Anyone here have a Merrick Bank Visa? How is it?

[JasonM]

I did a search and it just turned up a few hits-- mainly they were pretty shady years back but got bought out recently and seem to be on the up and up now. I just got a pre-approval letter from them, and their offer is the best I've gotten so far; just a $48 yearly fee, but a pretty high interest rate. Is there anything I may be missing here? The offers I usually get from CC companies are pretty ridiculous; usually with $50 application fees, then sometimes even a one time approval fee, and then a yearly fee billed at $6 monthly and so on. As far as I can tell, Merrick is offering me this card for only $48/yr without any other catches (besides the high interest rate).
Anybody do business with them? Are they a good company to start rebuilding my credit with?

[Brendon]

I had a Merrick bank back in the 90's and they WERE shady back then. I don't know about now, however. My annual fee before was $36 which was charged $3 a month. Regardless if you used the card (which i hardly ever did) you still had to mail the $3 check and have it there on time. If you didn't then your rate went through the roof! It was too much for a college student for me at the time...

[FilingOnMyOwn]

They still are shady. If you are that desperate to get a card to rebuild, at least go with their hooters card with no annual fee. And pay it in full!

[onlineuse]

Hooters is Merrick and from what I hear they are now saying they are going to charge the annual fee in much the same way?

[AMISLANDER]

Hooters is Merrick and from what I hear they are now saying they are going to charge the annual fee in much the same way?

I have the Hooter's card w/credit line of $1K...my first card after a year of discharge...but I will be canceling it in Nov. if they do not want to drop the fee...I have a household bank card with $3k and no annual fee....


If you wait long enough, I'm thinking at least 8 mo. after discharge, you will see "no fee" cards.

[whim0020]

You obtained all this new credit post bk

[BassBoy]

It's not that difficult to obtain new credit post BK. In some instances, your chances are better to get approved because you no longer have debt. Of course you may have higher interest or high fees, but that is the price you will sometimes have to pay to rebuild.

[jeffstrikesback]

The Hooters Card is the way to go with Merrick. When you spend 2500.00 and get the 2500 points, you can request a $25.00. Now it may seem like a lot to charge but can quickly add up if you are using this as your main card. Also, I do not have an annual fee on this card but don't know what it will be with your situation.
So, this is as good as Discover Card's 1% cash back offer! Hope this helps.

Jeff.

[Brendon]

You obtained all this new credit post bk

You can get approved for new credit after BK, the key is to not get into the same trouble that got you into BK to begin with. I received my first offer just days after my discharge.