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Merrick Bank

Merrick Bank

 3.6/5 (158 ratings)
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Merrick Bank

About Merrick Bank

Merrick Bank specializes in programs for those looking to build or rebuild their credit. The FDIC-insured company has served nearly 3 million cardholders and extended over $5.3 billion in credit. It also provides consumer finance options to marine, RV and horse trailer dealers. With its merchant acquiring services and independent sales organizations, it supports a wide range of merchant categories and offers multinational and dynamic currency services, next-day funding and daily reconciliation.

Overall Satisfaction Rating

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Pros

  • Cards and loans for low credit scores
  • Financial education resources
  • goScore program

Cons

  • Minimum $25,000 for CDs
  • No balance transfers

Bottom Line

Merrick Bank specializes in credit repair products and services for people looking to rebuild or fix their credit. Some of its credit cards come with high fees, but its Double Your Line credit card has double credit limit increases.

Top Merrick Bank Reviews

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Rated with 5 stars
Verified

I have enjoyed being a part of the Merrick Bank consumer group. My concerns are always taken seriously. I have used the card for travel and have had no difficulties. They continue...

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Rated with 5 stars
Verified

I have been with Merrick Bank for a few years now. I also have 11 other credit cards and my Merrick Bank card is one of my favorite. A little higher interest rate than the rest bu...

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What is Merrick Bank?

People looking to raise their credit scores have an opportunity to by using Merrick Bank’s unsecured and secured credit cards. These cards offer regular credit increases and access to Merrick Bank’s free online cardholder center and goMobile app. With goSpecial, cardholders also have access to discounts and savings at participating organizations, including Blue Nile, GNC and Lenovo.

Merrick Bank also offers recreation loans and personal loans for people with discharged bankruptcies, charge-offs, collections and judgments. Its recreation loans can be used to purchase items like a boat, RV or horse trailer, while Merrick’s personal loans can be used for purposes like debt consolidation, car repairs, funeral expenses or medical and dental bills. Customers can borrow up to $12,500 in personal loans and are eligible to receive funds as quickly as the next business day.

Those looking for investments might be interested in Merrick’s certificates of deposit. These offer an annual percentage yield up to 1.05% for CDs with six-month, 12-month, 18-month or 24-month terms. You can access all accounts 24/7, including Merrick Bank’s joint accounts.

Merrick Bank also offers free financial education on its website. Through goLearn, Merrick Bank addresses how to maintain good credit, create a budget and manage money to help individuals and families build smart financial habits.

Merrick Bank credit card costs

Opening a Double Your Line credit card with Merrick requires a $72 minimum deposit and $72 annual fee (charged at $6 monthly after the first year). With the Double Your Line credit card, customers receive an annual percentage rate of up to 27% and double credit increases after seven months of on-time payments.

The secured credit card requires a minimum deposit of $200 and a $36 annual fee ($3 monthly after the first year). Merrick’s secured credit card includes a yearly 17.45% percentage rate, a 2% foreign transaction fee for purchases made overseas and a 22.45% APR on cash advances with an additional $10 or 4% charge on the full amount of the withdrawal. Members can purchase additional cards for $12.

Certificates of deposit require a $25,000 minimum deposit.

Merrick Bank FAQ

Does Merrick Bank have a grace period?

Yes, Merrick Bank offers a five-day grace period on its loan payments. Payments made after this grace period incur a late fee.

How long does it take Merrick Bank to post payment?

It takes up to two business days for Merrick Bank to post payment.

Does Merrick Bank do balance transfers?

Merrick Bank currently doesn’t offer balance transfers on its financial products.

Can you request a credit limit increase with Merrick Bank?

Each year, Merrick Bank reviews its customers’ accounts and provides regular credit limit increases. These are offered to customers who are in good standing and pay a portion or their full balance on-time.

What is the highest credit limit for Merrick Bank?

The highest credit limit for Merrick bank is $3,000.

Is Merrick a good credit card?

Whether a credit card is right for you depends on your needs and personal situation. While there are cards on the market that have lower fees, Merrick Bank’s credit cards provide regular credit limit increases that help you build credit over time.

Is Merrick Bank legit?

