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@Anonymous wrote:I posted six months ago that I received an offer from Merrick Bank for $1250 SL doubled to $2500 after 7 payments with around a 19% APR and virtually no fees.
Their latest offer, received today:
$1500 SL doubled to $3000
16.95 APR
Fees we won't charge
No Annual Fee
No Account Set-Up Fee
No Cash Advance Fee
No Processing Fee
No Over Limit Fee
No Additional Card Fee
No Returned Payment Fee
and No Foreign Transaction Fee
I know I'm beyond this card, but it still intrigues me. I'm curious as to what their absolute best offer will end up being. This is about the 4th one I've received and they get progressively better.
My husband got an offer and got the card for $900 SL to $1800 a couple months ago as part of his rebuild, and I have to say their website/online account access is the worst I've seen so far. But it is a great rebuilder for him, so we can't complain too much!
A few days ago I paid off and cancelled my Cap One Plat because they wouldn't give me a CLI from the $750 I was at. My lates card was for $17,000 with Fifth/Third, with NO relationship with them! YES you are beyond Merrick, best to say Goodbye.
Does Merrick just send offers when you reach a certain credit score? I've never seen an offer from them before.
@ChargedUp wrote:It almost seems like Merrick is trying to move from "Compare us to Credit One" to "Compare us to Capital One".
I would never make that comparison! Before I had a CapOne card I had a Merrick Secured card in their early days. My interest rate was 17.45 or something like that. When I got my CapOne card I had a higher interest rate. Merrick would give me limit increases on a regular basis, CapOne would give me nothing. My card was a secured card which charged me $3 a month and I was happy with that even while I had my CapOne card, because they always treated me well. At one point they actually closed my account because I was opening other cards, I was not happy because I liked them, so I called them up and even spoke with a VP. They reopened the account and I had if for a few more years. In fact for almost two years I kept asking them to remove the AF and give my security deposit back, they never agreed. I tried, but no, so eventually I did close the account. If they had removed the AF and given my security deposit back then I would still have the card to this day out of respect for them.
I always had better service with them and always felt they were not a bad bank, just limited but willing to help rebuilders without taking advantage of them. My sister on the other hand would disagree with everything I said because they charged off her account when she refused to pay. She said she disputed a charge and they played games with her, I know my sister so I am going to take their side.
I've also never had issues with Merrick (but not with Cap One either for that matter. I've burned them twice plus once in BK and they still let me back in) and that seems like a decent offer. But of course, it always depends on your profile. People say you'll be "stained" by having a sub-prime lender on your reports. I don't know if that is true or not...
Could it be they are expanding their portfolio?? I mean, Cap One has decidedly sub-prime and prime cards...and they seem to do okay offering both.
My Merrick card gives an EX FICO 8 Bankcard score.
I did have a bad experiance with some fraudulent charges on my Merrick Bank card. They told me that they would not issue a provisional credit and I had to actually sign and mail back documents. They did issue a provisional credit once I mailed back the documents, but the attitude they had with me on the phone was uncalled for.
The few times I've called to customer service they've always been very nice and knowledgeable. I hear a whole lot about people experiencing fraud with their Merrick cards, though. Their website is the worst of all my cards and there's no rewards. I'll probably close next year because mine does have an AF of $45...
@Anonymous wrote:My Merrick card gives an EX FICO 8 Bankcard score.
I did have a bad experiance with some fraudulent charges on my Merrick Bank card. They told me that they would not issue a provisional credit and I had to actually sign and mail back documents. They did issue a provisional credit once I mailed back the documents, but the attitude they had with me on the phone was uncalled for.
I don't know why Merrick bothers to have customer service reps. Years ago I was going to need to carry a balance for a couple months, so I called to see if I could get a lower APR. The rep promptly read from a script "Customers are not allowed to request a lower interest rate". And their statements used to say "don't contact us to request a credit limit increase, we periodically review your credit line automatically".
Been with them for years. They were willing to put me on when nobody else would. I have had no issues with them at all. In fact, I was speaking with my wife, and now that I have "real" cards, I was considering closing my Merrick account. But then I said "How could I do this to them? They've taken care of me for so long..."
We'll see how I feel next year LOL
@JimmyWayne wrote:The few times I've called to customer service they've always been very nice and knowledgeable. I hear a whole lot about people experiencing fraud with their Merrick cards, though. Their website is the worst of all my cards and there's no rewards. I'll probably close next year because mine does have an AF of $45...
Their website is AWFUL.
I've not had bad experiences either but I have a $36 AF but I have AMEX BCE, Discover IT, Capital One QS, Barclay NFL and Synch Marvel now. So no reason to give them $3/mo anymore...I'll close it this year sometime.
@Anonymous wrote:My Merrick card gives an EX FICO 8 Bankcard score.
I did have a bad experiance with some fraudulent charges on my Merrick Bank card. They told me that they would not issue a provisional credit and I had to actually sign and mail back documents. They did issue a provisional credit once I mailed back the documents, but the attitude they had with me on the phone was uncalled for.
I think because they are a subprime lender, with a heart but very set policies, they want to protect themselves as much as possible. By making you submit a signed document they discourage the people who may have not actually had fraudulent charges from trying to say they did. (I know my sister very well. I remember once she told me that she bought a vacuum online and when they delivered it, they simply left it at the door. She called up the company she bought it from and told them it never got delivered. When she got the new one, she returned it and said she found a better one for less. This was true in some respects as free is both better and less money.) I am not saying you are like this in any way. I am merely saying they have to deal with people like my sister too often because of who their customer base is. I had their card for many years and never did anything like this to them or even thought about it. However, knowing that my sister is really white trash and there are people who are even worse than she is, I understand them and their policies. I live right next to Detroit, so I can also witness things like this all the time.
Nothing personal, but I have to defend Merrick. If it weren't for Merrick I might not have what I have today. They were always nice to me, much nicer than CapOne has ever truly been. Today I have many cards, more than any one person needs! There are really only two of the major banks I don't have a card with, Wells and US Bank. I do have an Elan card, so similar, but not the same. I don't want a Wells card, there are no benefits there! And when I transfer to my next job then having a US Bank card will be of no use to me at all! (In fact only Discover, Capital One, and any other card with free international transactions will really be of a benefit.)