Category: Interest rate

Merrick Bank

My hubby has been calling to get our high interest rate cards reduced.

HSBC was generous in their reduction, but Merrick won’t play. Their response was “Merrick Bank doesn’t lower interest rates.”

What a crappy attitude, don’t you think? We’ll probably have to open another card and try to transfer the account if possible.

Hubby refuses to call them again.

Has anyone else found a way to get Merrick to lower the interest rate?

What about Chase (used to be Providian)?

Huh… Sounds like Barclaycard. They don’t play either. In fact, they will raise it even more.

Chase was the first to use a dirty policy called universal default. They have their greedy hands all over the place in predatory lending, especially to those who can least afford it. Ever hear of loan to own?

I recenly saw on a morning show how the economy in Russia is improving and guess who is setting up credit card operations there ? Chase!

They showed one Russian couple saying how they wanted to get credit cards and redo their kitchen. Oh, I hope they know what they are getting into buying on credit. Not everyone who uses CC’s is going to get into trouble, but it’s not hard to fall in the trap and find oneself in a spiral of debt. Chase is just Citi with another name. Same old predator!

Wow, Chase! To me, they are the Freddie Kruger of financial institutions. We had a 2nd mortgage at one time with them, and they were really trying to screw us. They kept adding all these strange charges even though we paid ahead of the due date each month and they had some really bizarre explanations for what they were doing.

The balance never went down in almost 3 years. We also learned it was a balloon payment loan, which they never told us until after we had signed. There are lots of Citibank foreclosures in our area, so you know they are practicing predatory lending in many cases.

We finally refinanced the 2nd mortgage with a close friend, and we’re paying 7% interest for 15 years (are in 3rd year now) compared to 12% on the 2nd with Chase, which was originally with First Union Bank….I guess the larger banks just swallow up the smaller ones in order to increase their profits.

My husband is in the process of a balance transfer of the Merrick Card and the Chase (who bought Providian, who was the original cardprovider). At that point, we’ll cut up the cards but keep the accounts open to improve our ratio….with a plan to eventually close them.

Thanks for your feedback on this.

What did you have to say/do to get them to lower the interest rate?

I just called up to verify my interest rate. I told them that I thought it was 25% but it seemed awfully high. They said it was based on the prime rate and she checked and it was 23.99. I asked what i could do to lower it, I told her i pay alot a month (like last month i paid $400), and they raised my limit (i didn’t use the limit ) but it just seemed high. I told her none of my other cards are or ever been that high and just wondering what else i can do to help lower it in the future? She then asked what my rates were on my other cards and i told her 0, 6 and 11 i believe. I told her my Home depot was at 19 she asked if i could hold for 2 minutes max and came back and appoligized for my wait (was under 2 min) and said she talked to her supervisor and was told based on the prime rate (funny how my rate was based on the prime rate to start with ha ha) she could lower it to 14.99. My cash advance will still be 23.99. She asked if that was okay and i gave permission to change it.

I called to see if they’d lower it but made it sound like i was concerned about my rate and what else i could do to perhaps get it lowered in the future. I didn’t threaten to close it or anything and the lady i talked to was super nice.

btw this was my Chase card.

Here in Canada, there are some dept stores that charge 29% and they don’t call it interest, they call it service and administrative charges. There are loan companies that can charge up to 40%!! Citibank is one of them. Very scary…….

Ouch! 29% is really bad…40% is outrageous!

Simple math

OK, because of Barclaycard being so hard nosed, my fella is going to put them into his Credit Union’s Platinum card at 12% APR so I currently owe $1638,00 on Barclaycard’s bill.

What is roughly the interest and how much per month would be good to be rid of the debt in say a year or less?? Barclaycard’s APR worked out their finance charges are $39.20 a month. So my fella’s card will be about $18.00-$20.00 a month.

Barclaycard had hiked me up to 26.40%APR, so this is under half that. The balance over 12 months is $136.66 a month. So I’m thinking $160.00 a month would cover it… about $80.00 per payday.

He isn’t putting the year timeline on it, *I* am.