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Merrick Bank payoff

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What is the name of your state? Illinois
OK I just received my unemployment check retro back to March and now I'm ready to payoff Merrick and their 24% APR, I'm current w. them,. always paid on time etc, but my question is will they negotiate at least a little on the interest if I offer to PIF? I'm thinking not as I;ve been chugging right along with no problems....is it even worth a try? thank you and I have learned my lesson w these hi interest CC's who dangle hi limit CC at you!
 


Zigner

Senior Member, Non-Attorney
What is the name of your state? Illinois
OK I just received my unemployment check retro back to March and now I'm ready to payoff Merrick and their 24% APR, I'm current w. them,. always paid on time etc, but my question is will they negotiate at least a little on the interest if I offer to PIF? I'm thinking not as I;ve been chugging right along with no problems....is it even worth a try? thank you and I have learned my lesson w these hi interest CC's who dangle hi limit CC at you!
I'm going to go out on a very short limb and say "no". They have ZERO incentive to negotiate with you.
 
I think yr right, really the only time they negotiate is when you are behind and I'm not letting that happen again as my credit score is just starting to rebound, I'd be best to pay it all off
 

Zigner

Senior Member, Non-Attorney
I think yr right, really the only time they negotiate is when you are behind and I'm not letting that happen again as my credit score is just starting to rebound, I'd be best to pay it all off
As zddoodah mentioned...it can't hurt to ask. I just wouldn't hold my breath.
Understand that paying in full is NOT what they want you to do, so they have no reason to incentivize that. They would rather you maintain a balance and keep paying usurious* amount of interest.


*It's not actually usurious, legally speaking...but it ought to be!
 

adjusterjack

Senior Member
Understand that paying it off in full is not really paying it off in full. There will still be interest accruing between the time you write the check and the time it gets posted to your account. So count on another bill next month with a small balance.
 

Zigner

Senior Member, Non-Attorney
Understand that paying it off in full is not really paying it off in full. There will still be interest accruing between the time you write the check and the time it gets posted to your account. So count on another bill next month with a small balance.
Good point - when I've been in that situation, I would throw an extra $20 or so on the check. then I'd have a small credit balance :)
 

adjusterjack

Senior Member
Good point - when I've been in that situation, I would throw an extra $20 or so on the check. then I'd have a small credit balance :)
That's a good practice with cards that have better interest rates but this one the OP would have to be nuts to continue running any balances after he pays this off. I hope that he is able to start paying his bill in full for any charges he makes during that billing period. That way the interest can be avoided.

I use cash back cards, pay the bill in full, no balances, no interest, no fees. The banks pay me to use the card. Take that, you horrible banks. LOL.
 

PayrollHRGuy

Senior Member
The two problems with debit cards is when use them in a hotel or at some gas stations, a large hold can be put on them. There is also a lose of protection that you get with credit cards.

I have a debit card, a Visa with a pretty large credit line, and a MasterCard with a smaller credit line from a different bank. The Visa is mainly for emergencies the MC is what I use online. The debit card is pretty much for local use only at places I trust.

Both the MC and Visa is paid off before the statement date. Except around Christmas.
 

adjusterjack

Senior Member
Debit cards instantly remove money from your checking account. There's no hold. I don't use mine for anything but the ATM at my bank when I need a few bucks or to ID myself as a customer.

Otherwise, I just use the credit cards for the cash back and pay the bill when it comes in.
 

Zigner

Senior Member, Non-Attorney
Debit cards instantly remove money from your checking account.
Hotels and rental car agencies will often put a large hold on a debit card and that hold can take several business days to disappear after the bill is settled. Gas stations may also put a "hold" on the debit card for a set amount (ARCO used to be $80 or $100) and then release it after your transaction clears. Depending on the card issuer, this release may also take several days (although, ARCO hasn't done that to me in recent memory).

EDIT: At the gas station, it's called a pre-authorization. It's supposed to fall off when the actual transaction clears.
 

cbg

I'm a Northern Girl
A gas station manager clued me in; if you use the debit card at the tanks, you get the hold; if you take the card inside like the cash customers, you don't. At least for that vendor.
 
Understand that paying it off in full is not really paying it off in full. There will still be interest accruing between the time you write the check and the time it gets posted to your account. So count on another bill next month with a small balance.
Can't I call the issuing bank and ask them what the payoff balance is per the day I pay it? That way the card is PIF and wont get used again
 

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