Merrick Bank

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Merrick Bank
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Merrick Bank

 3.8/5 (74 ratings)
  • 5 stars
    41
  • 4 stars
    8
  • 3 stars
    5
  • 2 stars
    8
  • 1 stars
    12
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Merrick Bank

About Merrick Bank

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.

Overall Satisfaction Rating

  • 5 stars
    41
  • 4 stars
    8
  • 3 stars
    5
  • 2 stars
    8
  • 1 stars
    12

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 Platinum Visa 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 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?
  • 3,216,919 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 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.

2 people found this review helpful

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 16, 2021

    No “order #” or request for assistance. I did receive a limit increase (unrequested). Only other business conducted has been my usual monthly payment activity. All this said, I certainly appreciated the unexpected limit increase and I always have a painless monthly payment experience. * I REALLY appreciate a very realistic and reasonable cutoff time. Some cards have a cutoff time which is actually early in the day of the date due, especially when time zones are taken into account. Seems somewhat unfair for your payment to be required made by 4pm of the date due, when it should realistically be midnight. Oh well, not Merrick. Live and learn AND read the fine print. Thank you!!

    Be the first one to find this review helpful
    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
    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
    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: May 26, 2021

    I have never had a problem with Merrick Bank at all. Customer service is very friendly and helpful. Raised my credit limit without me having to ask. A lot of benefits with having this credit card and the list goes on.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 23, 2021

    We love Merrick Bank... You have been wonderful to us. We hope to continue this lifelong relationship with you... We always receive good service and very helpful agents! Thank you again! I would recommend you to anyone!

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    Rated with 1 star
    Verified Reviewer
    Original review: May 22, 2021

    I have read some of the reviews. Those are company generated reviews. Click on MERRICK BANK LATE FEES and see what people really think. I have very good credit. To the point that I tell companies that I do not want any increase in my available credit. My bills come in and I pay them. Three times in the last year I have had late fees tacked on to my fees even thou I sent it in two weeks in advance. I sent four other bills the same day and no problems. The last two times that they charged me a late fee, I Had the postal service date stamp the envelope before I sent it out to prove that it was sent out at least two weeks prior.

    I only hope they do it one more time so I can show it to the BBB. My family lawyer thinks that with the proper documentation I might even have a case, since I can show that I have no other late fees except these people. That I send my payment in way in advance and that many people have had the same problem. On a number of sites a class action suit was discussed.

    4 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 22, 2021

    So far I've had nothing but great encounters every time I have had to talk to customer service. The card always works and auto credit line increases have been decent. I personally would like to see more often credit increases but also understand on a business level why it is the way it is.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 11, 2021

    This young person Jose ** Is just starting his life as a new High School graduate & is now going to College to continue his education in Diesel mechanics. Merrick Card has help me build my credit back up again. I believe this is a great opportunity for him to start on.

    Be the first one to find 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