I have been with Merrick Bank approximately 1 year, I have never missed a payment, always payed on time, have not defaulted in any way, yet I have been singled out for an interest rate rise from 20.20% to 30.20%. This has to be extortion of the worst kind.
In the begining I did not request this card, I received an invitation through the mail saying I had been pre approved for this card with a $1000 credit limit, 2 months ago they raised the credit limit to $1250.
There is a note in their letter which states I can avoid these new charges by paying off the balance in full and closing the account, both my wife and I are seniors, we exist solely on Social Security, apart from taking out a loan on our house (which is paid for) there is no way I could pay this off out of our monthly Soc. Sec. Check
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