Merrick Bank
AUTHORIZED PARTNER

Merrick Bank

 3.2/5 (76 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.

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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?
  • 4,007,392 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.

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Page 1 Reviews 0 - 5
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Sept. 17, 2022

Merrick bank credit cards are great whenever I need to speak with a representative the wait time is not long and the representatives are always nice. I enjoy using my Merrick bank credit card because when I filled out the application for my Merrick bank credit card it said that every 6 months I would receive a credit line increase as long as my card remained in good standing and just as it stated every 6 months receive a credit line increase.

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    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.

    5 people found this review helpful
    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

    2 people found this review helpful
    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.

    9 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.

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer Verified Buyer
    Original review: Sept. 17, 2022

    I recently moved and changed banks, unfortunately my banking information was wrong and a fee was changed to my account, if all my accounts Merrick Bank was the only one that didn’t return the fee. The associate I talked to was very rude and unprofessional. I have always paid my bill promptly and am very disappointed with them.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 17, 2022

    My interactions with Merrick have all been positive, helpful experiences. When I was a day late on a payment I had a prompt email reminding me to make the payment. The app has been super easy to navigate as well! Thank you!

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 16, 2022

    I do like the credit card. I do wish there was a better way to get a credit limit increase. I also would like the account to be updated quicker-taking two days to update an account is a bit slow in today's technology.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 16, 2022

    Was very helpful with explaining my credit card to me and helping me get through the process. Was very patient with the questions I asked and didn’t have a attitude. I would love to recommend this bank to other people

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 16, 2022

    This Credit Card company is professional, wonderful and very customer service oriented! All THEIR employees are in the United States and have the values of real America! I would recommend Merrick Bank to everyone, especially for the True Americans who believe in meritocracy.

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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