Junk Mail from Merrick Bank

[Anonymous]

I got an invitation to apply for a Merrick Bank card in the mail today. Here were the highlights:

-31.99% APR

-$250 credit limit might double after 7 months

-$75 account set-up fee

-$69 annual fee

-$6 monthly fee after the first year

Needless to say, I took their letter, stuffed it into the "Business Reply Mail" envelope they sent me, and threw it back into the mailbox. It's not filled out, and I don't want the card, but they might as well pay the post office to take it back.

[Anonymous]

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@Anonymous wrote:

I got an invitation to apply for a Merrick Bank card in the mail today. Here were the highlights:

-31.99% APR

-$250 credit limit might double after 7 months

-$75 account set-up fee

-$69 annual fee

-$6 monthly fee after the first year

Needless to say, I took their letter, stuffed it into the "Business Reply Mail" envelope they sent me, and threw it back into the mailbox. It's not filled out, and I don't want the card, but they might as well pay the post office to take it back.

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That's a pretty crappy offer...

I think my letter offered 25.xx or something like that.

[Anonymous]

I just closed my Merrick, and it had a $2500 limit with no annual fee. 

[Anonymous]

Yikes! Didn't realize Merrick bank was in the same league as First Premier and Verve. And makes Credit One look darn good in comparison.

$69 annual fee out of $250 is 27.6%, which is against current regulation, which limits annual fees during first year to 25% of total starting credit line.

There is no cap for "application fees" charged prior to the line being opened, and that's how many, including First Premier, get around the 25% cap.

I'm curious whether you misread the letter - shame you mailed it back, because if it really did say $69 AF on $250 SL, that would be something regulators, presumably, would like to know about.

[Anonymous]

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@Anonymous wrote:

Yikes! Didn't realize Merrick bank was in the same league as First Premier and Verve. And makes Credit One look darn good in comparison.

$69 annual fee out of $250 is 27.6%, which is against current regulation, which limits annual fees during first year to 25% of total starting credit line.

There is no cap for "application fees" charged prior to the line being opened, and that's how many, including First Premier, get around the 25% cap.

I'm curious whether you misread the letter - shame you mailed it back, because if it really did say $69 AF on $250 SL, that would be something regulators, presumably, would like to know about.

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Nonononono...no. Never put Merrick in the same league as Credit Bum (One).

I hope you realize this is quite possibly Merrick's bottom of the barrel offer. Credit Bum (One) doesn't even offer a grace period no matter if you get their sweetest consumer available terms!

[CreditCuriosity]

usually alot better offers, never seen one that bad..

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Yikes! Didn't realize Merrick bank was in the same league as First Premier and Verve. And makes Credit One look darn good in comparison.

$69 annual fee out of $250 is 27.6%, which is against current regulation, which limits annual fees during first year to 25% of total starting credit line.

There is no cap for "application fees" charged prior to the line being opened, and that's how many, including First Premier, get around the 25% cap.

I'm curious whether you misread the letter - shame you mailed it back, because if it really did say $69 AF on $250 SL, that would be something regulators, presumably, would like to know about.

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Nonononono...no. Never put Merrick in the same league as Credit Bum (One).

I hope you realize this is quite possibly Merrick's bottom of the barrel offer. Credit Bum (One) doesn't even offer a grace period no matter if you get their sweetest consumer available terms!

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I'm glad that I don't have to apply for cards like this, because this is possibly the worst offer I've ever got.

Even Bank of America has finally started offering me cards (at least I think, there are 4 recommended offers with no APR range), and I never thought they would want to do business with me besides the card I already have.

[Anonymous]

Thats a pretty bad offer. Even Merrick has better offers than that. 

I had a builder card from Merrick that actually turned out decent. They eventully got rid of the annual fee for good after I requested it. They also got up to a 5k limit and soemthing like 14.9 interest. 

not saying you should take that offer but for rebuilder type card Merrick does offer better. 

[Anonymous]

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@Anonymous wrote:

I got an invitation to apply for a Merrick Bank card in the mail today. Here were the highlights:

-31.99% APR

-$250 credit limit might double after 7 months

-$75 account set-up fee

-$69 annual fee

-$6 monthly fee after the first year

Needless to say, I took their letter, stuffed it into the "Business Reply Mail" envelope they sent me, and threw it back into the mailbox. It's not filled out, and I don't want the card, but they might as well pay the post office to take it back.

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Damn. They see you as a really risky customer. Our Merrick bank card started at $1100, with no annual fee, no account set up fee, no monthly service fee, no overlimit fee, and 23.45% interest with double the credit line in 7 months and free monthly FICO 8 score.

You had better write the Merrick Bank president, Rick Lake and let him know he's playing you for a fool.  

[Anonymous]

I used to like watching Ricky lake on tv.