Merrick Bank Secured Credit Card Review
Merrick Bank Secured Credit Cards are intended for those with poor credit and those attempting to establish (or repair) credit histories. Unlike many secured cards, the Merrick Bank Secured Credit Card does not require applicants to connect their card to a bank or savings account.
Merrick Bank Secured Credit Cards are legitimate credit cards that come with all of the benefits and privileges associated with Visa, including zero fraud liability for approved purchases, Visa purchase security, global ATM access, and travel and emergency support.
Card Details to Know Up Front
- Bonus, Fee or FeatureHas or Not
- Has Annual Fee
- Security Deposit Required
- Has Rewarding Welcome Offer
- Has APR Offer
- Has Balance Transfer Fee
Merrick Bank Secured Credit Card at a Glance
The Merrick Bank Secured Credit Card is accepted worldwide at merchants. It includes security features, such as fraud prevention and account alerts. The security feature applies to the security deposit made when the account is opened. In contrast to a debit or prepaid card, a secured card enables you to establish or re-establish credit. When comparing deals, keep in mind the kind of Merrick Bank Secured Credit Card benefits you prioritize when choosing a credit card.
- Merrick Bank Secured Credit Card
A good secured credit card for people who wish to build their credit
- None-PoorRecommended Credit
- $36*Annual Fee
- $200Min. Security Deposit
- 3# of Reporting Bureaus
Pros & Cons Explained
While the many benefits of the Merrick Bank Secured Credit Card are worth noting, it is also essential to understand the card's limits.
- Reported to three major credit bureausThe Secured Credit Card issuer reports your payment history to the three major credit bureaus each month. Make at least your minimum monthly payment on time. This reporting will assist you in building a credit history or rebuilding your credit toward an excellent record.
- Increase your credit limitYou may extend your Merrick Bank Secured Credit Card credit limit at any time by adding extra funds to your security deposit, up to a maximum of $3,000. Additionally, they will monitor your account regularly to see whether you qualify for subsequent credit line increases without requiring an extra deposit.
- Zero fraud liabilityIf your credit card is lost or stolen, you will get money back to cover the costs of fraud. Get into your account at any time, for any reason. AutoPay and account alerts can help you stay on track.
- Charges an annual fee of $36There are secured credit cards without a yearly fee. The Merrick Bank Secured Credit Card, which costs $36 for the first year and $3 per month following the first year, may seem expensive. Additionally, there are no incentives or rewards associated with the card.
- With an additional foreign transaction feeForeign transaction costs are typically about 2%. A banking institution charges a foreign transaction fee to a client who uses an electronic payment card to acquire foreign currency. That would be costly if you make several foreign transactions.
Other Features Explained
Is Merrick Bank Secured Credit Card a good card? It's ideal for all types of consumers, even those who have bad credit. To avoid getting into debt, make sure you pay your bills on time every month. Making sure you have a good credit score is the best thing that you can do. You may take advantage of the following features:
- Card FeatureDescription
- Refundable security deposit feesA secured credit card is unquestionably a better option, if a high-fee card is your only option. While a security deposit is required upfront, it is refundable when you need it.
- Good customer serviceYou may check your balance, pay bills and get a free credit score via the mobile app. You may also contact Merrick Bank Secured Credit Card customer service.
- Outstanding security featureIf your credit card is lost or stolen, you will be reimbursed for the fraud expenses. At any time, for any purpose, you may access your account. Automatic payments and account notifications might help you stay on track.
Getting a Merrick Bank Secured Credit Card is as easy as one, two, three. Just fill out an application online, make your security deposit to Merrick Bank and they’ll review. If approved, they’ll send your card. With responsible credit card use over time, you can earn additional credit line increases without an additional deposit.
Understanding the Fine Print
Take a look at the table below to better understand the fees, reward rates and other features associated with the card you're evaluating.
- Card FeatureAmount or Rate
- Annual Fee$36*
- Min. Security Deposit$200
- Balance Transfer FeeUnspecified
- Balance Transfer APRUnspecified
According to J.D. Power, more significant financial stress, inadequate customer service and misaligned incentives have contributed to a fall in credit card consumer satisfaction. So, ensure that you get the quality service you deserve.
You may consult our glossary page to better understand some of the more general terms associated with credit cards.
The Merrick Bank Secured Credit Card offers a relatively high variable annual percentage rate (APR) of 17.45% on purchases, debt transfers and cash advances. Additionally, interest is accrued on balance transfers and cash advances from the date of the transaction. This APR is subject to change quarterly by the current prime rate.
There is no fee associated with opening an account for the Merrick Bank Secured Credit Card. However, there is an annual fee of $36 for the first year, followed by a monthly fee of $3.
Foreign Transaction Fee
There's an average cost of 2% in foreign transaction fees. A financial institution levies a foreign transaction fee to a customer who purchases a foreign currency using an electronic payment card.
To compare this card to other secured credit cards, pay attention to the annual percentage rate (APR) and any fees that come with it. If you're comparing it to a card you already have, look at your most recent bill or check out your card provider's website or app. You can also get information about credit card agreements from the Consumer Financial Protection Bureau's database (CFPB) of credit card agreements.
Who Should & Shouldn’t Consider Merrick Bank Secured Credit Card?
Other Considerations for Merrick Bank Secured Credit Card
Before determining whether or not to apply for the Merrick Bank Secured Credit Card, think about how you want to utilize it. It has a higher APR and few perks, no matter how often you use it.
Things to Consider if This Will Be Your First or Only Credit Card
Avoid using this card if you keep an outstanding amount each month. The APR is 17.45% and is subject to change. In addition, this card charges a 2% international transaction fee for any transaction made outside of the United States.
Things to Consider if This Will Be an Additional Card in Your Wallet
In comparison to other cards, high-limit cards may maintain low credit utilization percentages by making transactions with a credit limit range of $200-$3,000. Your credit limit is determined by the amount of your security deposit.
If you don't plan to pay off your balance each month, you should be aware of the card's high annual percentage rate (APR). Because of the card's high APR, it's not suggested that you use it for balance transfers from other credit cards.
We use a well-defined and streamlined methodology and procedure when it comes to credit card evaluations. The Consumer Financial Protection Bureau's (CFPB) database, consolidating the information for easy comparison, forecasting average spending patterns and evaluating long-term value are all part of the process.
How Merrick Bank Secured Credit Card Compares to Other Cards
While the Merrick Bank Secured Credit Card is an excellent secured credit card, you may want to consider other options. Before making your purchase, you may choose to shop for additional features not included with this card.
Quick Comparison of Merrick Bank Secured Credit Card
Merrick Bank Secured Credit Card
- Annual Fee: $36
- Foreign Transaction Fee: 2%
- Purchase APR: 17.45%
- Rewards: none
- Best For: Those looking to build their credit history or raise their credit limit
Capital One Secured Mastercard
- Annual Fee: $0
- Foreign Transaction Tee: $0
- Purchase APR: 26.74%
- Rewards: none
- Best For: Those trying to build credit with a minimal deposit
Other Helpful Decision-Making Q&As
The following is a list of frequently asked questions regarding the Merrick Bank Secured Credit Card.
Still not sure about this card? Consider these options.
If you're unsure if this card is the right fit for you, consider some of the most popular secured credit cards on the market. A rewards or debt transfer card may be a better alternative for people who are not looking for a secured card.
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Learn more about credit cards in general
- Merrick Bank. "Merrick Bank Secured Cards." Accessed December 15, 2021.
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