Merrick Bank Reviews
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About Merrick Bank
Merrick Bank specializes in programs for those looking to build or rebuild their 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.
- Cards and loans for low credit scores
- Financial education resources
- goScore program
- Minimum $25,000 for CDs
- No balance transfers
Helpful Reviews
What is Merrick Bank?
People looking to raise their credit scores can use 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 offers, cardholders also have access to discounts and savings at participating organizations.
Merrick Bank also offers recreation 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.
Those looking for investments might be interested in Merrick Bank’s certificates of deposit (CDs), with term options ranging from three months to five years. 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.
How does Merrick Bank work?
For borrowers interested in Merrick Bank’s credit card options, you can submit an online application or call the customer service number, but Merrick Bank also sends out mail-in offers inviting you to apply online. CDs can be opened online as well. If you need more information regarding a recreational loan, contact customer service and inquire about dealers offering Merrick Bank’s products.
Merrick Bank is insured by the Federal Deposit Insurance Corporation (FDIC), which means deposits are federally insured up to $250,000 per depositor. Merrick Bank also takes additional steps for customer security online, with advanced encryption and firewall technology, to ensure data security.
Merrick Bank fees
With the Double Your Line credit card, customers receive an annual percentage rate (APR) of up to 27% and double credit increases after seven months of on-time payments.
Merrick’s secured credit card requires a minimum deposit of $200 and a $36 annual fee ($3 monthly after the first year). It includes a 17.45% APR, 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. All rates and fees are accurate as of the time of publishing.
CDs 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.
Can I have a co-applicant with a Merrick Bank card?
No, Merrick Bank does not allow co-applicants with its unsecured or secured credit cards, but it does allow you to add authorized users.
Does Merrick Bank offer balance transfers?
No, Merrick Bank’s credit cards do not currently include a balance transfer option.
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.
Still have questions?
Is Merrick Bank legit?
Merrick Bank is a legitimate bank specializing 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.
However, compared with some other secured credit cards, 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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- 4,886,447 reviews on ConsumerAffairs are verified.
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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:
- merrickbank.com