Merrick Bank is a legitimate bank that specializes in helping consumers rebuild bad or low credit. We like that it offers a free monthly credit score from two out of the three major credit bureaus, Experian and TransUnion. Compared to some other secured credit cards, however, Merrick Bank’s products have high annual fees, and the cards offer no rewards on credit card purchases. Individuals interested in a no-frills credit card to build or establish their credit get the most benefit from these products.

Merrick Bank Reviews

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How do I know I can trust these reviews about Merrick Bank?
  • 4,188,850 reviews on ConsumerAffairs are verified.
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Page 1 Reviews 0 - 5
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Nov. 21, 2022

I am a new customer, but so far it’s been a great experience with no complaints! Keep up the good work! I received a solicitation today asking for feedback, so I am obliging. I wish I had more to say, but I really haven’t had much experience yet with Merrick, so here it goes. The application process was easy, the app is user-friendly, and the card helps build my good credit. By increasing my credit and paying back a small balance every month, I’ve increased my score already!

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 18, 2022

    Overall I enjoy the card and use it over most of my other cards, my husband had one and I he was very happy with it. They always followed through with increases as mentioned when signing up or applying for card. He uses his quite often also. I applied and was approved and got my first increase like they said I would, I never miss a a payment and pay early but for whatever reason my increases stopped for no reason. I have waited thinking I was off on when I would get one but still nothing. Either way it's still a great card. I use it often. It offers cash back and is accepted anywhere I shop online or in store and it's secure. Have never once had hacking issue or fraud charges.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 30, 2022

    What started out as a not so good experience turned out to be excellent. After about 4 tries to get a rep I finally got Omar. He is the epitome of what a customer service rep should be. He was courteous, knowledgeable, and helpful. Whomever the HR person that hired him take a bow and be on the hunt for more. Omar represents Merrick Bank well. He restored my confidence in your services. If I ever need customer service again, Omar is the only way that I would like to talk to, even though I know that will probably be an impossible task. Take a bow Omar, you are an original.

    2 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 17, 2022

    Merrick bank credit cards are great whenever I need to speak with a representative the wait time is not long and the representatives are always nice. I enjoy using my Merrick bank credit card because when I filled out the application for my Merrick bank credit card it said that every 6 months I would receive a credit line increase as long as my card remained in good standing and just as it stated every 6 months receive a credit line increase.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 6, 2022

    I found my experience with Merrick Bank satisfying, because it has given me an opportunity to reestablish my creditworthiness among other things. Merrick Bank offered me a generous line of credit to start, a chance to maintain the ability to use the Merrick VISA credit card in a responsible manner, and all the while help me increase my overall credit scores. I was then able to rebuild my credit, showing that I was deserving of the chance, and I went on to establish a good relationship with a creditor. Thank-You Merrick Bank! Ms. Terri

    2 people found this review helpful
    Rated with 3 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 26, 2023

    I am not that happy with Merrick Bank because my credit line is too low for my income even though I have requested to increase it, and I have shown an excellent payment history. My annual income is more than 170,000.00 a year and my payment history in 100% in all may accounts including home mortgage, credit cards and loans. The majority of credit lines I have with other banks are for > 10,000.00 and I've been with them only two years or less. Thanks.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 25, 2023

    I have never had any problems with Merrick Bank! I been a customer for many years and would recommend Merrick Bank to anyone. The website is easy to manage and payments are taken in a timely manner.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 25, 2023

    Merrick Bank treats you like a real customer. They are friendly and efficient. Merrick Bank has a great credit card. If you need help, they are there to work with you. I use the Merrick Bank card regularly. Thank you Merrick Bank.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 25, 2023

    In a relatively short amount of time since the discharge of my bankruptcy, this credit card has allowed me to re-establish my credit with minimal fees and with my excellent payment history I have received significant credit line increases from Merrick Bank which has given me more confidence and peace of mind having this credit line for emergency purposes.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 25, 2023

    I have always been happy with my account. I have never had any problems. I would definitely recommend this to anyone. I have never had to contact Merrick Bank for any problems. They review my account and raise my limit periodically.

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    Merrick Bank Company Information

    Company Name:
    Merrick Bank
    Company Type:
    Private
    Year Founded:
    1997
    City:
    Draper
    State/Province:
    UT
    Postal Code:
    84020
    Country:
    United States
    Website:
    onlineoffer.merrickbank.com