Merrick Bank Credit Card Reviews
Merrick Bank specializes in cards for bad credit, although they also issue some for fair credit like the Hooters MasterCard.
According to their website they have 900,000 cardmembers, but should you really be one of them?
Merrick Bank credit cards fall under two categories:
- Merrick Bank secured - This is a secured credit card geared towards those who can’t get approved for one that’s unsecured.At the time of this review (Jan. 2011) their secured Visa has a $36 fee for the first year and $3 per month after that. The interest rate on purchases was 17.45% variable. The credit line can be from $300 to $3,000 (it’s equal to whatever your security deposit it).
- Unsecured Merrick Bank Visa / MasterCard: These are various entry level unsecured cards. Unfortunately I could not find the details for these cards on their website.To see an offer you have to click “Respond to a mail offer” and enter the “acceptance certificate number” contained in your mailing to see the details online. From the reviews I have read, it seems to be a common practice for Merrick Bank to send out the unsecured credit card application to those who are a likely fit for it.
Reviews: the good & the bad
It seems that cardholders either love their Merrick Bank card or they absolutely despise it. After spending hours reading dozens and dozens of reviews online, here’s a summary of what I found.
The good…
- Relatively easy to get – compared to cards from “normal” banks, a Merrick Bank credit card is much easier to get.
- Credit limit increases – one recurring thing I saw in the customer reviews is that it is reportedly not too difficult to get your credit limit increased. That being said, it sounds as it might not be quite as easy today (credit requirements tightened up during the Great Recession).
- Secured cards have reasonable annual/monthly fees – the fees on the Visa secured card are very reasonable. As far as the unsecured cards are concerned, they sound to be reasonable but without current fee details available I don’t want to say for sure.
The bad…
- High interest rates – one of the biggest Merrick Bank credit card complaints I saw over and over is that they charge extremely high interest rates. So carrying a balance on one of their unsecured cards would be bad idea.
- Customer service - the comments on the customer service seem to be a mixed bag; there are a number of complaints about purported bad customer service but on the other hand there are those who don’t feel it’s an issue.
- Account closure for going over limit – on Consumer Affairs one posters alleges that Merrick Bank closed his account after he went over the limit twice and there was no notification of closure in advance.
- New annual fees for longtime customers - I saw multiple complaints about longstanding Merrick Bank cardholders suddenly getting hit with an annual fee, when they were never charged one before. Eric of Pine Bluffs, Wyoming claims this happened after having his card for 5 years without a fee.
Verdict?
Credit Card Forum does not advertise Merrick Bank (at least at the time I’m writing this) so I have no biased reason to defend them. However in all fairness, I think a lot of the complaints are unwarranted or at least comparable to other credit cards in this category. Yes, the fees and high APRs are bad, but that is an industry wide practice now across the entire banking industry. I’m not saying a Merrick Bank card is spectacular, but I do think they are okay for what they offer (a bad credit credit card).
Better Alternatives?
If you would like to check out some alternatives, go here to compare secured credit cards
How do I apply for a credit limit increase for my Merrick Bank Visa card?
According to the pre-screened offer I received for the unsecured card, if you make your minimum monthly payment (which cannot be returned as unpaid to them or unable to process for any reason) by the monthly payment due date for the first 7 months your account is open they will double the credit line that they approved you for.
Question for all of those that are opposed to Merrick… What credit building company would be better to use than these people? I have received this card as well but I’m not really convinced on accepting. In fact after reading more cons than pros, it’s not worth the hassle. So what’s next?
I would go with a Capitol 1 card if I were you. They have some that offer rewards… However, they too have a high interest rate and annual fee. The interest rate isn’t as high as The Merrick Bank card but inflated nonetheless. But, if you are trying to rebuild your credit. Capitol 1 is good for that as they report to all 3 credit bureaus and will increase your limit over time if you pay on time, they also offer rewards on some & they have some promotions where they waive the APR for the 1st yr.
I have a capitol one card and I think they are the best company to go with. They offer secured and unsecured credit cards. My credit score wasnt the worst but there is much room for improvement. I’ve had it since September of 11′ and once you pay on time for the first six payment they automatically give you a credit line increase without you having to request it. Initially my card was only for $300 but after the six months of paying on time it was raised to $500. Just make sure you don’t spend more than about 30% of your credit line per month because that gets your score up. I use mine to pay for gas and then just pay it all off before the due date. Also my score increased by at least 40+ points since I have had it. The other positive is the fee is only $39 annually. My fiance and I are trying to rebuild our credit. However, he was only approved for the secured card but I think he only had to send them $49 for a starter $200 limit.
