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PotO

Nationwide Bank -----> Merrick Bank

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Just got the news that Merrick Bank bought the Nationwide Bank credit card portfolio.  And, of course, they immediately nuked many of the card benefits.  Yeah, the whopping 1% cash back will continue, and so will the auto rental insurance, but all of the other supplemental insurances and benefits have been nuked.

 

I remember hearing about Merrick here on CB before, but I can't remember details.  Is it safe to assume they are a sh!th0le bank?

 

 

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Correct! Merrick is predominately a sub-prime credit card issuer, however they are a better option for rebuilders than many of the other options out there.

 

Merrick was also the issuer of the now extinct and infamous Hooters Credit Card, which did have a lot of mention here at CB, albeit mainly for the novelty factor!

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6 hours ago, PotO said:

I remember hearing about Merrick here on CB before, but I can't remember details.  Is it safe to assume they are a sh!th0le bank?

I will be surprised if you have any interest in this bank. :wave:

 

FWIW. If some folks have blemish credit and need credit rebuilding while other prime banks wouldn't give them a chance Merrick is a way to go. Merrick is in the middle between  C1 and Cap One. But reflected more into the Cap One sub-prime level cards. Merrick card is a mirage to the ancient Orchard bank card or the antiquated HSBC card.

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I guess I should count on losing my Nationwide Bank card then, one way or another.

 

I'm guessing Merrick doesn't have what it takes to handle prime accounts.  I'm wondering if Merrick Bank has ever had a customer before with good credit and a $35k credit limit on a card with no AF.

 

I should have never let Hege talk me into apping Nationwide Bank way back when in the first place.  :rofl:

Edited by PotO

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It’s an unclean stain if you let it report as a tradeline. Not good. Not good at all but not as bad as C1 or FP.


Sent from my iPhone using Tapatalk

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4 hours ago, Rogue said:

Correct! Merrick is predominately a sub-prime credit card issuer, however they are a better option for rebuilders than many of the other options out there.

 

Merrick was also the issuer of the now extinct and infamous Hooters Credit Card, which did have a lot of mention here at CB, albeit mainly for the novelty factor!

5318008

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11 hours ago, MP80 said:

It’s an unclean stain if you let it report as a tradeline. Not good. Not good at all but not as bad as C1 or FP.


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I seriously doubt it would have any negative effects when other creditors conduct ARs, or even if one of their underwriters stumbled across it on a recon.  

 

If anything, a $35k 10-year+ positive tradeline from a "subprime" bank is, by definition, super-prime.  

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4 hours ago, PotO said:

I seriously doubt it would have any negative effects when other creditors conduct ARs, or even if one of their underwriters stumbled across it on a recon.  

Clearly, by all means, this has absolutely zero effects on people that have achieved excellent credit particularly people that have over $500K credit reporting. My statement was pointing at the mediocre profile.

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2 hours ago, gdtobefree said:

I miss my Hooters card, it sure did get a lot of funny looks and chuckles. LOL! 

What ever happened to that card?  Does it still exist?  What did Merrick Bank do with it?

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11 hours ago, PotO said:

What ever happened to that card?  Does it still exist?  What did Merrick Bank do with it?

They did away with it and issued a generic Merrick card. 

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2 hours ago, gdtobefree said:

They did away with it and issued a generic Merrick card. 

I don't have high hopes for this new relationship.

 

I can envision them slashing limits and benefits to the point where the card is even more useless than it was under Natuinwide Bank.  

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