Does it offer a grace period? Grace periods are pretty standard for mainstream credit cards, but subprime cards often start charging interest the moment you make a charge. So, even if you pay in full every month, they'll still charge you interest.
25 days
From offer letter
Paying Interest:
Your Payment Due Date is at least 25 days after the close of each Billing Cycle.
We will not charge you interest on Purchases if you pay your entire New Balance by the Payment Due Date.
We will begin charging interest on Cash Advances on the Transaction Date.
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@Anonymous wrote:I mentioned in a post awhile back that I had received pre-approved offers for Merrick Bank and First Premier. Well, just going through some papers to sort out the shredding, I came across the offer from Merrick and actually read it. I was surprised to see it was for a $1250 SL that would double to $2500 after 7 on-time, minimum payments, but what surprised me the most is that the APR is 19.7%. That is significantly lower than my Cap1. There are virtually no fees (other than late fees), and...no FTFs. The tiny pictures to select card design appear to have "Signature" under the Visa logo. Could this really be a VS? I am thinking no, but I'm not sure. Seeing all of this made me do a quick reconsider on apping, but decided the answer is still a hard pass...well, semi-hard pass now.
Congrats on the offer. The Merrick offer is a good sign in a rebuild; you're definitely doing something right. It's a no-frills card and it probably won't grow after the intial double-your-limit CLI (unless you use heavily), but if you need positive TLs, it's a great way to go. It's definitely better than FP and many of the other rebuild cards. I closed mine some time ago, but it's still a positive TL on my reports.