I believe anyone can do it. I cut back on a lot of things and my effort was paid off, big time.

I'm not working for any bank, I'm just a guy who was trying to give himself a second chance. Don't be ignorant and start taking control of your money, otherwise those credit card companies are going to take advantage of you and your money.

I have my orchard bank master card for about almost a year and I always paid the balance in full. I am canceling my orchard bank because my credit is much better now (low credit limit hurts my current credit). I'm currently enjoying credit cards with high credit limit, rewards, lower interest rates, and no annual fee (and so can you).

For the person who said "...don't listen to these STUPID people". The way I look at it, I'M not the one paying 29% interest and a $59 yearly fee. As for jacking up the interest, for the last 14 quarters, the Fed had raised the interest rate. Many or most cards are tied to the prime rate, so they can jack up their interest rate unless you have a fixed rate card. This week the Fed actually lowered their prime by half a point though it takes 60 or 90 days for it to be reflected on your card's interest rate. The difference between 29% and 22% interest per month on $400 is a couple of dollars. What is probably hitting you harder is the government's new requirement that cardholder must pay a minumum of 2% or 4% on top of their interest that went into effect a couple of months ago. In effect doubling their monthly payment. The government MADE the credit card companies do it. That way cardholders would pay their balances off in 12 or 13 years IF they made the minumum payments instead of the 20 or 25 years it use to take. People don't like to hear the hard facts, get defensive and call the bearer "stupid". HSBC sucks. I've posted a couple of posts about how bad they are and how bad their business policies are so enough of that "they must work for hsbc" crap.

For the person who said "...don't listen to these STUPID people". The way I look at it, I'M not the one paying 29% interest and a $59 yearly fee. As for jacking up the interest, for the last 14 quarters, the Fed had raised the interest rate. Many or most cards are tied to the prime rate, so they can jack up their interest rate unless you have a fixed rate card. This week the Fed actually lowered their prime by half a point though it takes 60 or 90 days for it to be reflected on your card's interest rate. The difference between 29% and 22% interest per month on $400 is a couple of dollars. What is probably hitting you harder is the government's new requirement that cardholder must pay a minumum of 2% or 4% on top of their interest that went into effect a couple of months ago. In effect doubling their monthly payment. The government MADE the credit card companies do it. That way cardholders would pay their balances off in 12 or 13 years IF they made the minumum payments instead of the 20 or 25 years it use to take. People don't like to hear the hard facts, get defensive and call the bearer "stupid". HSBC sucks. I've posted a couple of posts about how bad they are and how bad their business policies are so enough of that "they must work for hsbc" crap.

For the person who said "...don't listen to these STUPID people". The way I look at it, I'M not the one paying 29% interest and a $59 yearly fee. As for jacking up the interest, for the last 14 quarters, the Fed had raised the interest rate. Many or most cards are tied to the prime rate, so they can jack up their interest rate unless you have a fixed rate card. This week the Fed actually lowered their prime by half a point though it takes 60 or 90 days for it to be reflected on your card's interest rate. The difference between 29% and 22% interest per month on $400 is a couple of dollars. What is probably hitting you harder is the government's new requirement that cardholder must pay a minumum of 2% or 4% on top of their interest that went into effect a couple of months ago. In effect doubling their monthly payment. The government MADE the credit card companies do it. That way cardholders would pay their balances off in 12 or 13 years IF they made the minumum payments instead of the 20 or 25 years it use to take. People don't like to hear the hard facts, get defensive and call the bearer "stupid". HSBC sucks. I've posted a couple of posts about how bad they are and how bad their business policies are so enough of that "they must work for hsbc" crap.

For the person who said "...don't listen to these STUPID people". The way I look at it, I'M not the one paying 29% interest and a $59 yearly fee. As for jacking up the interest, for the last 14 quarters, the Fed had raised the interest rate. Many or most cards are tied to the prime rate, so they can jack up their interest rate unless you have a fixed rate card. This week the Fed actually lowered their prime by half a point though it takes 60 or 90 days for it to be reflected on your card's interest rate. The difference between 29% and 22% interest per month on $400 is a couple of dollars. What is probably hitting you harder is the government's new requirement that cardholder must pay a minumum of 2% or 4% on top of their interest that went into effect a couple of months ago. In effect doubling their monthly payment. The government MADE the credit card companies do it. That way cardholders would pay their balances off in 12 or 13 years IF they made the minumum payments instead of the 20 or 25 years it use to take. People don't like to hear the hard facts, get defensive and call the bearer "stupid". HSBC sucks. I've posted a couple of posts about how bad they are and how bad their business policies are so enough of that "they must work for hsbc" crap.

my bank manager and me did read the biggggggggggg numbers and it state the %rate 12.9 to but to exceed 22.9 and that was if you was late 2 times in 90 days

dont listen to these stupid people that has made a comment you are 100% right they probaly work for HSBC (ORCHARD BANK ) the same thing happened to me i just wish i knew what and how to take action aganist them

Recently (within the last year or so) the Government raised interest rates so most credit card companies, if not all, raised their rates as well.

Just to let you know, the interest rate when I got the card was a manageable 22%. It was just raised to 29% which is quite an increase to say the least.
I have no late payments or any other reason for this increase. From what I have seen, they have done this to everyone.
Their excuse for the rate hike? They claim it was raised as a result of my credit report.
First of all, my credit report is better than when I took this card from them, and secondly they know that most of have had credit problems and they are again holding this against us and using it as an excuse to raise our rates.
I hope no one out there finds themselves in the unfortunate situation of being downsized from a job (in my case it was 2 jobs). It affects your life in so many ways!

Pay off your balance each month and there WON'T BE any interest each month. As for your $59 yearly service fee, there are hundreds of cards out there that don't charge a yearly service fee but the problem is you have to have good credit to qualify for them otherwise you're stuck with these ripoff cards that charge 30% interest and a $59 yearly service fee. I like the way all these people are screaming that "predatory lender" phrase every time you turn around. By the way, was that 30% and $59 fee disclosed when you signed up for that card? $400 limit, WOW. Lord, I remember when I had $400 PER MONTH MINUMUM PAYMENTS on some of my cards before I got wise and cut them up and paid them off.

Both the interest rate and the annual fee are clearly stated (usually in big letters/numbers) in the terms and conditions that you are supposed to read before you sign up. If you applied online, there is even a box to check that you have read and understand the terms.

If you miss any payments they can raise your interest rate. This is legal and one of the terms you agreed to when you accepted the card. You can't spend the money and then complain about paying it back.

I have had a credit card with Orchard Bank for a few months now and have not had any problems. I have used the card and paid the balance at the end of each month. I did notice that payments take a few days but when you go the payment screen it shows that the payment will not post for a few days. You do have the option to pay a rush fee if you need it posted right away.

I received one sales call and no more. I did notice the interest rate is not great but they do market to people who are rebuilding their credit. I don't doubt that you may have had problems but so far I've had none.