I have had a Merrick Credit Card for a couple of years.in no way have I ever been in default of any kind. I have routinely paid the balance off. Needless to say, I was shocked to get a letter in the mail today that the interest rates will increase from 20.20% to 30.20% with a ceiling of 35.00%.
They increased my credit limit twice in the past 4 months, yet have listed an eroneous reason on the letter that it had to do with something in my credit report. They should be a bit wiser, I reviewed my credit report on-line immediately and had absolutely no change it since this time last year when applying for a mortgage.
They did this deliberately to have consumers charge their cards over Christmas with increased limits to then increase the interest rates over 50%.
Further more, pay close attention to your credit report with this creditor, my credit report shows inquiries every month since the time I received this credit card. No other creditor has done this on my report. What are they looking for, other than a way to get rich quick. They were established in 1997, does that tell anyone something?
Beware and caution, Oh by the way, I not only closed my account upon receipt of the letter today, I have also reported them to the Federal Trade Commision and paid my account off.
I feel worse for others who may not have the funds to do the same and may be caught in the same predicament as another gentlemen, which story I read posted here.
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