Orchard bank, 27% APR, asked for reduction...

[jetset]

I called Orchard today to have them cancel my card because of the outrageous 27% interest.

I've never been late, nor over my limit with them, and I've had the card for 1 1/2 years.

Their retention department said they would review my account, and determine if I can get a lower interest rate. I agreed, and I'm waiting for the letter in the mail. I was offered a 500.00 CLI for no fee, and accepted. I advised the CSR that if the interest rate is not significantly better, I will still cancel the card, regardless if they are being so "kind" to offer me an additional 500.00 in available credit.

My interest rates on all other cards range from 0% to 19.99%, all with no annual fee's. Orchard carries a 79.00 annual fee due in October, and I refuse to pay that.

Has anyone had any luck with orchard lowering their APR's?

js

[HHM]

If you have other cards, why even keep this one. If you have other cards that do not charge an annual fee, then dump this POS card. Orchard is a card you get immediately after BK, it is not a card you keep.

Dump the card if they wont dump the annual fee. Keep in mind, the interest rate only matters if you USE the card and carry a balance month to month.

[CindyLou]

orchard lowered my interest rates, dropped my fees, and combined mine and my huband's accts into one.....so I had not reason not to keep it. I never use it, but.....its one of my first accts open since my BK

[jetset]

If you have other cards, why even keep this one. If you have other cards that do not charge an annual fee, then dump this POS card. Orchard is a card you get immediately after BK, it is not a card you keep.

Dump the card if they wont dump the annual fee. Keep in mind, the interest rate only matters if you USE the card and carry a balance month to month.

Well, I've had the card for a while, and I know that the length of credit accounts makes up part of your fico score.

[HHM]

Well, I've had the card for a while, and I know that the length of credit accounts makes up part of your fico score.

I know, but no point in PAYING for that history.

If they won't dump the fee, dump the card. Don't be a sucker

[Runnin on empty]

I know, but no point in PAYING for that history.

If they won't dump the fee, dump the card. Don't be a sucker

Agreed. If (and that is one huge monstrous if) we decide to get any CCs to continue rebuilding our credit, we refuse to accept anything with any annual or monthly fees assessed to it. We will never charge anything that can't be paid off in full when the bill comes again, so the APR of a card doesn't matter too much to us per se.

We've been discussing it, and there have been a few things we've considered putting on a CC monthly and immediately paying it off when the bill comes in, solely to help boost our FICO scores, but they're relatively small, stuff like the newspaper, ect.

[AMISLANDER]

I called Orchard today to have them cancel my card because of the outrageous 27% interest.

I've never been late, nor over my limit with them, and I've had the card for 1 1/2 years.

Their retention department said they would review my account, and determine if I can get a lower interest rate. I agreed, and I'm waiting for the letter in the mail. I was offered a 500.00 CLI for no fee, and accepted. I advised the CSR that if the interest rate is not significantly better, I will still cancel the card, regardless if they are being so "kind" to offer me an additional 500.00 in available credit.

My interest rates on all other cards range from 0% to 19.99%, all with no annual fee's. Orchard carries a 79.00 annual fee due in October, and I refuse to pay that.

Has anyone had any luck with orchard lowering their APR's?

js

My Hooters (29%) said no; I paid off the balance & cancelled them