Received offer from Merrick. Better than FP or Credit One?

[money_talks]

Thanks sunrise.

I also wondered why Merrick is invitation only. Seems like they cherry pick consumers who are more likely to make them money or something based on the CR? I don't know. That just seemed odd to me.

[money_talks]

Update:

I thought long and hard and took everyone's comments and other threads into my decision, and the application went to the shredder!

It just didn't feel right. I've paid enough fees to this point to FP and Credit One that another $100 will not hurt until I am eligible for better cards. Basically I am not sure about Merrick in the long run.

I found a thread that really put the icing on the cake.

http://ficoforums.myfico.com/t5/Credit-Cards/Merrick-Bank-Total-Shysters-What-else-is-new-right-UPDA...

OP claims an innocent returned payment prompted Merrick to close the account. OP then posted a comment to what I think boils down Merrick's business practice (hence why I asked the question on why they are invite only). So FP lives on....for now! Although I did call FP and said I was considering closing their card. They said all they could do was waive the annual fee, which does not happen until June. I had a balance when I called so maybe I'll give it another go with a zero balance to make it look like I'm really going to close it!

ChesterPDexter ‎03-21-2013 07:41 AM

I would love to go undercover into their offices as an employee and sit in on a risk-management meeting.  I understand that all banks have risk-management procedures and methods but wow - they are something else.  I assume that the vast majority of their cardholders open a card, run it up, and "burn" it, and they try to recoup expenses through collections.  So they don't know what to do with normal customers.

Maybe they weren't making enough money off me..?  I have been charging and paying with no interest being assessed, and generally paying before statement dates.  Maybe they don't like this?  Not enough revenue for them, maybe?

Or maybe it was just automated, as they implied.  But wow - I think they are oriented toward very-short-account-lifespans, with the pattern I mentioned of charge-up, charge-fees, charge-offs, collections.  And anomalies (people with longstanding accounts who pay their bills) are of no use to them.

I'd love to see how profitable or unprofitable they are, and their expenses and revenue.