topic Re: Merrick Bank strikes again in Credit Cards

Merrick Bank strikes again

Anonymous — Fri, 07 Apr 2017 01:03:02 GMT

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!

Re: Merrick Bank strikes again

CreditCuriosity — Fri, 07 Apr 2017 01:14:13 GMT

IMO you are past Merrick card. Had the merrick card when I was at the early stages of rebuilding and you certainly are being offered pretty good terms. It is just a no thrill rebuilder card with no rewards, but believe it did include a TU CC enchance Fico score as well monthly. Probably the best offer I have seen is the one you just posted, but as stated I would pass if I were you. Merrick is a good company and don't gouge you to death they are no credit one, first premiere and the likes. Pretty close to Cap1 minus rewards.

Re: Merrick Bank strikes again

Anonymous — Fri, 07 Apr 2017 01:22:33 GMT

I know, CC. Thanks! I am gardening, so there wasn't any true temptation to app. I guess I just posted it because Merrick is really the best offer I am gettting. The only others are the true bottom feeder rebuilders, Credit One, Blaze, others I can't remember the names of. Someday I will get good offers, better offers.

Re: Merrick Bank strikes again

fltireguy — Fri, 07 Apr 2017 01:23:32 GMT

@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!

Thats the same deal I was offered as the first one from them.. I took it, since it was no fees ever

Re: Merrick Bank strikes again

AverageJoesCredit — Fri, 07 Apr 2017 01:26:53 GMT

All i thought of with a quick glance was dan dan dan dan dan dan dan........in a Star Warsian kind of tone lol. Like Empire strikes back. Those kind of terms would make most beginners rebuilders turn red with jealousy , but agree with CC, you dont need to walk backwords Bella. One thing i love to see is cards we really want when we are rebuilding arent availsble to us when we want but once they are offered, we really dont need them anymore. Like for instance a Wally MC.Now that i probably could get one, dont really need it anymore as ive gotten cards that do same thing. Crazy is this world we call Credit

Ahhhh no lights ,,.....need battery aahhhhh......

Re: Merrick Bank strikes again

fltireguy — Fri, 07 Apr 2017 01:28:30 GMT

They DO give you EX 08 for free... but, so does Amex

Re: Merrick Bank strikes again

Anonymous — Fri, 07 Apr 2017 02:22:55 GMT

It will be a long while before Amex will take me back, but I get my EX from Experian monthly for free.

Re: Merrick Bank strikes again

Anonymous — Fri, 07 Apr 2017 05:51:45 GMT

Their interest is getting real. Dw has a Merrick card from 4 plus years ago and wont let it go because of AAOA She uses about 2X a year and they just raised it again to just shy of $4,000 The age would kill her if she pulled it.

Re: Merrick Bank strikes again

ChargedUp — Fri, 07 Apr 2017 09:07:54 GMT

It almost seems like Merrick is trying to move from "Compare us to Credit One" to "Compare us to Capital One".

Re: Merrick Bank strikes again

fltireguy — Fri, 07 Apr 2017 11:04:18 GMT

Backwoods - if she closes the card, how will it hurt her aaoa?

Re: Merrick Bank strikes again

Anonymous — Fri, 07 Apr 2017 13:39:06 GMT

@ChargedUp wrote:
It almost seems like Merrick is trying to move from "Compare us to Credit One" to "Compare us to Capital One".

Re: Merrick Bank strikes again

Cherekas — Fri, 07 Apr 2017 14:06:59 GMT

@fltireguy.

I was wondering if the EX FICO score through Merrick was a true score because the one offered from Credit One is not a real score. Not quite sure where Credit one pulls those numbers.

Re: Merrick Bank strikes again

Life_take2 — Fri, 07 Apr 2017 18:56:58 GMT

Cherekas,
Yes, Merrick provides TU Fico 8. (Not Vantage 3.0, as some others do).

