Re: Nextcard has been sold to ..... I have $10,000... Wife $18,500... ARE THEY REALLY GOING TO GIVE US $1,000 EACH + ANNUAL FEE + INTEREST RATE 29%+???
Re: Nextcard has been sold to ..... HOUSEHOLD SOLD MY CLOSED ACCOUNT TO FLEET...@ PRIME -0.15%...THEY HAD TO KEEP IT THAT WAY TILL I PAID IT OFF...
Re: Nextcard has been sold to ..... Classic Visa Rates Terms Cardholder Terms and Conditions Merrick Bank will establish your initial credit limit and mail you the card(s) you request upon approval of your application in accordance with the terms set forth below. You agree that, if you sign the card(s) or use your account or the card(s) to obtain credit, that will constitute acceptance of the Cardholder Agreement that will be provided to you with your card(s), which is governed by both Utah law and applicable federal law. Summary of Terms We are offering three different credit card products to the recipients of this special offer. When you apply for a Merrick Bank Visa® Classic card, we will review your application and credit history and, if you qualify, we will assign to you one of the following products appropriate to your qualifications. We will assign to you the lowest rate and fee product for which you qualify. You can cancel your account before any fees are due if you are not satisfied with the terms offered. Credit limits range between $500 and $1,000 and will be determined depending on, among other things, your credit worthiness and ability to repay. Annual Percentage Rate (APR) for Purchases* Tier 1: 16.70%; Tier 2: 22.95%; Tier 3: 24.95% Other APRs* Current Cash Advance APR Current Default APR for Purchases (**see below for an explanation of default rates) Current Default APR for Cash Advances (**see below for an explanation of default rates) Tier 1 21.70% 23.70% 23.70% Tier 2 27.95% 29.95% 29.95% Tier 3 29.95% 31.95% 31.95% Variable-rate information* Your APR for Purchases and Cash Advances and the Default APR may vary. The rate is determined quarterly by adding the appropriate margin shown below to the Prime Rate.*** Purchases Cash Advances Default Tier 1 11.95% 16.95% 18.95% Tier 2 18.20% 23.20% 25.20% Tier 3 20.20% 25.20% 27.20% Grace period of repayment of Purchases 25 days from statement date (provided you have paid your previous balance in full by the due date) Method of computing the balance for Purchases Average Daily Balance (including new Purchases) Annual fees* Tier 1: $36; Tier 2: $36; Tier 3: $72 Minimum finance charge $1.00 (if a finance charge is imposed) Transaction fee for Purchases None Transaction fee for Cash Advances: $5 or 4% of the Cash Advance, whichever is greater Late-payment fee: $35; Over limit fee: $29 *The product you receive, and thus the APRs, Margins and Annual Fees, will be determined in accordance with the Bank's credit policy, which takes into account, among other factors, your creditworthiness and ability to pay. **A default APR may be charged if (i) you fail to pay the minimum payment for any billing cycle within two billing cycles of when the minimum payment first became due; (ii) you fail to honor any other obligation under the Cardholder Agreement; or (iii) you become the subject of any insolvency or bankruptcy proceeding. ***The Prime Rate used to determine your APRs is published in the "Money Rates" table of The Wall Street Journal on the last business day of each December, March, June and September. Your APRs will not be adjusted to a rate higher than 35.00%. The APR for Purchases will not be less than 16.70% (Tier 1), 22.95% (Tier 2), 24.95% (Tier 3) regardless of changes in the Prime Rate. The Default APR for Purchases will not be less than 23.70% (Tier 1), 29.95% (Tier 2), 31.95% (Tier 3) regardless of changes in the Prime Rate. The APR for Cash Advances will not be less than 21.70% (Tier 1), 27.95% (Tier 2), 29.95% (Tier 3) regardless of changes in the Prime Rate. The Default APR for Cash Advances will not be less than 23.70% (Tier 1), 29.95% (Tier 2), 31.95% (Tier 3) regardless of changes in the Prime Rate. The rates & fees shown herein are accurate as of March 7, 2002. This information may have changed after that date. To find out what may have changed, write to us at Merrick Bank, P.O. Box 5000, Draper, Utah 84020-5000.
