Merrick Bank - Not willing to lower Interest Rate on perfect customer
After almost 4 years of being a perfect customer, never missing a payment, etc., I called to see if they would lower my interest rate from a ridiculous 28.4%. I had agreed to a high interest rate initially because of credit challenges at the time.
I now have 4 other credit cards that average at least 10% lower then this one. When I asked to lower it, I was informed that it was against their 'policy' to take interest lowering requests from customers. So I asked if they then periodically review in order to lower. They said "never".
Soooo I decided to close my account due to their bad business policies.
Foolish how they could have kept a long term customer even longer and happy by lowering the rate. ***!
Reason of review: Not lowering high interest rate.
Preferred solution: Let the company propose a solution.
Merrick Bank Cons: Not willing to lower high interest rate.
Location: Honolulu, Hawaii
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Comments
Please avoid publishing any personal information and promotional content
Why why why???
I was shocked today that Merrick Banks has a policy to never lower their credit card rate. I will make sure to no longer use this card and make sure everyone I know realizes this bad business policy.
They wonโt ever lower interest rates , this is true . Bad business to deal with unless you are desperately needing the credit I just keep it open because it looks better to have it on credit report.
don't know why you would go through the hassle of when you have 4 other ones lower rate ... id be concerned of credit problems if I were you sounds like you might need them again in the future
Close your higher rate card first, then apply with your NEW, higher credit rating and see what they'll offer. You might be surprised how low the interest rate is, and of course, maybe not.
If you've have good credit, Capital One, Citi, or Chase have some great cards.