It seems like most of the issues with this card is from people who do not pay their balances off right away. No disrespect but if you charge $100 and can’t afford to pay it back before the next billing cycle then you DESERVE TO GET HIT WITH HIGH INTEREST RATES!
I have had this card for years, yes the rates are high but you avoid that by not charging more than you can pay back. I have not got hit with the yearly fee yet but if it is only $6 a month I will gladly pay it just to be able to rebuild my credit and get my score back to 700 PLUS! I use it for gas then I pay the card with my payroll check, that way I use it to get the limit increases. Good luck all!
I’ve had this card since 2004 and haven’t had a monthly fee or an annual fee. The moment they institute that on my card it WILL be closed. That said, I’ve carried balances on this card off and on throughout the years, but I made sure I pay it off as soon as I can because of the high interest. I remember trying to lower the interest many years ago and they didn’t budge so I resolved myself to not carry a balance at all possible. I initially got this card after I filed for bankruptcy back in 2003 to start over and improve my credit (score).
My fee is only 4 dollar a month, but they often increase my limit without a request and have lowered my APR only 2 percent but that’s better than nothing.
I got my card in august and have been very satisfied. No fees at all as long as your payment is on-time. Went out of the country called a week in advance didn’t have any problems. Have paid off my balance each month because the interest rate is high but that is to be expected since this company caters to people with bad credit.
I THANK MERRICK for giving me the chance to rebuild my credit in a respectable manner.
I used Merrick Bank for a credit card a few years ago.
Not to rebuild credit but because they are the holder of a business’s credit card.
When I first received the card Merrick had a yearly fee that was waived with at the first year of card use, as time went on the company started charging a fee for their card from yearly to monthly.
When they went to a monthly fee where I kept a zero monthly balance with them I then had to worry about a nagging $6.00 monthly fee.
I personally refuse to own any cards that have a yearly fee associated with the card and when I noted that the card was a monthly fee, I canceled the card.
When I canceled the card I asked the person closing the account if I’d still need to pay the fee and they advised me I would not and said not to worry about it.
About 3 weeks later a statement came from Merrick Bank for the card and because the account was closed I shredded the envelope without ever paying attention thinking the account was closed.
I went away on a vacation and came back only to find out that the fee had gone to collection over two months of no payment of the card fees; this was MASSIVE CRUSHING DEBT OF $6.00.
As soon as I returned back from vacation I saw the issue and paid off the needed amount but Ol Merrick Back refused to work with me on the situation and would not rescind the negative information.
It finally came down to a woman in the credit department that flatly said to me ‘We do not and will not EVER rescind a negative report and will ALWAYS update our records to show the negative information on any and everyone’s credit report’.
I tried to talk with the woman stating that it was $6.00 and it was paid as soon as I returned her reply was this; ‘you agreed to pay the fee and did not pay so we are in no way obligated to help you’
I knew at that point knew there was no need to waste my breath on her and Merrick Bank anymore and simply set myself up to have negative information reported on me for the next 7 years, that was 2010 and I am still being told that I am a serious credit risk due to delinquent credit infraction on my credit report.
All for $6.00… Merrick Bank is for me one of the worse credit institutions in existence and anyone that ever asks me for advice about them; I steer them far-far away from Merrick Bank.
I got the card a few months ago and opened it even though the interest rate was high. I needed to rebuild my credit. After only three months and making my payments on time, I paid off my balance in full this last week. I wanted to use the card to buy plane tickets, but the card was blocked and the funds on hold. I called, was told my payment (made on their website) was credited to the account and that my funds would be available in two hours.
I tried to use it the next morning, having waited to make sure the funds cleared and got declined. I called, the account was still on hold. Here it is two days later and my account is STILL ON HOLD. I called and was told by Shawn the “higher than a supervisor” guy in charge, that my account had a four day hold on it even though the cash had already been taken out of my bank account the day before. I was told “this is in your cardholder agreement, sorry”. I told him that was unacceptable and that I was closing my account immediately. MAKE SURE YOU READ THE WHOLE AGREEMENT BEFORE YOU SIGN UP!!
I am glad I found this blog. I was trying to decide whether to apply for this pre-approved card or not, to use to pay off my debt to the IRS. This card has a $72.00 annual fee for the first year, then subsequent years $6.00/month. It has an $800 credit limit. I have Cap1, Orchard and Direct Merchants and they treat me fairly well. My only complaint is Orchard is the only one with an annual fee. I think I’ll just do a payment plan w/ IRS, at least there is an ending date for that.
