Merrick Bank

Merrick Bank

 3.8/5 (204 reviews)
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Merrick Bank

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Overall Rating3.8 out of 5
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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.

Pros & Cons


  • Cards and loans for low credit scores
  • Financial education resources
  • goScore program


  • 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

Rated with 5 stars

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

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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Page 1 Reviews 0 - 5
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: March 29, 2023

I can not asked for a better Credit Card Company, Merrick Bank has been the PERFECT situation for me and I am truly grateful to be a customer and to be a part of beautiful customer service that you give. I NEVER had to call to asked for a credit increase and anytime I had a problem with anything you guys ALWAYS took completely great care of me. I want to say thank you and keep up the wonderful work. I wished you had a bank that I could deposit money into because Merrick Bank would my personal bank and I will do ALL my transactions to you.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 23, 2022

    Updated on 02/10/2023: I was happy to sign for a new credit card by Merrick to continue to grow my already good credit score of 730. Merrick sent the card, I used it and made my first payment right away. I used it the second time and wasn't aware when payment due dates. I noticed a huge drop in my score of 79 points, that was listed to Merrick said I had a late payment,...but I never received a payment due date. I immediately paid the balance of $190, called them and customer service rep. said my due date is the 9th every month. But it was listed Nowhere on the original paperwork I was sent with the credit card. I wrote a letter asking them to delete the late payment on my credit and I'm Still Waiting for that correction to my credit score!

    Original Review: My experience after joining the Merrick family had been experiencing exceptional care and service. They are quick and easy to apply with the application process, and provide a rapid positive response. I can view a future and lifetime relationship, that can be passed on to family and friends. They are involved, and welcomed into making those daily essential purchases, and a dream of a life-time vacations. Thank you Merrick family!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 21, 2022

    I am a new customer, but so far it’s been a great experience with no complaints! Keep up the good work! I received a solicitation today asking for feedback, so I am obliging. I wish I had more to say, but I really haven’t had much experience yet with Merrick, so here it goes. The application process was easy, the app is user-friendly, and the card helps build my good credit. By increasing my credit and paying back a small balance every month, I’ve increased my score already!

    3 people found this review helpful
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 18, 2022

    Overall I enjoy the card and use it over most of my other cards, my husband had one and I he was very happy with it. They always followed through with increases as mentioned when signing up or applying for card. He uses his quite often also. I applied and was approved and got my first increase like they said I would, I never miss a a payment and pay early but for whatever reason my increases stopped for no reason. I have waited thinking I was off on when I would get one but still nothing. Either way it's still a great card. I use it often. It offers cash back and is accepted anywhere I shop online or in store and it's secure. Have never once had hacking issue or fraud charges.

    3 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 30, 2022

    What started out as a not so good experience turned out to be excellent. After about 4 tries to get a rep I finally got Omar. He is the epitome of what a customer service rep should be. He was courteous, knowledgeable, and helpful. Whomever the HR person that hired him take a bow and be on the hunt for more. Omar represents Merrick Bank well. He restored my confidence in your services. If I ever need customer service again, Omar is the only way that I would like to talk to, even though I know that will probably be an impossible task. Take a bow Omar, you are an original.

    3 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 5, 2023

    Thanks for allowing me to increase my credit amount without having to do a credit check. This helped increased my credit score. I have successfully paid my bill on time and would like to know if you can eliminate the monthly fee on my account.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 4, 2023

    I was offered this card with an opportunity to double my credit line after meeting the requirements. I am happy with the treatment I have received from Merrick Bank. They offer a credit card that comes with the tools you need to understand how to protect your credit and use it wisely on their website. I am personally satisfied with their services and would recommend them to friends and family.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 4, 2023

    I got a credit card after recovering from bankruptcy! The rates are reasonable and the limit, over the years has risen very slowly…it’s perfect!!! I would suggest this to all my friends and family. Their customer service has been great as well!

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    Rated with 1 star
    Verified Reviewer
    Original review: April 29, 2023

    Unorganized, unprofessional, bad at communicating, and not trustworthy. I had a credit of $180 and they declined a $10 transaction. When I called to correct this I couldn’t understand the representative. It had very bad background noise and they had a heavy ** accent. They were rude and hung up on me when I asked for a supervisor. I called back and Daly (the rep) hung up in me when I asked for a supervisor. They requested my social security number every time, multiple times. This is not a company I trust with my financial information. I will be asking for a check for $180 and will cancel when that clears.

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    Rated with 2 stars
    Verified Reviewer Verified Buyer
    Original review: April 27, 2023

    I make frequent payments but additional fees are always added making it difficult keep up and avoiding a negative balance. I don't plan to have this card much longer since the fees are so high and seem to be very frequent. I don't even know what they're for.

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    Merrick Bank Company Information

    Company Name:
    Merrick Bank
    Company Type:
    Year Founded:
    Postal Code:
    United States