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2.8

I've been a Merrick card holder for a little over a year (since Oct-2014).

Until recently, I have been more than satisfied with Merrick's servicing of my account. Keeping a really long story short, I ran into some problems with my credit after an injury drastically lowered my income a few years back and Merrick was one of the few companies to offer me an unsecured card with a respectable initial credit limit ($700) and a reasonable annual fee ($48 yrly) when compared with other offers (i.e., $300 limit and $75-$95 yrly) I was receiving at the time; additionally, I really enjoyed the fact that Merrick also gave me a cash withdrawal limit equal to my credit limit. (Having access to cash, when needed, really helped me out in certain situations.) I was careful to make timely payments and as I recall, since my account opened in October of 2014, with one or two exceptions I always paid off the entire balance each month.

Then came Christmas in 2015. My ex and I decided to go in together and we ended up buying two, top of the line saddles and an award winning, show quality horse. Needless to say, these purchases drastically reduced my positive cash flow for January 2016. I was only able to pay Merrick one-half of my balance, but after having paid off the entire balance for essentially a year previous, I had no concerns about any adverse actions on my account.

Little did I know that Merrick, in its wisdom, decided to severely reduce my available cash limit to well below my available credit limit after my payment was applied. Even though I had the credit available, Merrick would not give me access to the cash as they had done previously. I felt this was an unfair action to take and called Merrick. The person I spoke with advised it was a normal practice by Merrick to do what they had done. (NOTE: It had not been normal for the previous year I had the account open!)

I then asked about having my annual fee reduced and was advised that my fee was the lowest Merrick charged, which I later that this too was not true.

I applied for and received another company's credit card and have decided to let the Merrick card "cool off" for at least the next six months. I placed a roughly $24 credit balance on the Merrick card in order to take care of the next six monthly charges ($4), and when that is exhausted I will call Merrick one more time before deciding whether or not to close the account.

I'm disappointed there was zero loyalty from Merrick towards me after having been so timely with my payments in the past.

Reason of review: Problems with payment.

Merrick Bank Cons: No loyalty.

Location: Jacksonville, Florida

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