Re: Merrick Bank strikes again

JayTee1 — Fri, 07 Apr 2017 19:55:46 GMT

@Anonymous wrote:
Their interest is getting real. Dw has a Merrick card from 4 plus years ago and wont let it go because of AAOA She uses about 2X a year and they just raised it again to just shy of $4,000 The age would kill her if she pulled it.

It won't affect AAoA at all if you close it. Closed accounts stay on your reports for 10 years, and continue to contirbute to your AAoA the entire time.

I suppose if it's your oldest account, you might not want to close it, but even then ...

Vantage dings your AAoA for closed accounts, but since next to nobody uses Vantage when offering credit, it doesn't matter.

Re: Merrick Bank strikes again

Anonymous — Tue, 11 Apr 2017 18:17:45 GMT

I was going through my bag just now looking for another document, and I found a pre-approved offer from Merrick that I'd forgotten about. It's still good through April 26, but I doubt I'll take it since the SL offered is only $750 and the APR is 24.90%. It does have the no-fee offer, though (no fee on anything except late fee and pay-by-phone). My office network seems to be having DNS problems at the moment, so I guess I'll have to wait until later to try it out and see if anything's changed since they sent in that mailer.

EDIT: The DNS problem cleared up, so I tried out their prequal site. Same terms, so thanks but no thanks!

Re: Merrick Bank strikes again

Cherekas — Tue, 11 Apr 2017 19:23:32 GMT

@Life_take2.

When I log in it says (info below is based on Experian), not TU. This is from Merrick.

Your FICO® Score

based on
Experian data

on March 11, 2017

Re: Merrick Bank strikes again

MrsCHX — Wed, 12 Apr 2017 13:33:52 GMT

@Cherekas wrote:
@Life_take2.
When I log in it says (info below is based on Experian), not TU. This is from Merrick.

Your FICO® Score
based on
Experian data
on March 11, 2017

Interesting, mine still says TU. I've had my Merrick card since 10/2015.

Re: Merrick Bank strikes again

joltdude — Wed, 12 Apr 2017 13:44:21 GMT

@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!

Scary.. if it wasnt for rewards I have many Prime cards with worse APRs and terms than that...

But .. But... Its Merrick...

Know quite a few folks consider Merrick Bank a step *backward* but other than the lack of rewards.. thats competitive to

Amazon Chase Visa at 19.99 (ouch.. it just went up)

Most Commenty and Sync cards....

Discover (but that will fixed after intro period)

Blispay 19.99 when not using their 0% promos or PIF

Think theres a place for this card... As a rebuilder i could see keeping/taking a card with these terms when i have successfully rebuilt....

They are making it suitable to keep it around

-J

Re: Merrick Bank strikes again

Cherekas — Wed, 12 Apr 2017 13:55:39 GMT

@MrsCHX.

I just opened my Merrick card in February (2017).

Re: Merrick Bank strikes again

DaveInAZ — Wed, 12 Apr 2017 15:50:54 GMT

I have a BK7 discharged 1/31/2011. Merrick is my oldest post BK CC, opened 12/2011. It's never had any fees so I keep it open as the $3100 CL helps keep my utilization down to 10%. The APR is horrendous 26.2% for purchases, 31.2% if I was ever stupid enough to do a cash advance, but I would never carry a balance on this card, I just toss them $20-$50 every few months to keep it active. I'm carrying around $7k in CC balances****, all 0% either new card intro promo & a Cap One BT. Half of that 0% CC balance ends in Sept 2017, so when I pay that off I'll close Merrick - it was a good rebuilder card but has outlived its usefulness.

**** Show a $7k CC balance on your CR plus a PIF Prosper loan from 2015 and your are a Number One Target for consumer finance loan offers!!! I get a couple per week, from Prosper, Lending Tree, Best Egg, and some I've never heard of. It's almost worth paying off those 0% CC balances early to get rid of those CF loan offers - maybe I'm over cautious, but I go to the trouble of tearing off my name & the pre-approval code and put it in one trash basket and the envelop w/offer in another one.