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Merrick Bank

Merrick Bank
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Overall Satisfaction Rating 3.54/5
  • 5 stars
    33
  • 4 stars
    5
  • 3 stars
    5
  • 2 stars
    8
  • 1 stars
    12
Based on 63 ratings submitted in the last year

Merrick is an invitation-only bank that provides clients with opportunities to build or reestablish poor credit. Its FDIC-insured products include a secured Visa credit card, personal loans and certificates of deposit. Through a variety of programs, such as goScore, goSpecial and goLearn, Merrick Bank offers monthly FICO scores, shopping discounts and financial education to its customers.

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 Platinum Visa card has double credit limit increases.

PROS
  • Cards and loans for low credit scores
  • Financial education resources
  • goScore program
CONS
  • Minimum $25,000 for CDs
  • No balance transfers

Top Merrick Bank Reviews We Found

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Rated with 5 stars
Verified Reviewer Verified Buyer

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 to assist me in learning how to manage me credit score with clear suggestions and answers.

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Rated with 5 stars
Verified Reviewer Verified Buyer

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 but I have always had good customer service and absolutely no hiccups with my monthly billing. I would definitely recommend

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Merrick Bank Learn More

What is Merrick Bank?

People looking to raise their credit scores have an opportunity to by using Merrick Bank’s Platinum Visa and Secured Visa 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 Platinum Visa credit card with Merrick requires a $72 minimum deposit and $72 annual fee (charged at $6 monthly after the first year). With the Platinum Visa 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 Visa 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 Platinum or Secured Visa 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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2 featured reviews
How do I know I can trust these reviews about Merrick Bank?
How do I know I can trust these reviews about Merrick Bank?
  • 3,148,905 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.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 10
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: March 25, 2021

I just wanted to say with you guys you're one of my credit cards that I've had the most advancement in the most payment increases with. I'm grateful to be affiliated with your bank and hope that we continue to do business together for a long time. I thank you guys for a continuing to be a great Bank even throughout this pandemic and I just wanted to say thank you.

2 people found this review helpful

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 9, 2021

    Having Merrick Bank Visa card is been very great. In the past I had Credit card with other Bank, but they had to closed it because I was in a situation I couldn’t pay on time my bill. But when I got Merrick Application to build my scores by using their credit, I took this opportunity to use this Credit wisely and always pay on time. Ever since then, I started using it and my scores are good so far. I can recommend anyone to trust Merrick Bank.

    3 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 19, 2020

    I got my Merrick card at the same time as a competitor's card. I have made payments exactly the same way on both cards. Merrick has raised my credit limit multiple times and is over double the credit limit on the other card. I appreciate them actually paying attention to my efforts and rewarding me for them. I recommend Merrick Bank to anyone who will listen! Thank you.

    5 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: July 31, 2020

    I am really big on customer service, whether it is via phone or online chat. I do everything online myself and rarely need help. However when I do need help I expect someone that is courteous, helpful, and knowledgeable. In the past I haven’t had any good experiences. When I verbally spoke with Merrick Customer Service to get help with my account I was thoroughly impressed and the level of knowledge and compassion this guy had! It was so great that I wrote a letter to his boss about how exceptional he was! Merrick right then sold me on their business forever!

    9 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 24, 2021

    Other banks have declined to give me credit card as I had no credit not because I have bad credit but because I just didn’t have credit. Merrick Bank not just have a credit card but now they upped my credit limit. I am happy with my card. Now I am building up my credit. Thank you.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 24, 2021

    Great credit boosting card with very reasonable monthly payments! Love the credit line increases!!

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 1, 2021

    When disputes occur the Credit Card Companies have a legal obligation to be impartially and decide with Facts which party breached the contract. Merrick Bank did neither and demanded pay without investigation.

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer Verified Buyer
    Original review: March 31, 2021

    I am very unhappy not realizing I was going to have to pay a fee each month not to mention the interest rate being so high. I guess with the Covid 19 going on and everyone's income being hurt others are regretting getting this charge card. Hopefully I can pay it off soon. One month I had a 27,00 extra fee and the gentlemen I spoke with on the phone said that charge was because I used the card to charge something. Well on that note I have been dearly trying not to use it. I will try to get my balance paid ASAP so I can close this account.

    5 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: March 31, 2021

    I am very happy with Merrick Bank, they have been helpful to me on several occasions. They are courteous on the phone. They answer the questions that I have asked and they give me advice when I ask it.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 30, 2021

    I called Merrick bank regarding a merchant who repaired my car. Come to find out the mechanic closed his shop when I went to complained about my vehicle. I logged into my card and I saw it was pending. I asked the customer service agent at Merrick please cancelled the transaction. They told me no. I was dissatisfied with the merchant. They did not repaired my car. I was told to filed a dispute. Meanwhile the transaction was pended. So I filed a dispute and I was denied twice. I was told they are not ensured to give me my money. And I have to go to small claims court and dispute the payment. I am done. You are better off getting a credit card from another bank. I have to pay $700 for a car that was not repaired at all..

    2 people found this review helpful
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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