Yes, Merrick Bank does refund annual fees, as long as cardholders cancel their account within 90 days of when the fee is assessed, if they have not yet used the card. It’s sometimes possible to get a Merrick Bank annual fee refunded or waived due to financial hardship or active military status, too. Otherwise, if you try to get a refund on your annual fee after 90 days, Merrick Bank will not offer you any full or prorated refund. At that point, you might as well keep the card open to take advantage of the benefits until it’s time to pay another annual fee.
How to Get a Merrick Bank Annual Fee Refund
Call credit card customer service at 1 (800) 204-5936 within 90 days of the fee being charged. You can only get a refund if you haven’t yet used the card.
Ask the representative to cancel your account.
Request a refund for the annual fee.
Receive the refunded fee as a credit or check.
If you decide to cancel your Merrick Bank card in order to get an annual fee refund, just make sure you’ve redeemed any credit card rewards and paid your balance in full before you cancel. And if you want to see how this move might affect your credit score, try WalletHub’s free credit score simulator.
The highest credit limit for Merrick Bank is $3,000, for the Merrick Bank Secured Card. The actual credit limit for this card is determined by the amount a cardholder puts down for the card’s required security deposit, which starts at $200.
Merrick Bank does not disclose its highest credit limit for the unsecured Merrick Bank Credit Card. The card does set an initial credit limit ranging from $550 to $1,350 upon approval, though. The information on your application will determine where within the range your exact credit limit will be.… read full answer
Fortunately, the initial credit limit you receive with the Merrick Bank Credit Card may only be for the short-term, thanks to the card’s “Double Your Line” feature. After you use the Merrick Bank Credit Card and pay at least the minimum amount due on time for the first seven months you have the card, you’ll be eligible for the double credit line increase.
You can check if you prequalify for the Merrick Bank Secured Card on Merrick Bank’s website, which will not affect your credit score as it will be a soft pull. However, if you do prequalify and want to get the card, you will need to submit an actual application which will result in a hard pull.… read full answer
Ultimately, it is worth noting that a hard pull usually causes an applicant's credit score to drop by 5-10 points. Most people’s scores bounce back within 3-6 months with responsible credit management, but it can take up to 12 months. You can learn more about how to minimize the credit score damage by reading this article.
The easiest way of getting your credit card annual fee waived would be to pick a credit card that waives the annual fee during the first year as a promotion, or one with no annual fee at all. Alternatively, you can call the issuer’s retention line, but it is not guaranteed that it will work. Beyond that, you’re unlikely to get your credit card’s annual fee waived unless you’re an active-duty member of the military. Still, it never hurts to ask, even if success is a long shot.… read full answer
Being well-informed about your rights and alternative credit card options definitely will help your chances. And you can find the most important info below.
Here’s how to get a credit card annual fee waived:
If you’re employed full-time by the U.S. military, call your issuer and tell them you’d like your SCRA benefits. Exactly how the process works differs by company, but they will ask you to prove your active military status. For example, you might provide a copy of your active duty orders. Once you send the issuer proof, they should waive your annual fee as well as reduce your interest rate. When applying for a card, there’s sometimes a box you can check to indicate your military status, too.
Call the retention line and ask your card’s issuer to waive or lower its annual fee. Long-time customers and high-spenders with great credit who always pay in full likely have the best chance.
It’s a common credit card promotion to waive the annual fee for the first year your account is open. This will be noted on the offer when you apply, though. It’s not something you have to ask for.
If you really want to avoid fees, get a no annual fee credit card. Hundreds are available, including cards with rewards and 0% APRs. You might be able to get a better deal overall by paying an annual fee for more rewards.
If you’re having difficulty paying your annual fee due to unforeseen financial difficulty, you might be able to apply for a financial relief/ hardship program with the issuer. This way, you could potentially have your annual fee waived. Or you might receive other assistance such as lower monthly payments or lower interest rates.
Since annual fees help pay for the benefits credit cards provide, issuers aren’t eager to waive them. But there’s no penalty for asking. And if you’re in the military, you should definitely take advantage of the waiver you’ve earned with your service.
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