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Merrick Bank

Merrick Bank
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Overall Satisfaction Rating 3.61/5
  • 5 stars
    36
  • 4 stars
    7
  • 3 stars
    5
  • 2 stars
    9
  • 1 stars
    19
Based on 76 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?
  • 2,737,259 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
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!

8 people found this review helpful

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: March 3, 2020

    I love Merrick but I am billed monthly for the yearly fee. I was paying off all my cards and paid off both merrick accounts I have and put the cards away in my drawer. I have had 0 late payments in 3 years but missed the monthly annual fee of 3$ over the course of 69 or 90 days which was somewhere around 9$ and it was reported to the credit bureau. I am livid about that. I know it was my oversight but I wish merrick would pull that report back. Charge yearly so people like me that have a 0 balance but have a slip up of a 3$ charge don’t have this issue.

    40 people found this review helpful
    Rated with 4 stars
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    Verified Reviewer
    Original review: March 3, 2020

    I got the Merrick Bank credit card offer about 4 years ago. I had never heard of them before and did some researching. It seems that offer 2 different cards, one secured and one that is not. I was going to give 5 stars but took one away after reading some other reviews. I took one star away based on they are closing accounts of long time customers based on no activity without warning them. Lowering their credit tremendously and then finally cut off. Why cut off customers that should be considered as being loyal and has been a great benefit for both the business and the customer.

    My experience with Merrick bank has been a good one for the most part. I was approved for the unsecured card to help establishing credit and assist with my financial situation. I have to agree with some reviews from others that suggest problems with customer service over the phone. I try my best not to have the need to call too often. When needing to call, the experience is not all that great. However, this is a Great card for people who need to establish credit, build up their credit score and also help making purchase with monthly payments. I also like the name Merrick. It is a cool name for a credit card.

    I went through this site and almost read every review from this site and some on other sites. MANY customers have problems with mailing in their payments. Something Definitely needs to be done about that!! I pay online through the Merrick Bank website. I make sure I pay by or before the due date and always check to make sure the payment went through. So far I never have been late in the 4 years and have received at least 2 credit line increases. If you are going to use this card, I would suggest also adding some other cards from Capital One, Bank of America, or any type of Secured card in addition.

    In my case, I used Capital One and even use a program with Finger-hunt to get my credit going. Working at the call center for this card would be very challenging. So many people calling in claiming to have sent their payment when some of them did and some of them probably did not. When other people lie it makes it hard for everyone involved. Then you got legitimate fraud cases and some that they just made up so they don't have to pay for it. With that in mind, I can look past the customer service over the phone sometimes. So far I never had a problem with fraud on this credit card. I do not let anyone else use it and careful who I do business with also. Also wanted to note that fraud is Not when you use the card and you are not happy with the Merchant. You should contact the merchant and work out the problems.

    The Interest rates are high. Very Thankful I did not get a card with annual fees! I avoid any card with annual fees! If you use the credit responsibly and make payments on time then it will pay off. Based on the reviews and my personal experience, I would avoid mailing payments!! If you do not have a checking account, then that should be a number one goal to have.

    Lastly, I just hate how Merrick bank is just cutting off long time customers. These long time customers may look up to Merrick bank as someone that helped them build credit and now time to throw them away! The same could also be said the other way around. The customer is no longer using the card, especially over a year. Looks like they could come up with some way to Reward the customers who have been with them for many years by keeping their account open with some kind of warning before closing. They could still make some money. Makes no sense. Or maybe a a card that is competitive to some of the other ones available.

    But Merrick should give their best customers who have made years of payments with them some notice "Hey use your card or lose it!" But no, they just send out a letter saying you have been cut off not even saying thank you for being a VALUED customer. Instead words of no matter what we will not open your account again. This is VERY WRONG!!!!

    30 people found this review helpful
    Rated with 4 stars
    Verified Reviewer
    Original review: Feb. 3, 2020

    I was anxious to rebuild my credit after going through Bankruptcy 6 years ago. I was warned about bogus credit offers and sure enough I received several offers in the mail that looked pretty questionable. Merrick was the first credit card company that seemed to look fairly legitimate so I applied and was accepted for a modest credit line. I put the card to use right away with small purchases which I paid off each month and after a year or so they increased my credit line automatically. Later I had some emergency expenses that came up so I carried a balance for awhile but paid it off after about six months. The interest rate I paid was fairly high, but I figured that's what you expect from a starter credit card. I like the online account and payment system which seems to work well. I've never had to call customer service so I can't say anything about that part of it, but overall I've been very happy with Merrick.

    29 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 2, 2021

    My account with Merrick Bank has been very rewarding. Customer Service reps are always helpful and nice. I would recommend the company to anyone. I hope that things will continue in the new year. Thank You.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 1, 2021

    My experience with Merrick Bank, has been rewarding, in that I keep my account with always paying the amt. On the due date and try not to be late, and is rewarded with my limit being increased and it always come at just the right time.

    Be the first one to find this review helpful
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 23, 2020

    This was my first Credit card since I was 18. Overall I’m happy, the increase my limit every so months. The app is easy to work and pay. I just wish my APR would decrease and cash back opportunities were present.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer Verified Buyer
    Original review: Dec. 17, 2020

    I was charged for something I didn’t do and I think it’s completely ridiculous that I have to pay for something I had no part of! I’ve had 3 different people tell me things, but regardless when it comes down to it I didn’t purchase or sign up for anything. Just because there’s an address that says they sent it to doesn’t mean I received something. I had to replace 3 cards due to possible fraud which was brought to my attention by MY BANK, that’s how I even noticed all this nonsense to begin with! I actually had just noticed something very strange on the hill in my yard up by the road, and once I finally went to see if it was an animal, it was actually a clear garbage bag of Amazon packages!!!

    I mean how ridiculous, I never even knew, someone could have easily took all of them. The only reason they hadn’t was because the bag was covered by a lot of snow! Anyway I loved this card and never had issues till this all happened and now I just don’t even know what to think. Also they say it was a subscription, well you can’t deliver a subscription so tell me how that works? That’s the way they are verifying I did it. Lol.

    Be the first one to find this review helpful
    Rated with 3 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 10, 2020

    Overall, my experience with the bank have been average. The interest rate remains high even though my credit score has improved drastically over the years. The annual fee seems unfair since it is in addition to a high interest rate. I have received regular credit line increases, but they are small ($200-$400 at a time). Customer service doesn't offer much information about what is missing or what more should be done to improve my experience.

    Be the first one to find this review helpful
    Rated with 3 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 2, 2020

    Since I have been a customer for a long time and my credit score is very good, I think I should have my account offered to have not fees and a better rate. This has not happened as of yet. My FICO score is over 700.

    4 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
    Phone:
    800-253-2322
    Website:
    onlineoffer.merrickbank.com