Merrick Bank And Nextcard, Next Card and Merrick Bank ripped me off! Hickville New York
I signed up with Next card for the great interest rate and a few months later they sold my acct to Merrick who jacked up my rate over 20%. They also instated an annual fee which they automatically charge to my acct each month. I would never have choosen Merrick Bank, if I had been given any choice at all. This is the most poor business practice I have ever seen from both companies. I was not even given the choice to close the acct or to agree to their terms. I want to know what I can do as a consumer so I do not get taken advantage of like this. Is there any thing that can be done now? I hope this doesn't happen to anyone else.
Nicole
Salt Lake City, Utah
U.S.A.
1 Updates & Rebuttals
Ray
Magna,Utah,
U.S.A.
Nextcard accounts not "SOLD" to Merrick by Nextcard
#2Consumer Suggestion
Mon, June 07, 2004
Nextcard (Nextbank) went bankrupt, and all their operations were taken over by the government. As part of the liquidation of Nextcard the government sold blocks of Nextcard accounts to specific banks, who then took on the risk of those accounts. Remember, Nextcard was known for giving high risk accounts a chance with credit at decent terms. This is what may have done them in. Merrick, when purchasing these accounts, adjusted the rates and terms to the type more commonly associated with high risk accounts. This was legal, even if unfair to the account holders. Merrick did send out notices prior to the changes being made. I can't remember if it was 60 or 90 days notice. I was also a Nextcard holder at the time. Fortunately, when I received the notice I had a 'zero' balance on the card, so it was no problem for me to immediately call and close the account.
Your only solution to this is to pay off your card and close the account, or obtain a card from a provider with better rates and terms, transfer your balance, then close the Merrick/Nextcard account.
Make sure when you do close the account that you demand a letter stating the account was closed at your request. Then double check your credit reports in a few months to make sure they indicate the decision to close your account was made by you.
Good Luck!!