I just cancelled my Merrick Bank credit card. After several years with a zero balance they still refuse to lower my rate. It is currently 29%. I told them I would never use the card while the rate is this high, but they could not have cared less. I don’t even have bad credit. The only reason I have a Merrick card is because they bought out my previous credit card issuer. During the change-over, they held my payments longer than the previous company, which caused one of my payments to be one day late. They immediately raised my rate from 11% to 29%. I paid off the balance the next month and never used the card again. The people making these kinds of decisions can’t be very bright, because they’re hurting their own business interests. And karma will not be kind to anyone charging 29% interest.
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