I called Merrick Back back in July when I got their letter stating welcome after reading the fine print and seeing that they would jack up my rate to 29.99% - at that them the rep stated to call Nextcard and close my account stating I did not agree to the new terms, I did just that. I called up Nextcard because I was not about to go from my rate of 9.9% up to 29.99% - the rep at Nextcard stated, ok no problem you rate stays the same just close the account.
Now in October 20, I receive a statement from Merrick Bank with a rate of 21.7% that I never agreed to and a much much higher minimum payment. I called up Merrick Bank and the rep, just kept going on that you should have paid off the account to avoid our finance charges, she stated I was at their lowest rates and that I had no say as to what my rate would be, I told her that no way in anyone's right mind would anyone agree to jump form 9.9% to 21.7% - I asked to speak with her supervisor who pretty much stated pay off the balance or pay us our rates/fees - They suggested I try a balance transfer to another card or seek a loan.
THE ONLY TERMS I HAVE EVER AGREED TO WHERE THOSE OF NEXTCARD. I never agreed to any new terms or sign anything with Merrik Bank. More of us need to file complaints and hopefully have a class action suite against them. It is not right for them to say you pay us what we want or just pay off the balance if you don't agree, I would have paid off the balance if I had known this would happen, I kept them because they where my lowest rate card and I paid off 15K of other debt at much higher rates, all my current cards are under 15% even most of my current store issued credit cards are less than 20%.