Do NOT try to rebuild your credit with this company. I received a pre-approved credit app in the mail and figured I’d give them a try. Problem is, I never received the credit card. Oh I got the bills, but not the credit cards. They finally said they would send me another one and re-age my credit account.
Low and behold, I have NOT received that card either. I am now in a raging fight with them and intend to report them to whatever reporting companies I can find. Not only that, they did NOT re-age the account as told, they reported it “lost/stolen credit card” WITH the late payments on it. To say I am pissed is an understatement. How can I rebuild my credit as they advise with this information on my credit reports. I mean they are a mess thanks to an ugly divorce to start with. I’ll stick with Capitol One. All I have to say is Buyer Beware on this company.
I thought Merrick Bank was a nice bank, but they are not at all. They are what I describe as being modern day “Pirates!” This bank should be under investigation and I am going to make sure someone look into their shady dealings. FOR ALL OF THOSE WHO NEED CREDIT CARDS, STAY AWAY FROM THIS BANK, THEY ARE THE WORST.
I strongly urged all who have been a victim of Merrick to file a class action lawsuit against them. I tried to do an online payment with a Customer Service Rep, he took my bank information, but wrote it down wrong. They have canceled my account, which I am glad because it was wrong how they have done all, after reading all of the posts. I am going to check with my State Attorney to see if something can be done.
The only complaint I have is you don’t have automated service to pay my bill each month. All my other cards do that, it is a big plus. The mail service is getting bad last month i didn’t get a statement at all hope this is something you will consider.
I got a Merrick Visa in 2007. It was a pre-approved application. I loved how my limit would increase with my on-time payments & until recently I would have written about how much I loved this bank.
A few months ago I fell behind on my payments due to an extended period of unemployment. I contacted them and at first, I was assured that they would help me out. I was put on a payment program that gave me a lower interest rate, a fixed payment (at an amount that I could just make if I was careful with my budget) and in return it closed my account-a term I wasn’t against. However, when I attempted to set up a recurring on-line payment… my woes just began.
First, I set this up in mid-December… but they tell me later it takes up to 30 days to take affect (I so wish I was joking about this) thus I miss my January payment. I call and demand this to be fixed but foolishly trust them again. In February, I get charged 2 payments & a late fee. My options… have my bank cancel the payment & resubmit it once the money is back in my account. I have decided that once this account is paid off I will never resume my business with them again.
The last time I had a credit card company treat me like this was Capital One… & once I closed my account I never looked back. I only hope that my story might help someone else. I’ll admit I didn’t like their interest rate… but I was willing to live with as until now… they treated me good. I guess once you begin to have problems… they stop being good to you. That’s how I feel.
Also, just a word of advice to others I’ve read here… The Federal Reserve isn’t a regulatory agency, it is THE central bank of the United States. It is mostly private, too. The board of directors are just appointed – with no strings attached – by the government. Also, the Better Business Bureau isn’t a government agency. It is a private company that rates business, and it doesn’t have *any* regulatory clout. It just has “ratings” and can mediate a problem if you don’t want to deal with it yourself. It is no different than calling a friend to help you out, but at the end of the day they can’t do anything more effective than making a call yourself.
A lot of the complaints on here seem to be trivial things… Fees for mailing out card replacements, bounced check payments (and the fees that come from that), and various other problems.
The truth is, every bank is going to give you headaches over a bounced check. And a fee for mailing out a card isn’t a rip off, it is a choice the company makes to fund business for handing out credit cards to sub-prime borrowers, knowing it won’t always get the income back.
I am not all pro-bank here, actually my primary card is with a local Credit Union, but a lot of these rip off reports are trivial at best. If you are with the company for 5 years and they give you an annual fee, then they changed the policy or either you did something wrong (late payment, maybe). If they change the policy, then move to a different bank. But I wouldn’t call it “fraudulent” for them to charge you, it is what banks do.
All of them are doing the same things these days. I wouldn’t isolate it to being a Merrick Bank issue. The only thing I don’t like is the 20% interest rate they’ve given me, but again it is a company that provides credit to sub-prime lenders. I have a bankruptcy on my record in the past 5 years, so… I’m just thankful I can get a VISA credit card.
