Early in the year, NEXTCARD had financial troubles and had to shut down. They apparently sold most of their accounts to MERRICK BANK. I received a letter in July stating that my account would be transfered to merrick bank and that my interest rate would be 29% and that I would also have a annual fee of $120.00.
I immediatly called the 800 number and closed my account at the old terms. There was no way I was going to pay that high interest rate when my old one was 12% with no annual fee. Now it's months later and I just received a bill and a new card from merrick.
Not only have they kept the account open, they added their annual fee to it and charged my account 29% in interest! I have the actual letter sent to me stating my account was clsed in july.
How can they do this to me, they said it was out of their hands and there is nothing they can do about it. Shouldn't this be illegal?
I cannot imagine how many other people they have done this to. Something has to be done. Th only thing I can do now is get a loan and pay it off.
My minimum payment due is $49.00 and they charged me $32.00 in interest plus $10.00 annual fee billed monthly, now if I pay the minimum payment, my balance will only go down a measly $7.00.. How can I ever pay this off..?
Please, lets all get together and file a class action law suit!
Lori
Live Oak, Florida
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