topic Re: MERRICK BANK in Credit Cards

MERRICK BANK

Anonymous — Thu, 31 Jul 2008 03:38:04 GMT

Just got a letter with a apr decrease. They are stll ridiculous but it's the first time since they ratejacked me. I've had them 4 years 4.9 years. I always pif cuz they are so bad. But it is a miracle.

Re: MERRICK BANK

Anonymous — Thu, 31 Jul 2008 03:44:23 GMT

Maybe they are trying to be good to you now??

Re: MERRICK BANK

Anonymous — Thu, 31 Jul 2008 14:25:46 GMT

I just got this same letter! Wahoo! 18% to 13%!

Re: MERRICK BANK

App_Addict — Thu, 31 Jul 2008 14:28:23 GMT

27% to 21% for me.

Re: MERRICK BANK

Anonymous — Thu, 31 Jul 2008 14:39:25 GMT

Congratulation people.

Re: MERRICK BANK

Red1Blue — Thu, 31 Jul 2008 14:50:10 GMT

I have Hooters Card issued by Merrick and I have not received any offer from them so far. Again I do PIF before the statement cuts so it does not matter what interest rate they think they are charging me as they are not getting even a penny out of me as interest.

Re: MERRICK BANK

Anonymous — Thu, 31 Jul 2008 17:30:22 GMT

I just thought about something i called them 2 weeks ago an asked can they lower my APR the rep on the phone me there not offering any APR lowering at the present time i also received a letter in the mail explaining this also.

Message Edited by mjbfan79 on 07-31-2008 10:30 AM

Re: MERRICK BANK

Anonymous — Thu, 31 Jul 2008 17:32:21 GMT

concorduser wrote:
I have Hooters Card issued by Merrick and I have not received any offer from them so far. Again I do PIF before the statement cuts so it does not matter what interest rate they think they are charging me as they are not getting even a penny out of me as interest.

I feel what your saying i think my interest rate is at 29%. i will never keep a balance on this card.

Re: MERRICK BANK

_andClimbing — Thu, 31 Jul 2008 18:09:20 GMT

FYI...on the line with Merrick. They are blanketly denying that they are offering any lower APRs to anyone.

They are flat-out saying that anyone who asserts that they've been offered a lower APR is lying.

Sigh...

Re: MERRICK BANK

_andClimbing — Thu, 31 Jul 2008 18:13:28 GMT

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.

Re: MERRICK BANK

Anonymous — Thu, 31 Jul 2008 18:16:37 GMT

_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

Re: MERRICK BANK

stefanc — Thu, 31 Jul 2008 18:34:32 GMT

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

Re: MERRICK BANK

_andClimbing — Thu, 31 Jul 2008 19:02:57 GMT

@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.

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.

Re: MERRICK BANK

heirophant — Thu, 31 Jul 2008 22:13:42 GMT

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.

Re: MERRICK BANK

stefanc — Fri, 01 Aug 2008 00:07:00 GMT

@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

Re: MERRICK BANK

Anonymous — Fri, 01 Aug 2008 14:18:16 GMT

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.

Re: MERRICK BANK

Anonymous — Fri, 01 Aug 2008 23:47:29 GMT

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?

Re: MERRICK BANK

Anonymous — Fri, 01 Aug 2008 23:53:28 GMT

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%

Re: MERRICK BANK

stefanc — Sat, 02 Aug 2008 02:14:12 GMT

@Anonymous 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?

Re: MERRICK BANK

Anonymous — Sat, 02 Aug 2008 02:50:36 GMT

congrats! on a lower apr it feels good!