I’ve been with Merrick Bank for half a year now. My verdict so far is as follows: yes, the interest is high. It is a negative of this card. I personally don’t have any annual fee, so I’m not sure the fees are higher than other banks. But, I actually give props to their customer service. I have dialed the 800 number on the back of the card to ask a few questions since owning the card, and every time I got past the main menu and pressed “0″ it went straight to an agent and didn’t kick me back to an automated system as other banks try to do. Secondly, when someone answered the phone, they were someone who spoke American-Canadian English natively, not with a thick heavy accent or someone who couldn’t understand the language in order to understand my problem. I give BIG props to ANY bank who has support based in North America as opposed to off shore support where they are less able to do the job.
I can name off an entire list of companies I no longer do business with, namely Capital One, because they have ineffective off-shore call center workers that can’t do the job and can’t even understand you.
Merrick Bank may have problems with high interest rates, but if they continue to offer better support and VISA cards for those who may have had a few dings on their credit in the past, I don’t see that they are less competitive. All banks are charging crazy fees and interest these days.
I second the US based customer support, I think they are out of Hicksville NY on Long Island. I called once from Atlantic City, NJ about my card not working, the lady answering the call had the local knowledge to ask if I was trying to use the card for a hotel related charge or a casino one; apparently it made a difference to their fraud detection system. This kind of local contextual knowledge is priceless.
They are big ripoff I had my card stolen they wanted to charge me for another. It was stolen.
Y’all complaining about the Merrick Bank Credit Card need to change your payment method. I am with Chase Bank and I electronically transfer the cash from my bank account to Merrick Bank. I NEVER use their website to pay my bill. It posts instantly every time because they have no choice. The money is sent to them from CHASE not submitted to Merrick to be withdrawn from chase. I do 1 day transfer which allows me to wait til the 8th of the month because my payments due on the 9th(unless those days are on the weekend in which case it would be the previous Thursday for the Friday before the due date).
Try getting a better bank (Chase would be my recommendation) and do electronic bill pay thru them instead of using snail mail or Merrick’s website and you’ll NEVER encounter a late fee.
Have never had an issue with this card ever. I cut up my other 3 cards and threw them in the trash. I exclusively use my Merrick Bank card now.
I have had a Merrick Bank unsecured card for 6 yrs and have NEVER missed a payment nor EVER been late….I just found out my APR IS 28.45%. I had NO IDEA I was paying that kind of rate. ( they make it almost IMPOSSIBLE to find it on their electronic statement, now I know why too) I asked for a lower rate and was told by customer service there is no way to even request this. I also found out they do not have any way to contact them by email!…even on my electronic statement!!
I am paying this off as fast as I can!!!!!!
I received an offer for a Merrick Bank Visa, but needed more info. Thank you, ALL the posted comments. The information was extremely helpful. I decided to NOT apply for a credit card.
There are 160 complaints so far about Merrick Bank’s credit cards at Ripoff.com alone. Plus all the complaints here and elsewhere on the web. Incredible. How does this company manage to stay in business after ripping off so many consumers for so long?
Have they already been reported to the FTC or the Fed Reserve? And who actually regulates them, does anyone know?
I got a Merrick Card. 1. The fourth month they said I was late and charged $25.00. I proved to them I was never late. Deducted the late fee. Two months ago, my payment was credited to my account, then they said my bank had returned my check, BS, I have never had a returned check. I have continued to make timely payments, but they continue to hound me for the so-called missing payment. I told them they need to clear it up, they credited my account, I have had nothing from my bank showing any returned checks. Merrick Bank can’t even show me proof about the returned check. So who stole my check???? I’ll pay them off, maybe, but never again. They are thieves.
I have been a long time customer with no annual fee until a couple of years ago. then I received a notice of annual fee being added. I was not happy, but continued to use the card because it was convenient to charge my Geico insurance payment. It was directly transferred to my account and I originally figured if they had a relationship with Geico, one of the Warren Buffett companies, that was good enough for me. then I noticed that it took longer for my mailed payment to reach them in time to avoid the late charge. In October 2011, I mailed the payment on Oct. 5th. It was due on Oct. 14, but they claim they did not receive it until past the due date. It cleared my bank on Oct 24. I read several banks in Utah are being sued for allegedly not posting payments in a timely fashion. I am researching whether Merrick is one of those listed. I called the bank on Nov. 1 and cancelled my account. I have better terms with other banks’ credit cards I use as my credit rating is excellent.
I’ve had a card from Merrick Bank card for almost 2 years. The limit is so small ($300) I had to use my debit card for almost all purchases. Recently I got an AMEX card with a 10k limit…yet Merrick still won’t up the limit on their card. 0% utilization, paying in full each month, and having perfect credit (since some mistakes about 3.5 years ago) hasn’t changed their minds. Thanks for the credit history Merrick, but I might not be around much longer. They haven’t done me wrong, but they certainly aren’t that accommodating.