Re: Nextcard has been sold to ..... Thats still the problem George, no one knows yet. I only have a $3500 limit, so no great loss. Yours would hurt a bit more. I can't believe they would think you would keep the card if they started charging you for it, lowered your limit and raised your apr. I guess you can always wait and see. The terms of service on their existing card say "You can cancel your account before any fees are due if you are not satisfied with the terms offered". So I would imagine the same thing would be true with whatever they are going to offer you.
Re: Nextcard has been sold to ..... If they FORCE everybody to CLOSE their accounts...or maybe 60-80% of the NEXTCARD customers...WHAT DID THEY ACCOMPLISH BY BUYING THE ACCOUNTS???
Re: Nextcard has been sold to ..... So long Nextcard! I too just closed my account. The rep claimed to know nothing of the sale, but they have to know. I've worked too hard to rebuild my credit. To me, Merrick is a BAD credit risk (Damn! It feels oh so good to turn down a CC issuer!). While it's now nice to be a position of power since I have a few prime cards to my name, I do feel for the people who need to keep this card. I can't help but think that the majority of people with somewhat decent credit will close their accounts. It looks like Merrick will basically just get the sub-sub-sub prime people. However, I am sure Merrick has some type of charge back clause should the credit mix on the portfolio change drastically after their transfer.
Re: Nextcard has been sold to ..... I E-MAILED NEXT CARD ASKING ABOUT THE SALE AND IF MY ACCOUNT WILL BE SOLD "AS IS"...$10,000 @ 9.99% NO FEE... I assume the answer will be...WE DON'T KNOW AT THIS TIME...(you will be notified by US MAIL...
Re: Nextcard has been sold to ..... George, Merrick's phone number: 1-877-790-5648 and email form for questions: https://applymerrick.com/email_submit.tcl?whom=suggestions Lob the question off to them, you might get an answer.
Re: Nextcard has been sold to ..... Cardworks is also involved in the purchase of Providian's sub-prime portfolio. http://www.cardworks.com/whats/press/press4.cfm
Re: Nextcard has been sold to ..... I was looking at the Merrick Bank website and noticed that they currently have 342,000 cardholders. Merrick Bank helps people establish or rebuild credit. In the link below you can find out more about Merrick Bank. http://applymerrick.com/about.tcl
Re: Nextcard has been sold to ..... George, I dumped them as soon as this statement come out. No more Merrick Bank and I don't want ay subprime bankcards. Ron.
Re: Nextcard has been sold to ..... Well that's just horrible news. Time to jump ship. I agree... too much of a down side on this one with no reason to keep the account. Reporting headaches alone make it worthwhile to bail. I wish they could have let me get to 24 mos... but oh well. Time to protect what good reporting I have.
Re: Nextcard has been sold to ..... I was hoping to keep it open longer to, Marie. I just checked my TU report to see when I opened it. TU shows it opened on 5/2001 and closed on 5/2002. Thats pretty odd, since I haven't closed it yet. So, of course, I had to check it on EQ and EX, both still show it as open.
Re: Nextcard has been sold to ..... Trans Union lists my Nextcard and Sterling card as closed. These cards are definitely open. I don't know what their problem is but I just disputed these two cards this week. Both cards are listed as open on my other two credit reports.
I love how the FDIC only LOST between $30-40M!!! Merrick must have picked this portfolio up for a song - I really will close the NEXTCARD acct - it looks like a sleazy operation....I never had a desire to have a Merrick Bank Visa - they got in deep trouble in the past as well!!! Amazing market cycle of NEXTCARD...from "A" credit internet card where the lucky dogs got to pick their interest rates or limits.... to subprime in a couple of years. aarrfff - dogman
I called and closed today due to prior experience. I had a United National credit card at 15.7% APR and unfortunately Merrick Bank bought the accounts - Sure they let me keep my previous terms... FOR A MONTH, then jacked my rates to over 20% & charged a monthly fee. I'm not letting that happen to me again! Too bad, I really liked Nextcard and as cheesy as it sounds I liked having a personalized picture card.
Hi Dogman ! Enjoying your new car? Hey, how long have you had your Nextcard Visa? I had applied for a Nextcard Visa back in 1999 and got denied twice. I am glad I did not get approved because I would have closed it due to Merrick Bank taking over. According to the Merrick Bank website they don't even have online payment.
