Pre Approved Visa: Merrick Bank

The other day I received a pre-approved credit card offer from Merrick Bank that promised to double my initial credit limit of $600 to $1200 provided that I hold up my end of the bargain and make at least the minimum payment due for 7 months straight.

It sounded like a great deal and I was ready to jump all over it, even at an APR of 24.99 percent. That is until I read the small print that said I would be charged a $72 annual fee for as long as I owned the card. I would be billed $6 per month for the entire year.

This means that even if I carry a zero balance, I would still be forced to make a $6 payment each month. $6 may not seem like a lot but if you should ever be late making that $6 payment, you'd be charged an outrageous $35 late fee. So, your $6 payment turns into a $41 payment in the blink of an eye. No thank you!

My guess is that once they see that I didn't respond to the initial offer, they'll up the ante with a sweeter counter offer minus the monthly fee and most likely at a lower interest rate. If not, oh well... I have plenty of new credit cards as of late and I'll be just fine.

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