Merrick bank is the worst rebuilding credit card I have ever gotten. I made an electronic web ach payment to them on the 10th of the month which showed that the payment was posted to Merrick credit card on the same day… although it did not reflect on my available credit. The payment posted to my bank account on the 12th of the month. I looked at my merrick account and still noticed on the 15th of the month that my available credit was still not reflecting the payment that was made. When I contacted Merrick bank to see why they havent credited my payment to my available credit after the payment cleared my bank account, the customer service representative (extremely rude), stated that they have the right to hold the funds for 11 days?! Its completely wrong because the payment was clearly pulled out of my checking account and posted to Merrick credit card, they have absolutely no right to not to credit the funds to the account if it literally was reflecting it was already taken out of my bank account. So merrick credit card customers beware… even though you have a good payment history with this bank, always made your payments on time, never bounced a payment… They Still Have The Right to Hold Your Funds… For up to 11 DAYS!!! AFTER THEY TAKE THE MONEY OUT OF OUR BANK ACCOUNT.
Right there with you Maria…see my post March 1
F#%k merrick bank its that simple.
I have had a few issues with them, but they were all handled effectively when I was able to talk to the right person.
A year ago they closed my account, saying that I was a higher credit risk since I had opened up 2 new MasterCard accounts. (These two limits were less than the security deposit I had with them.) I was initially told that even though I had been with them 3 years and had never made a late payment or even gone near my credit limit, there was no way to reverse the decision. Well I did get it reversed. I then had an issue with a payment that was a problem with their computer system, since I had added a secondary payment source. I tried to clearly explain that I knew the problem was not my own, but the CSR was not going to believe me. I took some time and got it worked out. I then made a mistake and inputted the wrong account number by 1 digit after this got corrected and even that got taken care of. (I probably would not have made that mistake in the first place, as I had already this step, but had to redo it due to their computer programming issue.) I got everything taken care of with a little patience and care, I also did not take the CSR’s answers as being final.
I do like the card, I do have fairly good interest rate, I am happy for them helping me to go further and get cards without a security deposit. I do not like the monthly fee instead of an annual fee, this could be a benefit if they report it as usage to your credit file. The benefit here is that a 0% usage of your available credit reports lower than 1% to 20%. I will have to make a choice at some stage, since they do say they will never return your security deposit. After 4 years with this card, I think I have proven myself. At the 5th year if I have a large credit line with another bank, I probably will have to simply move on and get the security deposit back.
I already have 2 rewards cards and this will have to a consideration too.
I was really happy to get an unsecured Visa card with Merrick while I am rebuilding my credit after my irresponsible youth. My terms came with a rather small annual fee compared to the other cards I have that are also intended for people rebuilding. The other plus was a much larger limit from day one. The BAD/UNUSUAL occurrence that I have been encountering a lot is the unexplainable length of time for my payments to process. My 5 other cards process my payment within a day or two, but Merrick Bank for some strange reason can take up to 10 days. Very shady. I never mail my payments and never have, they are always paid through my account on their website. You will see they deduct the money from your bank account immediately. So they take it within moments. However, dont expect it to actually be applied for what feels like a lifetime in a credit card billing cycle. All in all, I make big payments randomly all the time, never have been hit with a late fee, and appreciate the opportunity to have this card at all.
I totally agree w/Bobbi. I’ve had this card for years. Then suddenly the last two months for some reason they don’t get my payment on time, and charge me late fees, when I have mailed it “way ahead of time”. Ticked me off. I had been thinking about transferring my balance to an interest free charge card, and after this late fee business, decided to go ahead with that. I told someone in customer service that I was going to transfer my balance to another card. I still had to mail in a payment to them, so I post dated a check, and mailed it in “way ahead of it’s due date”. (the date on check was dated before payment was due). Well .. guess what? For some reason my mail got to them sooner than it had the last two months, and they electronically deposited my check long before the date I had put on the check. I am so ticked off about this. Do I have any recourse?
I have had me card for two months, set up my payments on line with my checking. they took Oct. payment and a additional payment I made out with no problems. Made my payment for November and they are saying that I entered a additional number in bank account number when I clicked on the same account they successfully was able to remove fund from before. I am fitting with them now to have the late fee and return item fee removed. Unbelievable. Is this some type of scam going on?
