Need Your Opinion On Merrick Bank

[lazerz69]

The APR is 22.45% on the pre-approval application.  The AF is a hefty 72.00 per year, billed up front the first year and 6.00 a month in second and subsequent years.

As a side note, it appears that Merrick pulls TU.

[-Cain-]

I don't think I would go for it. Even though I PIF, the APR is still high and the AF too much.

[lazerz69]

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@-Cain- wrote:
I don't think I would go for it. Even though I PIF, the APR is still high and the AF too much.

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Agreed.

Thanks to everyone who responded.

[Anonymous]

I know it's long-but please read--Consumer beware!

I have also received pre-approvals from Merrick Bank as well.  2 to be exact.  The first one was for a starting limit of $600 and after six months of perfect payment history they will automatically double the CL.  I ignored it.  The second offer was for $700 with the same stipulation, 6 months payments=automatic double CL.  I fought with myself for over a month about this offer.  I really could have used the card and it's CL to boost my overall credit, however after my own due diligence I could not bring myself to do it.  My research turned up complaint after complaint that the bank would intentionally hold your payments until after your due date so they could hit you with late fee's and w/e else they could (this information is easily found with simple searches of Merrick Bank, I used Google).  In turn this could cause major  problems for you and your credit that normally a person should not and does have to worry about with a legitimate business.  I can't tell you enough how bad I wanted this card, and if I had this offer when I was still naive about my credit I would have jumped all over it.  But I have been working very hard to repair my credit and decided it would be very stupid of me to put myself into a situation that could negatively impact all my hard work.  One little sub-prime card from a sub-prime lender is not worth throwing all your hard work out the window.  I just could not do it.  I understand there are people with this card and may not have or ever will have a problem with them, but personally, with the information I had about Merrick Bank, it was just simply not ever worth that risk.  I'd rather wait a million years having the same credit than knowingly put myself into a situation like that.  Like I said, there are people with Merrick and are just fine, but I'm not willing to take that chance.  Just my two cents and obviously YMMV.  Also, they are an invitational only credit card, you cannot go to there site and apply unless they have sent you an invitational pre-approval letter (Predatory tactics if you ask me).  I stopped getting offers after my credit improved.  IMHO, Merrick Bank is not a trust worthy company to deal with and I would avoid them at all cost, but that's just me.  

I have also read the same complaints about cards backed by GE and personally feel the same way about them (GE) as well.  Sucks because I really want a Wal-Mart Discover card and it's funny because you will see A LOT of people on here with cards backed by GE and never have problems.  My luck I would be the person that does have a problem and I'm not willing to take that chance.  Just have to make your own conclusions and do what's best for you.

 Hope this helps.

[lazerz69]

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@Anonymous wrote:

I know it's long-but please read--Consumer beware!

I have also received pre-approvals from Merrick Bank as well.  2 to be exact.  The first one was for a starting limit of $600 and after six months of perfect payment history they will automatically double the CL.  I ignored it.  The second offer was for $700 with the same stipulation, 6 months payments=automatic double CL.  I fought with myself for over a month about this offer.  I really could have used the card and it's CL to boost my overall credit, however after my own due diligence I could not bring myself to do it.  My research turned up complaint after complaint that the bank would intentionally hold your payments until after your due date so they could hit you with late fee's and w/e else they could (this information is easily found with simple searches of Merrick Bank, I used Google).  In turn this could cause major  problems for you and your credit that normally a person should not and does have to worry about with a legitimate business.  I can't tell you enough how bad I wanted this card, and if I had this offer when I was still naive about my credit I would have jumped all over it.  But I have been working very hard to repair my credit and decided it would be very stupid of me to put myself into a situation that could negatively impact all my hard work.  One little sub-prime card from a sub-prime lender is not worth throwing all your hard work out the window.  I just could not do it.  I understand there are people with this card and may not have or ever will have a problem with them, but personally, with the information I had about Merrick Bank, it was just simply not ever worth that risk.  I'd rather wait a million years having the same credit than knowingly put myself into a situation like that.  Like I said, there are people with Merrick and are just fine, but I'm not willing to take that chance.  Just my two cents and obviously YMMV.  Also, they are an invitational only credit card, you cannot go to there site and apply unless they have sent you an invitational pre-approval letter (Predatory tactics if you ask me).  I stopped getting offers after my credit improved.  IMHO, Merrick Bank is not a trust worthy company to deal with and I would avoid them at all cost, but that's just me.  

I have also read the same complaints about cards backed by GE and personally feel the same way about them (GE) as well.  Sucks because I really want a Wal-Mart Discover card and it's funny because you will see A LOT of people on here with cards backed by GE and never have problems.  My luck I would be the person that does have a problem and I'm not willing to take that chance.  Just have to make your own conclusions and do what's best for you.

 Hope this helps.

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James - Thank you very much for your response.  I agree that it is just not worth the risk of dealing with a company that might hold your payments in order to hit you with late payments and ultimately screw your credit.

This card certainly would help the utilization, but I thing I will wait until I can hit the "prime land".

[tcbofade]

Wow.

I have a merrick bank card opened sometime in 2009 I think...APR is 21 %, annual fee of $36 dollars billed monthly.

DW has a merrick bank card opened in 2010 (I think)...APR is 24.2%, annual fee of $72 billed monthly.

As mentioned, they do NOT do customer initated CLI's, but we've both seen pretty regular auto clis.

Never, ever had a problem with either account.

[GST2008]

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@lazerz69 wrote:

Just received a pre-approved application for a Merrick Bank Visa Card.

What is everyone's experience with Merrick Bank.

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I had a Merrick Visa when I was re-building my credit.  The interest rate was high, but I recieved a 1.7k limit which was my highest at the time.  I don't recall having any problems with them, just a high annual fee.  The card served me well while I was rebuilding.

[Anonymous]

Your welcome lazerz.

Yah I agree, it's weird.

Lots of these cards out there and never caused problems for people.  Just thought I'd throw the info out there for anyone wanting to read it.

I just didn't want to take that chance. 

[Anonymous]

I just got a pre approved application in the mail.   I read all the fine print and googled the card/bank. that's how I found this thread.   the interest rate is not a problem if it's paid on time and in full every time it's used.    There was going to be no Christmas this year if I didn't get this card and well I WAS APPROVED!    Christmas is SAVED!  I've been living on my credit cards since September because my ex stopped taking my son every weekend (he's got "more important" people in his life than his flesh and blood) so I couldn't work  weekends.    I do get a bonus from work but I don't get that until a week before Christmas and I will not have time to shop and wrap in in that amount of time.  My son and I live in a tiny 1-BR apt., it's not like I can "hide" in my bedroom or basement to wrap, lol.  (FYI-- all my credit cards are paid in full when I get my tax refund at the end of January--for those that think I have loads of debt, lol) 

Sorry for the tangient!  Anyway-- I am not worried about this-- this card seems very legit and any complaints I found online seemed to quite possibly be the fault of the consumer, not the credit card.  I keep track of EVERY thing, including screenshots of payments  and any other corrospondence so I have no problem disputing a supposed "purposfully held payment".  I have no problem contacting the Attorney General if need be.  I don't back down easily especially if I know I am right.  

For those in this thread that have the card-- how long did it take you to get the card?  I need to start Christmas shopping ASAP! lol

[nicholasyud]

Just received my offer last week. and they went straight to trashcan