Merrick Bank Classic Secured Credit Card

Merrick Bank Classic Secured Credit Card Reviews

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About Merrick Bank Classic Secured Credit Card

Merrick Bank Classic Secured 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.

Pros & Cons

  • Smart chip technology
  • Works everywhere Mastercards are accepted
  • Flexible payment options
  • No rewards
  • Higher fees

Merrick Bank Classic Secured credit card review

Merrick Bank Classic Secured Mastercard 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 Classic Secured 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 Classic Secured 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 Classic Secured account.
  • Free online and mobile access: Access your Merrick Bank Classic Secured 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 Classic Secured 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 Classic Secured 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 Classic Secured Mastercard 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 Classic Secured 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 Classic Secured 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 Classic Secured 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. 

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 Classic Secured 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 Classic Secured 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 Classic Secured credit 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 Classic Secured Mastercard account in increments of $50 at a time up to $10,000.

Is a Merrick Bank Classic Secured credit card worth it?

If you’re looking for a secured credit card to help build or rebuild your credit, the Merrick Bank Classic Secured card could be a good option. Like most secured credit cards, the Merrick Bank Classic Secured 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 Classic Secured 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 Classic Secured Credit Card Reviews

Stars Rating

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  • 7%
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  • 1%
  • 68%

Popular Mentions

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    How do I know I can trust these reviews about Merrick Bank Classic Secured Credit Card?
    • 4,477,293 reviews on ConsumerAffairs are verified.
    • We require contact information to ensure our reviewers are real.
    • We use intelligent software that helps us maintain the integrity of reviews.
    • Our moderators read all reviews to verify quality and helpfulness.
    Page 1 Reviews 0 - 10
    Sales & Marketing

    Reviewed May 29, 2024

    They scammed me out of my money. I opened a SECURED credit card in April 2023 which required me to pay $550 upfront. My limit was $550. They increased my limit and doubled it so I then had $1100. Fast forward to April 1, 2024, I decided to close my account. They confirmed I would be receving a check in 4-6 weeks for the amount I deposited which was $550. I called them May 29, 2024 and asked them when my check was sent out. They said there is no check being sent out and that they did not owe me $550. They also said it was never a secured card. I then asked to speak to their supervisor. He got on the phone and said he was the supervisor. His name was Anthony. I told them they made a misatke and that they need to send my $550. He said there is not history of me paying $550 and that it was not a secured card.

    I know for a fact I paid them $550 and that it was secured because at the time my credit score was too low to have a unsecured card. I even had other secured credit cards that I paid deposits. Since there is no history of me paying $550 (because they never sent me a receipt from the beginning) they are not going to pay me my money. MERRICK BANK YOU ARE JUST A BUNCH OF THIEVES!! WHAT GOES AROUND COMES AROUND!

    Reviewed April 13, 2024

    I’ve had Merrick Bank for a year. I’ve used my card a lot. I’ve always paid before the due date to keep my card at 0 balance within a 15 day span. I started out with a low credit line. In the year, they have upped my credit to 2,500. My year was coming up in a couple weeks. They have an annual fee. I called. Asking if they could waive the fee. I was informed that they wouldn’t waive it. I then closed my account with them. I’m not paying an annual fee and everyone else shouldn’t either. So long Merrick.

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      Customer ServicePriceStaff

      Reviewed Jan. 26, 2024

      I took my car to a mechanic to fix a problem that he did not fix. He charged my Merrick Credit card, as I had to provide a card before the work was done for the mechanic's security. Foolishly, I did. The mechanical problem WAS NOT repaired yet the auto shop charged my card anyway. I disputed on the very same day, but was denied by Merrick. I provided receipts proving that no parts had been purchased which the mechanic claimed he used to fix my car. I provided a quote from another auto shop showing my car was still broken. I disputed this three times, and each time, I was summarily denied a credit. The only answer any of these people gave was that I signed a receipt even though I told them this was given in advance of any work performed. I urge you not to sign up for use this company. When my balance is paid, I will cancel this card and never use them again. They are not for the customer....They just want to make money and charge you regardless of how illegal it is. Thieves!

