I got my Welcome to Merrick Bank letter today. My acct is still open; $9K limit, $450 balance, 18.99% rate. They believe I'm willing to pay 29.70%, plus a prorated annual fee, and bills an extra $1 per card PER MONTH for the privilege. My limit cannot exceed $5K without their approval. The new terms, and other such crap, take effect October something. I was willing to wait and see what they did; guess the CN experts really knew what they were talking about. My statement closes August 16th; after that my ratios are going to take a big hit. Bye Bye NextCard. p.s. Sorry for the attitude; my mind and body are still numb :-(
WHAT WAS YOUR INTEREST RATE??? $9,000 LIMIT WITH $5,000 MAX W/O PERMISSION...SO IT IS A "FAKE" CREDIT LIMIT??? "THIS ACCOUNT MUST STAY AS IS...I AUTHORIZED NO CHANGE IN TERMS"!!!
I opened my letter and nearly fell out of my chair. Same terms as yours. This is from a NextCard Account with the 9.99% APR and no annual fee. (If I wanted terms like that I'd apply for a CCB card!) Called up and immediately closed that sucker.
whatcha want to bet Merrick will report the account as a new one and hit your scores with a "new" trade line
Just got my letter too and I am sickened by the terms. They are the same as JacquiG's except nothing was said about my credit limit. My terms with NextCard were 14% and NO annual fee. I expect they will get a lot of cancellation letters in the coming weeks!
CLOSE THE ACCOUNT IMMEDIATELY...IF IT SHOWS UP AS A NEW ACCOUNT, DISPUTE IT..."I never accepted the new terms of this account that was sold...PLEASE REMOVE"