Cardworks' Merrick Bank according to cardweb.com The FDIC confirmed this yesterday. Merrick bank website is at http://www.merrickbank.com/
thanks JR. for the info........Its about time. Does any one knows anything about "Merrick Bank"?????.
I took a look at their website. They are out of Utah and cater to the sub-prime market. Offering 1k limits. They appear to be offering pay online capabilities in the near future. Claim to be one of the top 50 issuers of Visa cards. I think they are pretty much a small issuer. Best regards, Mirage
If this is true... What a disappointment! Looks like I held on to my NextCard in vain. I had hoped for a company that at LEAST had a platinum card to upgrade to, and the possibility for a lower APR than my 12.99%. I will have to decide whether to keep it open for the ratios.
Re: If this is true... Check this out. http://www.cardoffers.com/reviews/cardholders/posted/card.asp?idmin=1012
Just closed my account...the customer service rep at NextCard said they hadn't heard the news yet when she asked my reason for closing. I told her to be prepared, as she would probably be getting a bunch more of these calls!
All I can say is BUMMER! I was *hoping* that someone decent to good company would buy up the prime cards. Oh well, nothing really lost here. I can't decide whether to hang on to it and see what the new guys offer or close it now.
Re: Nextcard has been sold to ..... TODAYS NEWS IS A "PAYROLL" DEBIT CARD (CLEAR MASTERCARD) ON WWW.CARDTRAK.COM Nothing about NEXTCARD...
Re: Nextcard has been sold to ..... George, That was yesterday news. Here is the link: http://www.cardweb.com/cardflash/main.html Ron.
Re: Nextcard has been sold to ..... MERRICK BANK had or has ties to CAPITAL ONE...when I was DENIED...they said they sent the application on to MERRICK BANK...
Re: Nextcard has been sold to ..... FDIC SELLS NEXTBANK OWNED CREDIT CARD PORTFOLIO FOR IMMEDIATE RELEASE PR-83-2002 (7-2-2002) Media Contact: Phil Battey (202) 898-6993 The Federal Deposit Insurance Corporation (FDIC) has announced the sale of the owned credit card portfolio from the former NextBank, National Association, Phoenix, Arizona (NextBank). NextBank was closed on February 7, 2002, by the Office of the Comptroller of the Currency and the FDIC was named receiver. The portfolio was sold to Merrick Bank, South Jordan, Utah, which is a wholly owned subsidiary of CardWorks, for $126 million. As part of the sale, the FDIC has agreed to a short-term loss sharing arrangement. The transfer of the servicing is expected to be completed by the end of September. Until contacted by the new purchaser, cardholders should continue to make their payments as they have in the past. At this time, the FDIC has not found a buyer for NextBank's interest as transferor and servicer in the NextCard Credit Card Master Trust. The FDIC currently estimates that the cost to the Bank Insurance Fund for the failure of NextBank will be between $300 and $400 million. # # # Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 9,538 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars - insured financial institutions fund its operations. FDIC press releases and other information are available on the Internet at www.fdic.gov or through the FDIC's Public Information Center (800-276-6003 or 202-416-6940).
Re: Nextcard has been sold to ..... I paid it all OFF but $500.00 +/- so it can be paid off this on the next bill or TOMORROW... I CAN'T SEE THEM CHANGING THE TERMS... ME 9.99% $10,000 NO ANNUAL FEE WIFE 12.99% $18,500 NO ANNUAL FEE IF THEY CHANGE THE "TERMS"...THEY CAN BE DUMPED IN ONE SECOND... I'M STILL GONNA' WAIT AND SEE...
Re: Nextcard has been sold to ..... George, I closed mine before they could hit me with the annual fee they charge on their cards. Maybe they won't change the terms, but I was hoping for an upgrade to platinum, and won't get it from Merrick.
Re: Nextcard has been sold to ..... Sounds like a BIG f'n loser to me. http://www.oag.state.ny.us/press/2001/feb/feb09a_01.html
Re: Nextcard has been sold to ..... So, how does this work? Will some of us be carrying around Merrick Bank cards in a few months? Or will it still be called NextCard? What do you suppose will happen to the 1-percent rebate? -Cliff
Re: Nextcard has been sold to ..... Here are the reasons I closed my NextCard back on February 11, 2002 (ref. link 1 and link 2). To quote: Last night I closed my NextCard account. Here were my reasons: 1) I was concerned that they would not transition seamlessly from one bank to another and that the inherited account would show up as a new tradeline, negatively impacting my credit score. 2) There is a possibility that NextCard will not transition correctly and that my old account will be notated "Account closed by credit grantor," again negatively impacting my score. 3) Finally, given NextCard's trouble finding an acquisition partner, I was concerned that they would hand off my account to a subprime lender, which wouldn't make my credit files more handsome. Since it was the poor quality of the portfolio which has apparently sunk NextCard (among other things), other banks aren't exactly clamoring to buy these accounts. Ok, so these are unrealistic expectations. They'll probably sell the portfolio to MBNA, age the accounts correctly, and everybody who held on will look back at us cowards with triumphant glances. Actually I hope that's the case. I just wasn't in the mood for the ride. Good luck to the courageous ones. Frankly, given Merrick's marginality, I believe the risk is greater than ever for the three possibilities I mentioned in the earlier posting. Doc
Re: Nextcard has been sold to ..... George, I'm starting to lean towards closing it. I could see the following scenario happen to me. Nextcard - closed by creditor Merrick Visa - opened 9/2002 - to new to rate and a $xx dollar charge for the first year on the card before I even get it with a rate of 99.9%. Then, Merrick Visa - closed by consumer (hopefully noted that way) and at a permanent R0. Then me disputing it on all 3. I don't think I need to chance the grief. After looking over their website, I'm convinced they are a *sub-prime* CC with one card and a credit limit up to, are you ready, are you sure, yes thats right folks up to $1000 I can't believe that they would be entering into the prime market by buying up Nextcard. I just don't think its worth it, even if they leave my terms the same as they are now. I'll just apply for something good I think I just convinced myself, I'm closing it. [edit] Or if I had seen Doc's post before I pressed submit, I would have just said "ditto"
