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Merrick Bank Secured Credit Card

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    Merrick Bank Secured Credit Card

    ConsumerAffairs Unaccredited Brand

    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.

    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.

    PROS

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

    CONS

    • No rewards
    • Higher fees
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      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 $39
      Returned payment feeUp to $39
      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.

      1 Merrick Bank Secured Credit Card Consumer Reviews

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      Rated with 1 star
      Verified Reviewer
      Original review: July 24, 2019

      I took out a Merrick card to help my credit but after two years of having the card my limit only was raised once. The worst part is that I was not using the card because of the high interest for a few months and without any warning they cancelled my card. I received a letter notifying me that because of non-use my account was closed. I never got a warning or email or anything prior to this. The company tries to tell people their card will help build their credit and then closes my account which will impact my credit. I would never recommend this company to anyone looking for a credit card.

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      Merrick Bank Secured Credit Card Company Information

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