Does Merrick Bank waive annual fees?

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.

No annual fee means you will not be charged every year for using your credit card. This means you’ll save anywhere from tens to hundreds of dollars in annual fees, depending on the credit card.

What you should know about credit card annual fees:

• Annual fees are often tied to high-end ... read full answerrewards cards, travel rewards cards, business cards, in addition to cards for people with limited and bad credit. The annual fee helps the issuer recoup the costs of rewards and benefits the card offers.
• There are a number of no annual fee credit cards that offer rewards such as cash back or rewards earned on purchases. But you will need good credit or better to qualify for most of these cards.
• A good go-between is a credit card that waives the annual fee for the first year you have the card. After the first year, the fee will be charged to your account, unless you close the account before that happens. But doing so could have a negative effect on your credit score. You might also lose any unredeemed rewards.

Whether you should have a no annual fee card depends on your spending habits and preferences. If you’ll earn enough in rewards to warrant the cost of an annual fee, it might be worth the investment. But if you know you won’t make too many purchases over the course of a year, your best bet would be to stick with the no annual fee card.

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.