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Wait - are my eyes tricking me? Merrick Hooters LOWERED an APR ? ?

Established Contributor

Wait - are my eyes tricking me? Merrick Hooters LOWERED an APR ? ?

My husband opted out of the proposed changes to his Merrick Hooters card in December, so that his rate stayed at 18%.  It was going to go up to 26%, I think.

 

The next two statements cut as usual, with the 18% rate and 0 available credit (although strangely, the same $1,300 limit is listed.  $0 credit limit is listed with the credit bureaus.)

 

Anyway, I just noticed that on the Feb. 25th statement, the APR has dropped to 15%.

 

Are they crazy?  Why would they drop the rate on a closed card?

 

Has anyone else opted out of the Merrick-H card?  I kept mine open and I checked my rate and it is the same as what it went up to:  21% for me.

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Too many accounts; too many debts; lots of open credit, and lots of utilized credit. Scores somewhere in the 600s - I have no earthly idea exactly what number, but not 700 like it was, briefly.
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Valued Member

ne open but Re: Wait - are my eyes tricking me? Merrick Hooters LOWERED an APR ? ?

I still have mine open but I got my new statment and my APR went from 25.70 to 25.45 and they increased my CL by $200. That was a surprise since my first CLI took over a year to get.

Latest FICO® Scores 10-20-08
TransUnion 615
Equifax 590
Experian 601
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Established Contributor

Re: ne open but Re: Wait - are my eyes tricking me? Merrick Hooters LOWERED an APR ? ?

Ive never heard of any company lowering an APR after closure, except for when payment arrangements are made, and that is usually brought upon by a chargeoff...

 

However, that being said, my Hooters MC (Which I got cause I thought it was funny about 4 years ago and have never used except for a autobill for my electric) is still at 9.99% APR - go figure, my lowest limit 1.5k, and also in the top 4 of lowest APR... If now, as a professional and no longer a college student, I wasnt entirely embarrased at using the card in public, I would most certainly use it more.

 

 

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