Merrick Bank Secured Visa® from Merrick Bank

Merrick Bank Secured Visa® from Merrick Bank

 3.3/5 (33 ratings)
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About Merrick Bank Secured Visa® from Merrick Bank

Merrick Bank Secured Visa Credit Cards can help cardholders establish or rebuild their credit profiles with responsible use. Security deposit amounts are flexible, ranging from $200–$3,000. The annual fee is $36 for the first year, then $3 per month after that. Merrick Bank reports to all three major credit card bureaus and provides credit line reviews. Read verified customer reviews to learn more or submit your own.

Overall Satisfaction Rating

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Pros

  • Smart chip technology
  • Works everywhere Visas are accepted
  • Flexible payment options

Cons

  • No rewards
  • Higher fees

Bottom Line

Merrick Bank Secured Visa cards can help those with poor or limited credit establish themselves financially. Merrick Bank won't automatically upgrade to an unsecured card, but does provide credit review.

Merrick Bank Secured Visa credit card review

Merrick Bank Secured Visa is a great secured credit card for rebuilding credit because the issuer reports to all three major credit card bureaus and provides automatic credit line reviews. Initial security deposits are a minimum of $200, but cardholders can deposit up to $3,000 for a higher credit line — this is more than the maximum limit set by many secured credit card issuers. 

As with many secured credit card accounts, the security deposit is FDIC-insured but doesn’t earn interest. Merrick Bank Secured Visa deposits are refundable only after your account has been closed and all balances (plus fees) are fully paid.

Merrick Bank Secured credit card benefits

Merrick Bank Secured Visa credit card benefits include flexible payment options, free FICO scores, zero liability protection, plus online financial management tools and educational resources about credit building. 

  • Flexible payment options: Paperless statement options make it simple to pay balances online, over the phone or by mail. Plus, Merrick Bank’s 25-day grace period makes it easier to keep up with your balance and avoid paying interest.
  • Free FICO scores: All Merrick Bank customers are provided complimentary FICO scores each month through goScore.
  • $0 liability protection: Cardholders aren’t held responsible for unauthorized charges made on their Merrick Bank Secured Visa account.
  • Free online and mobile access: Access your Merrick Bank Secured Visa account anytime through Merrick Bank’s free online Cardholder Center or through the goMobile app.
  • Free financial education: Free online resources to teach you about money management and responsible credit use.

How to apply for a Merrick Bank Secured Visa credit card

Even though Merrick Bank doesn’t have a minimum credit score requirement, applicants must be at least 18 years old and those with a pending bankruptcy filing or any outstanding federal, state or local tax obligations will be disqualified. Applicants must also meet some income and identity verification requirements.

  1. Complete an online application: First, select the Merrick Bank Secured Visa card on Merrick Bank’s website. You will choose the card design that you prefer, provide personal and financial information to Merrick Bank then electronically sign a disclosure. Be sure to read the summary of terms closely.
  2. Fund your initial deposit: Even after applicants meet all other eligibility requirements, the security deposit must be paid within 30 days for your Merrick Bank credit card application to be approved.
  3. Receive your card: If approved, Merrick Bank will mail your secured credit card, along with your cardholder agreement and pricing appendix, which will include more specific details about the rates and fees you will be obligated to pay.

Merrick Bank secured credit card rates and fees

Merrick Bank Secured Visa minimum payments vary by cardholder, but will equal the current and past-due balances and fees, plus 1% of your new balance and fees or $35, whichever amount is greater. An increase in variable rates will also an increase in your minimum payment amount.

Like most other secured credit cards, a Merrick Bank Secured Visa cardholder’s variable APR (annual percentage rate) is based on the market based on the prime rate and the cardholding individual's creditworthiness. There aren’t over-the-limit or balance transfer fees since the Merrick Bank Secured Visa credit card doesn’t allow these features. 

An “expedited phone payment fee” will be charged to make payments over the phone — a customer service representative will disclose the amount before completing your transaction. A replacement card fee will be charged for each replacement Merrick Bank Secured Visa card or PIN that you request. Merrick Bank also charges $2 per page for making copies of billing statements, sales slips or payment copies at your request.

It’s important to note that the cost of fees will reduce how much credit you have available to you. For example, if you enroll with the minimum $200 deposit, your available credit will be $164 after the initial annual fee comes out of your account. 

FeeAmount
Annual fee$36 for first year, then $3 monthly
Late payment feeUp to $40
Returned payment feeUp to $40
Foreign transaction fee2%
Cash advance fee4% ($10 min.)
Additional card fee$12 per year, then $1 monthly

Merrick Bank Secured Visa credit card FAQ

Does the Merrick Bank secured card graduate?
No, Merrick Bank secured credit cards cannot graduate to unsecured accounts.
How long does it take to get a Merrick Bank Secured Visa credit card in the mail?
It can take Merrick Bank up to six weeks to process your application and security deposit and mail your Merrick Bank Secured Visa card to your home address.
How can I get a secured credit limit increase with Merrick Bank?
You can increase your credit limit by making additional deposits to your Merrick Bank Secured Visa account in increments of $50 at a time up to $10,000.

Is a Merrick Bank Secured Visa credit card worth it?

If you’re looking for a secured credit card to help build or rebuild your credit, the Merrick Bank Secured Visa card could be a good option. Like most secured credit cards, the Merrick Bank Secured Visa credit card doesn’t earn rewards on purchases or interest on the deposit, but it does come with perks like free FICO scores and online financial management tools. Overall, the Merrick Bank Secured Visa credit card can help build or rebuilt credit, but it’s also easy to rack up a lot of fees and have your credit score dip even further.

