Merrick Bank VISA offer??

[ForTheBest]

I recently received a "pre-selected" offer in the mail for a Merrick Bank VISA card. They're offering a $650 initial credit line with a $650 credit line increase after 7 months of on-time payments. Annual fee is $36.

Anybody else received this offer? If so, were you approved? And is this the same bank that issues the Hooters card?

The only card I've applied for since my discharge in January is the Best Buy MC, which was approved with only a $300 limit. Following the "two trade lines" recommendations of others on this forum, I'd like to get a second card. I'd prefer a Capital One card, but I bk them and am afraid to apply. That being the case, does this Merrick one sound like a good choice?

[carlsbadmike]

I would take the Merrick one if I had the opportunity to. I've only been able to get approved at First Premier Bank so far. All the other ones so far have declined me for an unsecured card.

[smoothdaddy]

I also would accept the Merrick card. I had Merrick Bank cc, before, unfortunately I included them in my bk. They have great customer service, and increses your limit after timely on time payments.

[freedomnow7]

What is your interest rate on the Merrick card?

[ForTheBest]

The interest rate is awful... 25%

Would not be paying interest, however. Learned my lesson on that one! Card would be used every other month for small purchases, paid in full as soon as they post.

[carlsbadmike]

I would pay 60% interest on my First Premier Bank unsecured Mastercard if I didn't pay it off every month like I do. It was the only one I could get to start rebuilding my credit and has a very low credit limit. I got the card 6 weeks after my discharge.

[FTWORTH]

I would pay 60% interest on my First Premier Bank unsecured Mastercard if I didn't pay it off every month like I do. It was the only one I could get to start rebuilding my credit and has a very low credit limit. I got the card 6 weeks after my discharge.

60%...ygtbkm

That should be illegal

[freedomnow7]

Yikes, 60%?!! That seriously is crazy (you're not crazy, First Premier is).

[Flamingo]

"Preselected" or "Preapproved" means nothing. All it means is your name was on a mailing list they received from either the credit bureaus or elsewhere of people in the BK or bad credit boat. When you apply there is no guarantee you will be offered any credit. Read all fine print and shred and toss if the interest rate is sky high or there are numerous fees to pay monthly or yearly. In time better offers will come along.

[ForTheBest]

Hey Carlsbadmike, be proud... you must have gotten a preferred rate! When I got an offer from First Premier right after discharge, I'm sure the interest rate was 79%. Seriously.

[CCsAreEvil]

First Premier Bank may as well add "In addition to charging you 60% interest, we get to punch you in the stomach."

[workingboy]

Cap 1 sent me an offer in the mail, I applied on-line and was approved right away. I was surprised since Cap 1 was included in my Ch 7.

[CCsAreEvil]

I'm really wondering what the rhyme or reason that CapOne uses to black list some and not others who BK'd on them. Very bizarre.

[ccsjoe]

I got a mailer from FirstPremier also, but the APR they were offering was 29.9%...of course with their initial $25 one time fee plus $125 anual fee plus etc etc etc...shredder time.

[Pandora]

I got a mailer from FirstPremier also, but the APR they were offering was 29.9%...of course with their initial $25 one time fee plus $125 anual fee plus etc etc etc...shredder time.

I just got one the other day also! LOL Funny - First time in years I've received a credit card offer, and its after filing BK! They must have a list of people who've filed and just do a mass mailing - odd.

and... 60-79% interest rate?! That should be illegal - talk about highway robbery at its best