Merrick Bank Classic Secured Credit Card

Merrick Bank Classic Secured Credit Card

 3.6/5 (69 ratings)
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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.

Overall Satisfaction Rating

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Pros

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

Cons

  • No rewards
  • Higher fees

Bottom Line

Merrick Bank Classic Secured credit 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 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. 

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 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

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Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: Jan. 5, 2023

I have owned my Merrick card for over a year now, they have not reported my positive payments for months! They have dreadful customer service, after speaking with several representatives my card activity still has not been reported since September 2022. They refused to update my balance which is now $800 dollars less than what they reported, it's frustrating.

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Rated with 1 star
Verified Reviewer
Original review: Dec. 10, 2022

I had an account with Merrick Bank with their credit card. Got closed during the pandemic. I tried to call them to settle the account. Their terrible customer service kept sending me to the collection agency that no longer had the account. After speaking to the collection agency they referred me back to Merrick Bank to find out who actually had the account. I tried several times to actually speak with the customer service to try to find out more information. The customer service would either send me to the old collection agency or just hang up after several minutes. Most of them just did not speak English very well and could not understand what I was trying to get them to do. I will recommend paying off your account and get a credit card with customer service in the United States that would better serve you.

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    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 5, 2022

    I applied for and received this card for one purpose - to be able to get the every 6 month reviews and increases in credit. They lie, I had to fight for the first one and they finally succumbed and did the right thing. Again 6 months later with every payment made and the account paid off in full each month again they denied their basically minute increase. So I called - I sat on hold for hours and still no resolution. I call fraud and would tell customers to choose anyone but Merrick bank. They do not give promised increase nor do they do anything to help your credit on a monthly basis that you can not better get with another company. I pay them off completely each month without fail and sometimes 2 times each month and still they do not see fit to approve the credit increases they promised when I applied. Do yourself a favor and use Credit one or Captial One. This company does not deserve good paying customers at all.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 18, 2022

    It's a great card and your customer service and phone app are exceptional. It's also pleasant to speak to a real person when I called. It's quick and easy. I am curious though why the move to Mastercard. This credit card is my main one I use.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 18, 2022

    I was very happy with how quickly and professionally the customer service agent resolved my issue with a fraudulent charge on my account. I received a new card as well as a full credit of the fraudulent charges made on my account.

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

    I had a prepaid credit card with your bank. I filed bankruptcy. I had a zero balance on the prepaid card with your bank. The funds and card were restricted at that time. I have since received a letter from my attorney stating the trustee has finished her duty and there is no disbursement. The letter from my attorney stating there is no disbursement was dated October 4, 2022. She included the letter from the trustee. It is now November 2, 2022. I have called numerous times to have the funds I have on deposit with your bank refunded to me.

    I have talked to numerous call center agents who basically have no clue Sas to what they are doing and now they transfer me to a number that hangs up on me. The first person I speak to won't listen. They just say they are transferring me when I tell them not to transfer me. So basically Merrick Bank is keeping my money and drawing interest on it and refusing to refund it to me. They won't even talk to me. This is one sorry excuse for a bank.

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    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 20, 2022

    I've been a member since 2015, I recently noticed a fraudulent charge. I contacted the fraud department for Merrick Bank to let them know about the unauthorized charge. I was told that the charge was declined. I told her on my end it shows the charge was authorized. She put me on hold for 40 minutes before I hung up, I ended up paying for that fraudulent charge and cancelled the card. They lost a loyal customer that never missed a payment or late on a payment, what a way to do business.

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    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!

    3 people found this review helpful
    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.

    3 people found this review helpful
    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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    Merrick Bank Classic Secured Credit Card Company Information

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