Complaint / Review
Merrick Bank
MAJOR ripoff

I have been with Merrick Bank for four years and have never been late or missed a payment.

In January of I received a statement which showed my interest rate had gone from 21.9 to 30%, and on top of that they raised the annual fee $5.00 per month. I was not informed prior to this time that my interest rate or annual fee would be going up.

I was appalled and called to find out why after all this time (I was a very good customer) would they raise my rate and fee. I was told that the National prime rate had gone up and thus they had to raise their customers rate, also that the annual fee was not set at a certain dollar amount and they could raise it at anytime. None of my other credit cards went up!!!

I wanted to close my account and was told the only way to do that was to pay the balance in full. I am totally frustrated with this company and would not recommend them to anyone - they are a total RIPOFF!!!

I have since cut up this card and will never give them by business again!!!