"Ridiculous Interest Rate"
Hooters MasterCard Review
Written by: bramford on 2008-01-06
Overall Satisfaction
Customer Service
Rewards
Account Management
Delivery Time
bramford's review: 
I applied and was approved for this card. My credit is $1000, but the interest rate is 28%!!! I have a 922 balance on this card currently, but I intend to pay it off asap, and let it remain dormant, and only use it occasionally for very small purchases that I can pay off immediately. I just do not see what is so great about this card.
I applied and was approved for this card. My credit is $1000, but the interest rate is 28%!!! I have a 922 balance on this card currently, but I intend to pay it off asap, and let it remain dormant, and only use it occasionally for very small purchases that I can pay off immediately. I just do not see what is so great about this card.
7 Comments
Comment 1 by bramford
Don't Be A Fool!!! 
on 2008-01-06
I think this credit card company is fooling people into accepting their credit card by giving high credit limits. As a result, people get so excited with the high credit limit that they do not realize the high interest rate that this credit card has. Anywhere from 22-28%.
on 2008-01-06 I think this credit card company is fooling people into accepting their credit card by giving high credit limits. As a result, people get so excited with the high credit limit that they do not realize the high interest rate that this credit card has. Anywhere from 22-28%.
Comment 2 by nwalker30
I Agree The Rates Are Insane on 2008-01-06
I don't have the Hooters card but I do have a regular Merrick bank Visa. My credit limit has risen from $750 to $2800. Here's the catch my interest rate is 25%. I will not cancel this card because of the limit. However I will be paying off my balance and make this a pay in full card. Their rates are insane!
on 2008-01-06 I don't have the Hooters card but I do have a regular Merrick bank Visa. My credit limit has risen from $750 to $2800. Here's the catch my interest rate is 25%. I will not cancel this card because of the limit. However I will be paying off my balance and make this a pay in full card. Their rates are insane!
Comment 3 by chrispa
Merrick Visa on 2008-01-06
I also have a merrick bank Visa with a 750 credit limit, and yes the interest rate is crazy 27.8 percent I think. I don't use it much just keep it around for utilization.
Chris
on 2008-01-06 I also have a merrick bank Visa with a 750 credit limit, and yes the interest rate is crazy 27.8 percent I think. I don't use it much just keep it around for utilization.Chris
Comment 4 by porgy1000
Interest Rate on 2008-01-06
I have my Hooters card a week now. My interest rate is 7.75% they base your interest rate on your FICO score, when your FICO score goes you you can call to have your INTEREST rate LOWERED. Merrick Bank gives good credit limits which will IMPROVE your scores.
This is a great card to have to raise your FICO scores then in the future they will lower your interest rate. What more could you ask for???
Chase would not even give a credit card to people with blemished credit. Be glad you have this card, it can change your future if you use this card properly
on 2008-01-06 I have my Hooters card a week now. My interest rate is 7.75% they base your interest rate on your FICO score, when your FICO score goes you you can call to have your INTEREST rate LOWERED. Merrick Bank gives good credit limits which will IMPROVE your scores.This is a great card to have to raise your FICO scores then in the future they will lower your interest rate. What more could you ask for???
Chase would not even give a credit card to people with blemished credit. Be glad you have this card, it can change your future if you use this card properly
Comment 5 by nwalker30
No Rate Reductions Allowed on 2008-01-06
I called Merrick bank to lower my interest rate and the rep told me Merrick bank does not process requests to lower interest rates. This is the SECOND time I have requested my rate lowered and was told they do not lower rates. Maybe it's different with the Hooter's card but the card I have is stuck with the high rate.
on 2008-01-06 I called Merrick bank to lower my interest rate and the rep told me Merrick bank does not process requests to lower interest rates. This is the SECOND time I have requested my rate lowered and was told they do not lower rates. Maybe it's different with the Hooter's card but the card I have is stuck with the high rate.
Comment 6 by meya
Fooling Someone? Not Really! on 2008-01-06
I don't think that the card company is trying to fool anyone. You have a choice to accept it or reject it. The rates are high to those with baddies, but when someone accepts you with dents in your credit, this is what you should expect to happen. Try asking Orchard to give you a high limit, you will be wasting your time. I have been with them for 4 years now and my limit is only $1350, I did call in and request a lower apr which is now 8% and that is their floor percentage. I was shocked to see my finance charge but all it did was make me pay it off much fasters. Just like you did, I am limiting what I charge on this card.
on 2008-01-06 I don't think that the card company is trying to fool anyone. You have a choice to accept it or reject it. The rates are high to those with baddies, but when someone accepts you with dents in your credit, this is what you should expect to happen. Try asking Orchard to give you a high limit, you will be wasting your time. I have been with them for 4 years now and my limit is only $1350, I did call in and request a lower apr which is now 8% and that is their floor percentage. I was shocked to see my finance charge but all it did was make me pay it off much fasters. Just like you did, I am limiting what I charge on this card.
Comment 7 by porgy1000
Interest Rate on 2008-01-07
I agree with Maya and you also do NOT need to carry a balance, then you can avoid all finance charges. It seems to me that you would want to improve your scores for lower rates down the line.
To owe over $900 on a card that has a limit of $1000 is going to kill your scores. If you ever want to improve your scores, pay at leat the minimum due by the due date and NEVER let the balance go over 35% of your credit line. IE $350 on a card that has a limit of $1000. This applies to everyone, do not think they are just doing this to you. Having available credit is a main key to having a high score.
on 2008-01-07 I agree with Maya and you also do NOT need to carry a balance, then you can avoid all finance charges. It seems to me that you would want to improve your scores for lower rates down the line.To owe over $900 on a card that has a limit of $1000 is going to kill your scores. If you ever want to improve your scores, pay at leat the minimum due by the due date and NEVER let the balance go over 35% of your credit line. IE $350 on a card that has a limit of $1000. This applies to everyone, do not think they are just doing this to you. Having available credit is a main key to having a high score.
Please login or register for free to view your stats, add reviews and card application results, or post comments.
Credit card reviews and comments are posted by user submission and do not warrant the opinions of Finance Globe.
Disclaimer: This content is not provided by Merrick Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Merrick Bank. Review content is powered by Finance Globe.
Disclaimer: This content is not provided by Merrick Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Merrick Bank. Review content is powered by Finance Globe.
