cancel
Showing results for 
Search instead for 
Did you mean: 

MERRICK BANK

tag
Anonymous
Not applicable

Re: MERRICK BANK



_andClimbing wrote:
LOL...this manager just asked me to fax a copy of the letter that someone received as proof that they are offering lower APRs. Unbelievable.


Well how are people getting them
Message 11 of 21
stefanc
Regular Contributor

Re: MERRICK BANK

I got a letter as well, dated July 17th.

However it was stating a change in the purchase MARGIN. Not necessarily a change in my actual APR.

With prime at it's current level there is no change in my APR even with the new margin.

If anyone re-reads the letters is that the case - Was it a change in the margin? or did you get an actual rate reduction?

Inquiring minds want to know Smiley Happy
Message 12 of 21
_andClimbing
Contributor

Re: MERRICK BANK



@Anonymous wrote:


@_andClimbing wrote:
LOL...this manager just asked me to fax a copy of the letter that someone received as proof that they are offering lower APRs. Unbelievable.


Well how are people getting them





By US Mail, I assume. Smiley Tongue

I went through 3 CSRs/Managers, and the last one was so rude. She kept interrupting me to state "We are NOT lowering APRs. Whoever is stating that is lying."

I'm not carrying a balance with them thank the Gods, as my current APR is >32%. As soon as my overall Utl is low enough (3 more months), I'm dropping them like a bad habit.
5/11/08 FICOs: EQ - 551
8/6/08 FICOs: EQ - 659, EX - 663, TU - 683
Message 13 of 21
heirophant
Established Contributor

Re: MERRICK BANK

So, let's get some real details...Do you guys have Hooters or some other merrick card?  How long did you have the card before the letter recucing your apr?  What behaviors did you exibit to cause this?  If you PIF, I would think they might lower your apr to make some money off you.
 
I have a crap APR, but I can't see myself getting rid of them anytimer soon, since they gave me a Hooters with a 3K limit.  I have the $72 AF and 25.6%.  Its insane.  Great limit, though.  I got it during the great Hooters rush of the Fall.
Scores: TU (FICO8): 781, EQ (FICO8): 798, EX (FICO8): 788

In my wallet: Chase Sapphire Preferred: 16,000 | Chase Slate Edge: 8,100 | Bilt World Elite Mastercard: 16,000 | Fidelity Rewards Visa Signature: 8,500 | PenFed Visa Gold: 12,500 | Penfed Pathfinder: 15,000 | Apple Card: 6,500 | Lowe's: 35,000 | Northern Skies FCU Platinum: 15,000 | Kohls: 3,000

Mortgage 11/20
Message 14 of 21
stefanc
Regular Contributor

Re: MERRICK BANK



@heirophant wrote:
So, let's get some real details...Do you guys have Hooters or some other merrick card? How long did you have the card before the letter recucing your apr? What behaviors did you exibit to cause this? If you PIF, I would think they might lower your apr to make some money off you.
I have a crap APR, but I can't see myself getting rid of them anytimer soon, since they gave me a Hooters with a 3K limit. I have the $72 AF and 25.6%. Its insane. Great limit, though. I got it during the great Hooters rush of the Fall.





I have both a Hooters and a Merrick

I have had the Merrick for 4 years or so. I have run it up and PIF numerous times but it has been in the drawer for a while now. My Rate change letter was a change n the MARGIN rate - when I first opened it I thought they lowered my rate - nope. They only changed the margin rate, as the APR has a floor anyway my APR is the same as always. I don't remember what the previous margin was. My APR with the Merrick is at 28-ish. They auto increase my CL every three months or so

The hooters I have had since late last year, no CLI, no APR reduction APR is 16-ish
Message 15 of 21
Anonymous
Not applicable

Re: MERRICK BANK



heirophant wrote:
 
I got it during the great Hooters rush of the Fall.


I have nothing to add, but just had to LOL at that sentence.
 
Message 16 of 21
Anonymous
Not applicable

Re: MERRICK BANK

the letter does say periodic rate for puchases and cash advances  then says variable rate margin changed to certain %.  Is this some kind of joke?
Message 17 of 21
rj2311
Valued Member

Re: MERRICK BANK

I read the letter and compared it with the back of my most recent statement.  Here are the changes:
 
Purchase Margin changed to 14.70% from 11.95%
 
Cash Advance Margin changed to 19.70% from 16.95%
 
Default Margin changed to 21.70% from 18.95%
Message 18 of 21
stefanc
Regular Contributor

Re: MERRICK BANK



@rj2311 wrote:
I read the letter and compared it with the back of my most recent statement. Here are the changes:
Purchase Margin changed to 14.70% from 11.95%
Cash Advance Margin changed to 19.70% from 16.95%
Default Margin changed to 21.70% from 18.95%





Was yours on a regular Merrick card, or a Hooters?
Message 19 of 21
Anonymous
Not applicable

Re: MERRICK BANK

congrats! on a lower apr it feels good!
Message 20 of 21
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.