Merrick Bank
AUTHORIZED PARTNER

Merrick Bank

 3.6/5 (74 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

  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

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?
How do I know I can trust these reviews about Merrick Bank?
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  • 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.

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Page 1 Reviews 0 - 5
Rated with 4 stars
Verified Reviewer Verified Buyer
Original review: May 15, 2022

My one complaint is that I had it set on my computer to automatically log in which worked great for a year. My computer re-freshened and forgot the login and password. I do not remember them and have been unable to get online again due to the impossibility of getting them on the phone. It tells me to go online, but without a login or password, it tells me to call them. A perfect catch 22.

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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

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 19, 2022

    The reason I love Merrick Bank is because compared to other credit card companies, in my opinion, this bank is quietly doing the right thing. I have never had a problem that they did not handle quickly. My issues which have been few over the past 10 years was not problems with the bank and the way it operates. I honestly believe that when I never have problems with my bank it is because they are doing things the right way ALL the time, not some of the time.

    7 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 21, 2021

    I have been with Merrick Bank for a year now and I love how easy it is to use their app. It's not just easy to navigate through my transactions and see what my balance, due dates, and pending transactions are, but it's great that I can schedule my payments prior to their due dates. Aside from those features above, I am so happy that I can check my credit score, which is really important for me to monitor and compare with other credit reporting apps and the three major bureaus.

    Merrick Bank has also increased my credit limit a couple of times, based on my responsible use of credit. I really appreciate those boosts because you just never know when an emergency might arise. It gives me peace of mind knowing that I have access to a sufficient amount of credit if the major need should occur. Thank you, Merrick Bank, for a terrific first year. I intend to be a loyal customer for years to come.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: May 28, 2021

    I do not like the face that you will only take off late fees once a yr. If a person calls before their due date the late fee should be waived. I has some ill family members with covid & I managed to keep working as much as I could to pay my bills & also take care of them. So my paycheck were a little short & I just needed to put it off a few days & they said no because I had already ask for them to waive 1 this yr, due to the same circumstances. Almost always paid on time.

    13 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: May 11, 2022

    Called MB on a Saturday to have a new card sent to me, expedited, and agreed to the $29 rush fee. Told to call back on Tuesday for tracking. Called and no tracking. Called the next day and MB confirms this was sent out yesterday, standard. MB confirmed notes in the account that the replacement was to be rushed. Agent put me on hold for a bit and came back and told me they would send it out today, expedited, and waive the fee. Great! Asked for a tracking number and put on hold, call unfortunately disconnects.

    Called back and the new agent has no record of the conversation I just had with the agent who allegedly expedited my card and got the fee waived but sees a new card issued, standard and not expedited again. Literally asked the agent if this is a scam or am I living in the Twilight Zone. New agent said they would have it expedited, so I asked for tracking or a confirmation number. Agent informs me I would get an email saying it is expedited, normally would get one saying 5-7 business days and to not worry. Great! Hung up. Get an email saying I would get my card in 5-7 business days, NOT expedited. Seriously...

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    Rated with 3 stars
    Verified Reviewer
    Original review: May 10, 2022

    I like the credit card and had no bad experience until I decided to pay my payment earlier than the due date. I decided to pay my bill on the 1st thinking I would get it over with so I wouldn't have to worry later. Well they ended up on the following month saying that I never paid. I called and was told that because I paid on the 1st it was put on the previous month as I paid 2 times for that month. I was so livid because I was never told in any of the paperwork that you would be penalized for paying early. Which the lady I was connected to also stated how it's not my fault because they don't tell anyone. But yet I still have to pay twice the payment amount they had me pay a payment and added another at the end of the month. Which makes it 2 payments I have to pay and was not told that during the conversation on the phone. I had to find out when I looked on my statement. Lesson learned. I will not pay any of my credit card bills early again.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 7, 2022

    Great communication via email. They offer autopay which is awesome. You don’t have to request a credit limit increase as they periodically check your eligibility and give you one if you meet their standards financially. They don’t have any monthly fees unlike this First Premier card I had that would charge $6 a month even with a $0 balance.

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

    I love this credit card. They are very helpful when you have questions and up your spending limit when you are keeping your account in good standing. The extra credit comes in handy. I just moved into a new place and the extra credit came in handy. That was great. I didn’t have to ask. Thanks.

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

    I would highly recommend Merrick bank to anyone. Great company. Always there when you need them for anything. Customer service is amazing. Very helpful and knowledgeable. I definitely am a life long merrick card holder. Of all the cards I got merrick is the absolute best. One low interest. Very fair reviews of my credit and very honest. Love this company.

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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