Anyone ever hear of Direct Merchants Bank? I got an offer from them today for 0% intro APR on purchases with goto of 9.9%. They even state their credit criteria on the application, and I think I may qualify. Just wondering if its a good card. My computer does not like CN's search function.
I thought they were about to go under. Watch out if something bad happens with any of your credit they will jack your rate to some really nasty amount.
I have had their titanium card for a couple of years - they've been good to me. They are one of the sub-prime companies that has had their problems, but they've recently received some additional financing, and they seem to be focusing more on prime customers. They are one company that hasn't held me down - I got their card while I still had derogs on my report - they took me to prime limits and terms, and have stayed that way. I have nothing but good to say about them.
Whats your definition of Prime?. I think DMB has its work cut out for it if they are focusing on Prime customers. Hate to admit this, but Providian is well capitalized, posting profits, and is also interested in prime, lest we forget another big player in this area, Citibank. If DMB has been good to you, then great. But it has alot of work to do if it intends to seriously reap profits in this segment.
You know, I might have been a little harsh. Although their jack up rate is really extreme, I think 28%, they had been fair to me otherwise. I remember getting three months behind once many moons ago, and when I caught the account up, they matched my payment with a credit for the same amount to the account.
I must say that their customer service is so unprofesional!!! I haven't got any CL increase in more then year. I will close this account with them.
Re: Re: Direct Merchants Bank Probably so. I wasn't intending to debate their merits - nothing at stake for me - if they messed with me, I would be gone in a heartbeat. I don't work for them or anything. I was just reporting my experience with them, since someone asked, and some of the recent news I have read, since I track all the card companies I deal with.
Re: Re: Direct Merchants Bank As far as DMB vs Providian - I have old Providian cards, also. I have their platinum - can't get them any lower than 16.99% regular APR, best BT offer recently was 7.99% for 6 months - if that's prime I'll eat my hat. DMB gave me 6.99% regular APR over a year ago. That's prime. All of my other prime cards - Blue and Citi - I have 0% for a year on BT's.
Re: Re: Direct Merchants Bank Are you sure they pulled a hard inquiry? If its not hard, they need no PP to pull unless you opted out of all 3 CRAs promotional deals. I have a hard time believing credit card companies make hard pulls on random customers just to see if they can send them a card. I could be wrong.
Re: Re: Direct Merchants Bank Breeze, you won't have to eat your hat. Providian is not a 100% prime issuer; no disagreement there. Having said that however, new mailings for platinum cards to prime customers are about 9.9, no annual fee, and if you BT at least 100 dollars at the goto rate, you get 0% on purchases for a year. In fact, my rate is 10.9 and I have 0% APR till May 2004, but like I said, I had to do a $100 BT at 10.9% to get that 0%. Providian and DMB are essentially going after the same customer, but Providian has publicly acknowledged that it is building its "NEW" portfolio on a 60/40 split 60% middle (FICO 600-659) and Prime (FICO 660-720). I have heard no such commitment from DMB.
Re: Re: Re: Direct Merchants Bank BUT WHY WAS I DENIED (a year or two ago) WITH 739...(PROVIDIAN)...they didn't think they could make any money from me...I GUESS THEY DENIED PRIME CUSTOMERS AUTOMATICALLY...NOW THEY WANT PRIME CUSTOMERS???
Re: Re: Re: Direct Merchants Bank maybe prime chimps, because nobody with a brain or memory will touch them.
Re: Re: Re: Direct Merchants Bank I've had their DMB Titanium credit card for about 4 years. DMB was the first to issue me a credit card with a generous credit line when I was about 5 or 6 years into bankruptcy. Although, the interest rate was initially high, with on-time payments they eventually lowered it to an acceptable rate of 8.4%. To date, I have no real complaints except one-since I haven't been using their card and I now have a zero balance, DMB is in no hurry to report that fact to the 3 credit bureaus since March'03. Mazani
Re: Re: Re: Direct Merchants Bank I dunno, I got their card with a bk still on my reports - but that was almost 5 years ago - now my scores are all over 700, and still won't budge on interest rate. They remind me of capital One - make you pay forever for what they know about you from the past. I keep it because it's old, use it sometimes to keep it active. I really don't care much about them or DMB except that I have had them a long time, keep them active. My business goes to Citi and AmEx.
Re: Re: Re: Direct Merchants Bank True. Lets face it, anything above 720 is at least super-prime and that customer segment is already overcrowded with AMEX, MBNA, BofA, BankOne, and Cap 1's no hassle card, probably a few others I forgot to mention. So, Providian maybe doesn't want to do business with guys like GEORGE cause they know they won't make money off him Smart consumers are a banks least profitable customers
Re: Re: Re: Re: Direct Merchants Bank They don't report that often anyway - send them an email - they are pretty responsive. I asked them not to report my lost card, and they didn't.