Merrick Bank Secured Visa® from Merrick Bank Reviews

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Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: Sept. 29, 2022

Merrick bank/company has a program (for Mastercard) in place not made known to its customers. This company will lock your card for 6 months without your knowledge and no available usage., while continuing to report a strong bottom-line utilizing inactive customer accounts (for customers). After reviewing my complaint the card was unlocked only to face the same issue 2 weeks later. Customer service is rude, lazy, and foreign with constant transfers and lack of product knowledge. The interest rate is ridiculous as well, even for folks rebuilding credit. I've read many BBB, CFPB and FDIC complaints, and I offered my complaint as well. Extended hold/wait times (47 mins), no direct way to email, and senior managers too afraid to speak with customers, therefore tier 1 supervisors respond to issues way beyond their understanding, paygrade and knowledge. This bank/company has NO business in business!

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Rated with 1 star
Verified Reviewer
Original review: Sept. 24, 2022

Similar experiences as the truth tellers who have ONE star reviews. Believe them and know any Four to Five Star reviews are either shady or will be back with one star updates soon enough. If I were to diagnose the overall issue, not enough employees to handle the barrage of issues they cause. The public would be better when this institution goes away which will happen undoubtedly.

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    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 9, 2022

    This company is the worst. The agent put you on hold and to make it like they are gonna get a mgr and the phone rings and no one ever picks up. I got approve for an credit card almost a week ago. It was suppose to be expedited and instead of it being expedited the agent cancel it and get me over to fraud and that agent did not know what was going on and checked into it and saw that it was canceled and reinstated the card and checked with her manager to see if it was could’ve been expedited for free and then she got the OK from her manager and the manager allow her to expedite the card.

    All this happen last week Tuesday. Here it is September 9th so I called again and was told the card was mailed out yesterday and it would take seven days for the car to get sent to me because it was sent by regular mail so I asked to speak to a manager and this is when I get the runaround and the called was hanged up at least three times cause I called three times. When the card come imma cancel with an agent.

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    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 6, 2022

    Worst ever credit card/bank lender that I’ve ever used. Never received my credit card even after calling several times. Then after this going on for weeks never was allowed to speak with a supervisor. There is no corporate number. You will be on the phone at least two hours before you even speak to someone just to be put back on hold or hang up on.

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    Rated with 1 star
    Verified Reviewer
    Original review: June 2, 2022

    They had an issue processing card payments. I paid in full and it's been one week and still has not posted (even though the money has been out of my bank since I made the payment). They blamed it on BillingTree, but BillingTree said it had to due with issue on Merrick's system. Paid in full so it would be in time before my balance was reported. Support reps repeatedly claimed they would report what the balance should be, but just now I see they reported the balance BEFORE payment and my score just went down 28 points. AVOID AT ALL COSTS.

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    Rated with 1 star
    Verified Reviewer
    Original review: May 3, 2022

    I don't write many reviews but my experience with this bank has been the worst of any service I have ever had and I have spectrum and AT&T. The communication is sooo bad. My account was suspended without notice and I was sent a new card because of "unauthorized activity". But then I found out a pmt didn't go through one month. I received no notification. Though I did get an email I was receiving a new card. I have made on time pmts since I have had the card waaay over min pmt as I am working to build my credit and in one communication mistake on Merrick my score has dropped. This is not the card for you! There are a ton of others and communication is key to having a healthy relationship.

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    Rated with 5 stars
    Verified Reviewer
    Original review: Feb. 14, 2022

    Credit Karma listed this card as an outstanding chance for approval. I have a cc with a lower limit that I had almost paid off and wanted to apply. This plummeted my cr score by 40 points instantly & I was declined.

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    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 18, 2021

    New credit card 6 hrs. Can't use it so I called customer service on the phone waiting and waiting. I was hung up on 2 times when my turn arrived disconnected. Yes after hours of waiting online. The option of a call back is to hold your place is ONLY available sometimes, yes you read that right! Finally 3 hours into my call my first call I get connected and turned over to a women in tech support..that lies to me about my card being ready to use problem solved she said. Hung up, went to use my card and DENIED. Upset is an understatement. Tried calling back, took hrs again, was told my new card was locked and I had to wait a full 24 hrs. Not sure how true this is so I need to call back in a couple of hrs. AGAIN to see if this can be fixed without the lies. I am literally fighting off a migraine. This is the worst experience of my life with a bank.

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    Rated with 1 star
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    Verified Reviewer
    Original review: April 11, 2021

    Booked a room online for a hotel in Las Vegas with the Merrick Bank Visa. When the next statement arrived, there was a $119.00 charge for which there was no explanation. Called Merrick Bank customer service, and was told they would, "look into it". When the next statement arrived the charge was still there. Called the bank again, and was told: "We contacted the hotel, and they said they didn't make a mistake." Excuse me? They refused to reverse the charge even though I showed them my booking receipt, which was for $98.00. They were no help at all.

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 11, 2020

    I have been a member for over 10 years. I have a 774 Credit score. Today I received a letter from them, since I have not been using their card over the past year. They are closing my account. This hurts my credit score. I had $4700 credit limit. They could of called or e-mailed me warning me that If I did not start using the card, this could of been the action they would take. DO NOT TRUST THIS BANK. DO NOT TRUST THIS BANK. DO NOT TRUST THIS BANK.

    6 people found this review helpful
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    Merrick Bank Secured Visa® from Merrick Bank Company Information

    Company Name:
    Merrick Bank Secured Visa Credit Card
    Website:
    merrickbank.com