      Customer ServicePunctuality & SpeedReliability

      Reviewed Jan. 21, 2024

      This card has undermined the good work I did on my credit. I haven't had a late payment in years on a card despite a busy life. Their online login and app keep locking me out, so I have to call to gain access nearly every month. It takes a very long time to receive phone service. My balance is at zero, but the $6+ monthly charge for the privilege of being their customer has put me behind, especially during this hectic holiday season. I've had trouble finding over an hour of quiet downtime just to access my zero balance account and pay any fees that may arise. They immediately reported it to my credit agency. I’ve written 3 bad reviews online in the 23 minutes it’s taken me on hold so far this call to get anyone to help me. It literally feels like the same experience as when you are on hold with the IRS.

      Verified purchase
      Customer ServiceStaff

      Reviewed Jan. 18, 2024

      I was impressed with them at first until I ran into LexingtonLaw who abused my card by charging outrageous charges. I tried for 3 months to contact customer service of Merrick Bank. They did nothing. So I found out they do not have their customers' backs.

      Customer ServicePrice

      Reviewed Oct. 16, 2023

      DO NOT TRUST THIS CARD!! I wouldn’t trust this card. I’ve had this card for a year and a half and a year ago they started charging me a cash advance interest for a cash advance I never received. I have to call in every month and be on the phone for over an hour just to get the charges removed. They do end up crediting my card the amount of the interest that was charged, but they never correct the problem and I have to go through the same thing the next month. I’ve been dealing with this for a year now and I keep telling them to quit charging me the interest and they say they will fix the problem, but they never do. If I don’t call in and complain each month the charges remain on my card which is fraud. I just closed my account and will be filing a lawsuit against them for fraud. DO NOT TRUST THIS CARD!!!

      Customer ServicePunctuality & Speed

      Reviewed April 28, 2023

      I usually make two monthly payments after transforming my finances from retiring with credit card debt to settling and only paying cash for things for two years. I even got rid of my car and took a bus or rode my bike. I got out of debt in less than two years and got a Merrick Bank card. I got an email on 4-20-2023 saying I was late on my payment. I immediately made a payment and called them the next day, 4-21-23. After spending about 3 hours on hold, being transferred multiple times, hung up on, I called back. Merrick advised they were going to report me to the credit bureaus, but I was still locked out of my account.

      I never received a phone call, text nor email regarding the late payment. I made a second payment. On 4-27 I called back with same results - never spoke to supervisor. I placed a complaint with the (CFPB) Consumer finance protection bureau. I finally got someone to unlock my account and that is when I discovered they reported me on 4-17-23. It dropped my score 46 points. I called 3 credit bureaus and reported this as well to them.

      Reviewed April 10, 2023

      I want to say I don't work for Merrick and rarely write reviews. I'm writing this because I received an increase in my credit line and didn't even ask. This is the 3rd time in 4 years they have increased my credit line. Each time I received the increase, I needed it. The first time, I was overseas and my debit card became blocked, and I was having difficulty getting the block removed, and I was I was running out of money. The increase in credit gave me help when I needed it and some breathing room. I felt like they had my back. I may keep this card forever and recommend it to friends.

      Verified purchase

      Reviewed March 30, 2023

      Merrick has been the perfect card/company to help me rebuild my credit score after a messy divorce.. My credit limit was increased slowly over time and I now use the card regularly. Interest is a little high but comparable to other card companies.

      Verified purchase

      Reviewed March 30, 2023

      Better than some Average. I’d like to see. Better rates and higher credit limits so I could consolidate and have one card. That’s what I’m looking for currently and I’m looking at some now that meet the requirements that I need to help my business grow. I’ve just got to find the right fix so it’s an asset to the things that I’ve done so far.

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      Merrick Bank Classic Secured Credit Card Company Information

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      Merrick Bank Classic Secured Credit Card