Question
Sweet! 2% cash back on everything!
(Previously this card was only available by invitation.)
There are at least two versions of this card:
1. A platinum version with a $59 annual fee.
2. A secured version with a $35 annual fee.
Cash back earnings are credited to your statement quarterly.
You can easily compare how these cards stack up against other leading cards with their annual fees taken into account and for your spending profile using the tool at Credit Card Tune-Up: Maximize Your Cash Back Rewards (http://www.creditcardtuneup.com/).
Basically if you spend at least $5900 per year, then the platinum version of the card is superior to a 1% card. And if you spend at least $11,800 per year (in the "other" category), then the platinum version of the card is superior to a 1.5% card (like the Fidelity card).
Answer
Sweet! 2% cash back on everything!
(Previously this card was only available by invitation.)
There are at least two versions of this card:
1. A platinum version with a $59 annual fee.
2. A secured version with a $35 annual fee.
Cash back earnings are credited to your statement quarterly.
You can easily compare how these cards stack up against other leading cards with their annual fees taken into account and for your spending profile using the tool at Credit Card Tune-Up: Maximize Your Cash Back Rewards (http://www.creditcardtuneup.com/).
Basically if you spend at least $5900 per year, then the platinum version of the card is superior to a 1% card. And if you spend at least $11,800 per year (in the "other" category), then the platinum version of the card is superior to a 1.5% card (like the Fidelity card).
You do know what Orchard Bank is don't you?
If you know then you also know why no one with any credit at all would do business with them. :eek:
Answer
Even though there is "no cap" the credit limit this type of lender typically assigns might create a de facto cap on the rebate.
Answer
You do know what Orchard Bank is don't you?
If you know then you also know why no one with any credit at all would do business with them. :eek:
Would you care to explain?
Answer
Would you care to explain?
The word "secured" in the initial posting should set off some alarms... :p
Orchard Bank, which appears to be part of HSBC now, is one of those "rebuild-your-bad-credit" places. (They specifically note that the card features reporting to all 3 credit agencies!) Of course that's not necessarily bad, but as was pointed out, even with good credit, you are likely to get a far lower than expected credit line with them. They just don't have the clientele that spend more than, say, $2000 a month on credit cards.
Still, it looks like the "Platinum" version is sort of aimed at the general public so I'd be curious to know what kind of limit they tend to give on those.
Cash back isn't for me though.
Answer
The word "secured" in the initial posting should set off some alarms... :p
Orchard Bank, which appears to be part of HSBC now, is one of those "rebuild-your-bad-credit" places. (They specifically note that the card features reporting to all 3 credit agencies!) Of course that's not necessarily bad, but as was pointed out, even with good credit, you are likely to get a far lower than expected credit line with them. They just don't have the clientele that spend more than, say, $2000 a month on credit cards.
Still, it looks like the "Platinum" version is sort of aimed at the general public so I'd be curious to know what kind of limit they tend to give on those.
Cash back isn't for me though.
Sure, but it was mentioned that:
If you know then you also know why no one with any credit at all would do business with them.
I am also wondering is there a good reason why we should avoid this bank?
Answer
Mainly because they give low credit lines and tend to have bad customer service.
Answer
I just called HSBC Orchard Bank. Orchard Bank's top credit limit is $2,000.
They said this bank is for bad credit people and those just establishing credit.
2% cash back on a $2,000 credit line is not much.
Answer
Take a little trip to creditforums and you will quickly learn that not only does Orchard Bank target people with bad credit, they also use business practices that tend to keep you there. Same with Providian. They have been sued so many times for unfair business practices and lost that it could have eliminated a forest. Do some searchs for "Orchard Bank Complaint" and wear your eyes out. Unfortunately everything you read will most likely be true against them. :td:
Answer
I just called HSBC Orchard Bank. Orchard Bank's top credit limit is $2,000.
They said this bank is for bad credit people and those just establishing credit.
2% cash back on a $2,000 credit line is not much.
Good point. Though it still might hit the spending sweet spot for some people.
Also, note that the annual fee seems to vary from one online offer to another. Some people are reporting a $0 annual fee for the Platinum card. Others are reporting a $39 annual fee instead of a $59 annual fee.
I've never had a secured credit card before. Anyone know about what limits how much spending you could funnel through such a secured card?
Answer
Good point. Though it still might hit the spending sweet spot for some people.
Also, note that the annual fee seems to vary from one online offer to another. Some people are reporting a $0 annual fee for the Platinum card. Others are reporting a $39 annual fee instead of a $59 annual fee.
I've never had a secured credit card before. Anyone know about what limits how much spending you could funnel through such a secured card?
Usually anywhere up to $500 CL, though you might be able to find some offering a $1000 CL.
Answer
Good point. Though it still might hit the spending sweet spot for some people.
Also, note that the annual fee seems to vary from one online offer to another. Some people are reporting a $0 annual fee for the Platinum card. Others are reporting a $39 annual fee instead of a $59 annual fee.
I've never had a secured credit card before. Anyone know about what limits how much spending you could funnel through such a secured card?
That is not the answer. Your spending is limited to how much you have on deposit. Between $300.00 and $5000.00. However, HSBC does not go above 2k is what I have been told. YMMV>
Answer
That is not the answer. Your spending is limited to how much you have on deposit. Between $300.00 and $5000.00. However, HSBC does not go above 2k is what I have been told. YMMV>
Someone in the FatWallet forums mentioned that they'd initially been given a $2K limit on their 2% Cash Back Platinum card, but then got the limit upped to $2.4K (granted, not much higher) without a pull.
If anyone has gotten a higher limit, I'd be interested in hearing their report.
Answer
IIRC the person on FW reported getting higher than $2000 on an HSBC card. HSBC owns Orchard, but they are not the same brand. Cards under the Orchard name will (reportedly) not go above $2000, but cards under the HSBC brand definitely will.
Answer
IIRC the person on FW reported getting higher than $2000 on an HSBC card. HSBC owns Orchard, but they are not the same brand. Cards under the Orchard name will (reportedly) not go above $2000, but cards under the HSBC brand definitely will.
No matter, still same company, same ideals, same crookedness, just owned by a good company overseas, but here they #$%& :D
Answer
No matter, still same company, same ideals, same crookedness, just owned by a good company overseas, but here they #$%& :D
Thanks for the warnings Dr. Bond.
In other forums, I've heard stories of credit limits ranging from $300 (!!) to $2400 for the 2% Back Platinum card. An initial $2K limit would be acceptable to me for my "other spending" (gas, grocery, and restaurants go on other cards). I don't mind making some midmonth payments. But I'm waiting for some positive reports to come back before jumping on it.