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About Merrick Bank Classic Secured Credit Card Reviews
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 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.
- 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.
- 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.
- 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 fee||Up to $40|
|Returned payment fee||Up to $40|
|Foreign transaction fee||2%|
|Cash advance fee||4% ($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.
ConsumerAffairs has collected 27 reviews and 95 ratings.
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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.
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.
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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.
Reviewed 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.
Reviewed 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.
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 March 11, 2023
When I contacted them today after waiting for 45 minutes for customer service to answer I asked them had they received my pay off payment from a overnight delivery and I was told to contact my bank and they were so rude. It’s a shame. I got absolutely no help. Please if anyone is thinking of doing business with this company don’t.
Reviewed 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.
Reviewed 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.
Reviewed 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.
Merrick Bank Classic Secured Credit Card Company Information
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