Contact the Better Business Bureau and report them…
After going through personal bankruptcy, I didn’t have many options where credit cards are concerned, so when I received Merrick’s “pre-approved” offer in the mail, I took it. They started me with a $3K limit. The current interest rate on outstanding balances is over 24%, so needless to say, it encourages me to keep the dang thing paid up. As for customer service, my experience has been good; I had a false charge show up a couple of years ago, and they worked with me to get it all straightened out. I may drop the card someday because of the high interest rate, but all in all, Merrick has been a good experience for me.
My husband and I both had separate credit cards with with Merrick Bank. We both had some credit issues in the past, but have steadily worked on repairing them. One of our cards had a $1,000 credit limit and the other had a $1,250 limit. We have consistently made payments on time and on several occassions have paid them off, used them and paid them off again. Last Friday I paid both cards off (a total of $2,000). When I checked my husband’s account today, there was a $23.00 interest fee tacked on the account. We called them and asked them to waive the fee because clearly the payment and interest charge crossed electronic paths, considering that I paid the full balance according to the banks own website. Not only wouldn’t they waive the fee, but they were very rude and condescending on the phone…not only customer service reps, but supervisors as well. They were willing to lose both of our business over $23.00…and so they did. We both closed our accounts and vowed to let others know that you mean absolutely nothing to this bank. They have horrible customer service and I would rather ding my credit score than to give this company another dime. Thank you, Merrick Bank for showing me your true colors. I wonder if the owner and CEO’s know that their low-level employees are losing them thousands of dollars in business, and even more in potential future business over $23.00. Well, they do now.
Well, I need to rebuild my credit score after heart illness incapacitated me seven years ago, and Merrick is the only way I can immediately start the process. Sure, they’re charging me fees which they deduct from the starting $550 credit limit, but I’m going to pay that right back no problem on the day I receive the card. From there it’s strictly for getting movie tix, renting DVDs, and paying magazine subscriptions. Other things like e-books for my Kindel I can to with Amazon K-cards. When I’m up in my score, I’ll move on to another card with lower rates and fees, but for now, I’ll do what is necessary and keep it simple. I’m well past the dreaded spending spree stage. That’s why credit card hawks are no longer allowed to recruit on or near college campuses. Students are big-time spree spenders!
p.s. f@#$ geico too after being a loyal customer for 5 years they would send me to a sub prime company. im one of the 40 million now geico f@#$s
f@#$ merrick bank i didnt even want them for a credit card company. i had geico credit card. with 1000 limit.. somehow merrick got my account after geico dropped their credit card program. they droped my limit to $300 even though my balance was $640, then they want me to pay my overbalance with extra fees for being over balance in the first place then i saw my interest go from 14% TO 23% IN THE SAME BILLING PERIOD. so now my merrick bank card is in collections. and i insure with allstate. f@#$ merrick bank.
have had repeatedly mailed payments in a timely fashion!!All of my other credit card payments from other companies have been posted for payment.
For some reason this card seems to process my payments after the required due date so they can charge me a late fee!!What is up with this practice!! I am going to make a payment way in advance to stop this silliness!!!
I have had a Merrick Bank credit card with a $1500 credit limit for over 3 years. I originally chose this card due to a business bankruptcy and divorce 5 years ago in order to rebuild my credit along with 3 other high risk lenders: Orchard, Chase and Capital One. In the past 5 years, I have also purchased a car and have owned my home for 12 years with 5 years of on time mortgage payments. My credit score has steadily improved due to on time and more than minimum payments. The other 3 credit cards have consistently lowered my interest rate and raised my credit limit which is what one would expect from a long term credit relationship. Merrick Bank either will not or cannot, regardless of how high in the food chain you go, reduce the interest rate on your credit card based on your history with them, in order to foster a long term relationship with a client. My interest rate is and has been 24.45. Speaking to a customer service rep and a supervisor makes no difference. You screwed up, you pay. Regardless of how long your history is with Merrick Bank and how well you pay, they will not reduce your interest rate. Once you pay off your card with Merrick, you will have to make a choice: terminate the card and take the hit to your credit score for short term or use the card and pay it off monthly risking an annual or monthly fee. My card is almost paid off. I will take the short term hit because ethics and long term relationships matter to me. The other 3 high risk credit card lenders: Orchard, Capital One and Chase have rewarded me with reduced interest and increased credit limits. I will reward them with my continued customer loyalty.
Cannot fault folks for wanting to blame someone for the turmoil.
I agree.When the bad far outweighs the good, makes you wonder.