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Got my first pre-approval mailer today from Merrick Bank. Pre-approved for $700 Visa with 2X CL increase to $1,400 after 7 months of minimum payments.
Annual fee is $48 billed at $4 per month
Apr is 25.45% on purchases and 30.45% on cash advances.
Isn't Merrick Bank considered a predator card issuer?
Will have to think alittle about this offer....but I am inclined to trash it and wait for a couple of months to see if any of the mainstream banks send me pre-approvals.
With your scores you can do better. Merrick even has a no annual fee card. It's not worth it. You should be able to get capital one stuff have you checked their prequal site?
@slund5499 wrote:Got my first pre-approval mailer today from Merrick Bank. Pre-approved for $700 Visa with 2X CL increase to $1,400 after 7 months of minimum payments.
Annual fee is $48 billed at $4 per month
Apr is 25.45% on purchases and 30.45% on cash advances.
Isn't Merrick Bank considered a predator card issuer?
Will have to think alittle about this offer....but I am inclined to trash it and wait for a couple of months to see if any of the mainstream banks send me pre-approvals.
Your scores are pretty decent, so unless you need a card, you might want to wait. Two years ago I had scores in the low 500s and I couldn't get a credit card to save my life, and Merrick sent me that same pre-approved offer, with double the CL after six months (although my AF was waived the first year). I was thrilled at the time, and I took it. They were really good to me in rebuilding, so I have kept them around, both out of loyalty and for AAoA. Their CLI's haven't been so great ($200 or $300 here and there), but it's not terrible.
From what ive heard/seen its one of the better sub-prime cards, I believe CAPTOOL and few of the other gurus around here had it.
I thought this was a bit strange since I already have Venture 10K, QS 3K and Discover $3K
Thrilled to get the pre-approval but just not my cup of tea .
The good thing is getting a Merrick pre aproval is that it means you can get a Cap1 card now. (Probably!)
Many will say good things about Merrick as a rebuilder. I say do not apply until you have tested the Cap1 waters.
@slund5499 wrote:I thought this was a bit strange since I already have Venture 10K, QS 3K and Discover $3K
Thrilled to get the pre-approval but just not my cup of tea .
haha, oh NOW you tell us!