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Frequently Asked Questions

Questions about your Pricing Appendix

1. What is a Pricing Appendix?
2. What is a Purchase Margin?
3. What is a Cash Advance margin?
4. What is a Default Margin?
5. What is a Purchase Floor?

Questions and Answers:

1. Q: What is a Pricing Appendix?
   
   A: Your Pricing Appendix outlines all of the pricing variables associated with your account, and the fees and interest associated with using your Merrick Bank card.
   

2. Q: What is a Purchase Margin?
   
   A: A Purchase Margin is a percentage that is added to the Prime Rate as published in the “Money Rates” table of The Wall Street Journal. The Prime Rate Merrick Bank uses in its system is as of the last business day of each month. This is then added to the Purchase Margin and the result is the Purchase APR used on your account. This is also outlined, in detail, in the Cardholder Agreement that was included in your envelope.
   

3. Q: What is a Cash Advance margin?
   
   A: A Cash Advance Margin is a percentage that is added to the Prime Rate as published in the “Money Rates” table of The Wall Street Journal. The Prime Rate Merrick Bank uses in its system is as of the last business day of each month. This is then added to the Cash Advance Margin and the result is the Purchase APR used on your account. This is also outlined, in detail, in the Card Member Agreement that was included in your envelope.
   

4. Q: What is a Default Margin?
   
   A: A Default Margin is a percentage that is added to the current Prime Rate if your account is in default. To determine what your Default APR for Purchases and Cash Advances are, please refer to the Pricing Appendix and Cardholder Agreement that were enclosed with your letter.
   

5. Q: What is a Purchase Floor?
   
   A: The Purchase Floor is the lowest rate that your Purchase APR can be regardless of the Prime Rate, as disclosed in the Terms and Conditions of your Cardholder Agreement.