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Change in terms..is this good?

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Hi folks,

I got a "Notice Of Change In Terms" yesterday from my Orchard card. I'll give a brief synopsis of what it says;

"We are writing to you regarding your account issued by HSBC Bank Nevada, N.A."

"Effective on the first day of your billing cycle ending on or after April.10. 2007, we are changing your Orchard Bank Credit Account.*" These changes are based on a careful review of your credit history with us and with others. Please see the "Important Information Regarding Your Account" below for specific details."

Basically it just says it's in regards to my cardmember agreement and refers to my balances as of April. 10, 2007 yadda, yadda, yadda...but when I read the specific language on my interest rate it has gone from 27.99% to 26.99%--

I want to call for verification because I almost couldn't believe my eyeballs...they brought it down by a point for cash advances to. As of Feb 2007 I've paid on time for six months. Whoo-hooo...


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Woohoo, Elyse!!!! Count your blessings, doll!! They probably did an AR pull of your credit report and saw satisfactory recent payment history of your CCs. I had my Orchard for over a year and had never received such a pleasantry. Kudos to you.8]

I know, cool huh? We have to celebrate these little victories for our hard work!!!




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Just a word of caution...did you read ALL the fine print. Its been my experience that these people almost never do us any favors. Does it say anything about arbitration, for example?

(Otherwise, small victories are still victories).

Thanks, I will check...that's why I asked if it was a good thing...but than I didn't want to bog ya all down with all the wording....I'll go look now.

Ok--it says;

"Effective on the first day of your billing cycle ending on or after April. 10, 2007 (whether or not you receive a billing statement), the following sections of your Agreement will be amended as set forth below:

The annual percentage rates and periodic rates section of subsection (a)Periodic Finance Charges to the Finance Charges section of your agreement will be replaced with the following:

Annual Percentage Rates and Periodic Rates

The variable Customary APR applies to credit card purchases and balance transfers. The daily periodic rate for the variable Customary APR is 1/365th of the sum of the index, plus 19.74% ("spread"). For example, for billing cycles ending in 01/01/07, the rate of FINANCE CHARGE for the variable customary APR would've been a daily periodic rate of 0.07668%(corresponding 27.99% ANNUAL PERCENTAGE RATE). The minimum rate of FINANCE CHARGE for the variable customary APR will be a daily periodic rate of 0.07395% (corresponding 26.99% ANNUAL PERCENTAGE RATE).

It goes on to talk about the change in rate for cash advances and it was 29.24% and now it's 28.24%. It also adds that these rate changes will not affect my account if I am currently in a special repayment plan managed by them or a debt-counseling agency or if I was protected by the Servicemembers Civil Relief Act. It adds that it wouldn't affect me if I had an introductory/promotional rate, until that intro rate expires. Also, if I fail to make my payments on time or exceed my credit rate.

So...sigh, this may not affect me after all because after the holiday I was too near my CL at 180.00 when they decided to charge their yearly fee to my card pushing me just over my limit, thankfully I found out and paid it up immediately.

I can't win for losing, can I? :( I'll go crawl back in my hole now...besides, it wasn't as though 1 point was that big a deal anyway....


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