Face it, you've got bad credit if you're reding this

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Orchard Bank (HSBC) Credit Card
★★☆☆☆
1.7
24.0% of users recommend this
  • Customer service

  • Value For Money

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Guest's review of Orchard Bank (HSBC) Credit Card

“Face it, you've got bad credit if you're reding this”

★★★☆☆

written by on 13/07/2011

First off, if youre trying to rebuild your credit then understand that you're already over the barrel, so to speak. That being said, expect to receive a credit limit of between 300 and 500 dollars when you are finally approved. I've had my card since August of 2010 and have had no unexpected problems. But, I have also paid my bill in full every month and paid it well before the due date.

The biggest issue with this card is the customer service, payment posting time frames and credit limit increase freeze. First, the customer service is outsourced. So if you have a question expect to get a scripted response. If you're like me and want more than this you will find this method of operation extremely frustrating. For example, I first received my card in august, but was unable to use it for nearly a month while the payment holds were processed. When I tried to get more than a scri
Ted response somebody named Pradeep stonewalled me.

Which brings me to the other issues. I've been overly diligent in paying my card. In fact I've posted payments within two weeks of each other as I find myself using the small credit limit on my card to purchase gas. It's happened on a few occasions now that they have taken the payment from my bank account, but then "held" it for two weeks so that I could not use my card but also did not have access to the money from my bank account. My guess is this done to reduce their costs for processing multiple payments from people. If you get this card be sure that you pay once per month and on time!

Finally, they have refused to approve credit limit increases, for EVERYONE! As I said, I've had the card since august of 2010 and have not missed a single payment. In fact I've paid my card off in full, early, every month. But the website has a blanket statement that they are not taking requests for credit limit increases at this time. This message has bee on there for at least 3 months. The point of the card is to rebuild your credit, and the fact that they report to all three credit bureaus means you will at least have 1 good mark on your record. But, recognize that your credit limit will be low, which can also count against you. As long as HSBC begins accepting credit limit increases again the card will help you even more.

So all in all, poor customer service, long payment holds and no credit limit increases currently. However, you've got to start somewhere.

  • 6 - 12 Months

    Used card for

  • No

    Loyalty scheme

  • Customer service

  • Value For Money

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Guest's Comment

Written on: 03/02/2012

The reason for the freeze from what I have been told is that HSBC This announcement was about mid 2011 and it has still not been finalized. I hope (more like praying) that this is a good thing. I defaulted on a capital one card and I am still paying it back. I hope this can answer at least one of your questions. You probably have the best review on here.

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