topic Re: Closed my Merrick Bank credit card ... in Credit Cards

Closed my Merrick Bank credit card ...

RCFL — Mon, 14 Apr 2014 22:59:35 GMT

Closed it earlier and am happy about it! No more $3 a month fee just to keep the card !!

Re: Closed my Merrick Bank credit card ...

newUser0 — Mon, 14 Apr 2014 23:57:03 GMT

I got my card today Morning.

LOL Do they have fees?

Re: Closed my Merrick Bank credit card ...

bigblue7722 — Mon, 14 Apr 2014 23:59:05 GMT

congrats on closing the card. and yes they do have fees. I almost took their offer last year i am glad I stayed away.

Re: Closed my Merrick Bank credit card ...

Kenny — Tue, 15 Apr 2014 00:01:37 GMT

Yay! I love to read these types of threads. Congratulations on a job well done!

Re: Closed my Merrick Bank credit card ...

RCFL — Tue, 15 Apr 2014 00:22:37 GMT

Yes they do have fee. For me, it was 36$ a year but they won't take a one time 36$ fee. They take it monthly($3 a month) and it's on the statement closing date so it's impossible to have a zero balance on the account! They helped me rebuilt though - was their customer since 2011. I now have better reward cards so closing them seems right. :-)

Re: Closed my Merrick Bank credit card ...

newUser0 — Tue, 15 Apr 2014 00:24:30 GMT

I am pretty sure, for me they said No Fees of anything. Need to check to make sure again.

Re: Closed my Merrick Bank credit card ...

bigblue7722 — Tue, 15 Apr 2014 00:27:22 GMT

@newUser0 wrote:
I am pretty sure, for me they said No Fees of anything. Need to check to make sure again.

http://www.mbdot.com/docs-repository/merrick-bank/Merrick-Unsecured-Pricing.pdf

Re: Closed my Merrick Bank credit card ...

newUser0 — Tue, 15 Apr 2014 01:15:28 GMT

Just checked again The card, I got, Has $0 For all of the thing.

Started with $900 CL. May grow or not.

But. No rewards for suing this

Re: Closed my Merrick Bank credit card ...

newUser0 — Tue, 15 Apr 2014 01:15:37 GMT

*Using this

Re: Closed my Merrick Bank credit card ...

IrishPM — Tue, 15 Apr 2014 01:28:36 GMT

You have a fee on your card? Is that typical? I have a Merrick Bank Visa by default...it's a holdover from the old Hooters Mastercard that was discontinued so Merrick issued me a standard Visa card with no rewards points. I have a $3,000 CL with them that carries a zero balance each month because I never use it. I'd rather use my AMEX Blue Cash Everyday card or one my other rewards CC's to get something back in return.

Re: Closed my Merrick Bank credit card ...

BackInTheSaddleAgain — Tue, 15 Apr 2014 04:17:51 GMT

@IrishPM wrote:
You have a fee on your card? Is that typical? I have a Merrick Bank Visa by default...it's a holdover from the old Hooters Mastercard that was discontinued so Merrick issued me a standard Visa card with no rewards points. I have a $3,000 CL with them that carries a zero balance each month because I never use it. I'd rather use my AMEX Blue Cash Everyday card or one my other rewards CC's to get something back in return.

Do you mind me asking what your FICO scores are? I've had my Merrick card for 18 months and still only have an $1,100 CL. They've given me two CLI's during that time, but only $250 each. It's now my lowest CL card.

Re: Closed my Merrick Bank credit card ...

IrishPM — Tue, 15 Apr 2014 18:34:31 GMT

My FICO scores hover in the 695 to 720 range depending on the time of the year....Summer and Fall tend to be the lower months because my spending activity goes up during those months but generally speaking the average is around 708.

I'd be patient with Merrrick Bank as far as credit line increases. I've been a customer of theirs since 2006 and started out with a $300 credit line with their Hooters Mastercard...I applied for the card on a whim one day after having lunch at Hooters with some co-workers...didn't need the card but the rewards points were pretty good if you like eating or drinking at Hooters. Fast forward to today...my CL is $3,000 with Merrick Bank but there are no rewards or points or anything else for that matter. The only thing positive about the account is it's got a zero balance and helps with my utilization and that's it. Over the last 4 years, they've given me quarterly credit line increases automatically so be patient with them and in a few years you'll see the CL increases. It's a waiting game.

There are so many other cards out there that offer cash back or rewards that it's not worth it to worry too much about this card. Capital One Venture and their Platinum Visa card have great cash back and rewards points that I take advantage of. American Express Blue Cash Everyday is another one that has outstanding cash back and rewards...that's the card I use for everything including utilities, insurance, gas, groceries and any other miscellaneous spending I do. Good luck.

Re: Closed my Merrick Bank credit card ...

Anonymous — Tue, 15 Apr 2014 19:17:58 GMT

@IrishPM wrote:
You have a fee on your card? Is that typical? I have a Merrick Bank Visa by default...it's a holdover from the old Hooters Mastercard that was discontinued so Merrick issued me a standard Visa card with no rewards points. I have a $3,000 CL with them that carries a zero balance each month because I never use it. I'd rather use my AMEX Blue Cash Everyday card or one my other rewards CC's to get something back in return.

Ditto on Hold over from Hooters and I have no fees and get the free monthly fico score

Re: Closed my Merrick Bank credit card ...

TiggerDat — Tue, 15 Apr 2014 22:55:38 GMT

Merrick is one of those banks that should learn a bit from what Cap One has gone through. I would still be a customer with them if they had removed the AF. In fact they would be one of two companies getting interest from me had they done that. (I loaned my card to my sister and she used it. I then transferred the balance over through spending. The second account which has a revolving balance is one for my niece, but actually no interest yet until the promo period is over.) It was my oldest account and I was actually sad to see it go, but at $36+ (AUs) it was just too much, I even kept warning them that I would do it if they didn't do two things. Give me my money for the deposit back and change the fee. (Yeah, mine was a secured card.) Out of loyalty for them I kept it open much longer than I should, oh and also out of AAoA aspect too, somewhat.

I do wish they offered rewards cards and were better at growing with their customers.

Re: Closed my Merrick Bank credit card ...

SunriseEarth — Wed, 16 Apr 2014 00:25:15 GMT

@newUser0 wrote:
I got my card today Morning.
LOL Do they have fees?

No all Merrick cards have an AF. Mine has no AF, a terrifying 28.75% APR, and not much else. It's currently in the SD and will likely stay there until the year 2 mark (May 2015). It's a good rebuilder, but I don't really have a use for the card any more.

OP, congrats on moving upward! I felt the same way closing CreditOne!