MoneyGeek's Take

Merrick Bank Secured Visa Review

Merrick Bank Secured Visa 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 Visa Credit Card does not require applicants to connect their card to a bank or savings account.

Last Updated: 4/25/2022
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Merrick Bank Secured Visa 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 Feature
    Has or Not
  • Has Annual Fee
  • Security Deposit Required
  • Has Rewarding Welcome Offer
  • Has APR Offer
  • Has Balance Transfer Fee
Click to see this card’s rates, fees and how they compare to other cards in our dataset.

Merrick Bank Secured Visa at a Glance

The Merrick Bank Secured Visa 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 Visa benefits you prioritize when choosing a credit card.


  • Merrick Bank Secured Visa

    A good secured credit card for people who wish to build their credit


    • None-PoorCredit Needed
    • $36*Annual Fee
    • $200Min. Security Deposit
    • 3# of Reporting Bureaus
    • 17.45%APR

Pros & Cons Explained

While the many benefits of the Merrick Bank Secured Visa are worth noting, it is also essential to understand the card's limits.

Pros

  • Benefits
    Description
  • Reported to three major credit bureaus
    The 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 limit
    You may extend your Merrick Bank Secured Visa 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 liability
    If 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.

Cons

  • Drawbacks
    Description
  • Charges an annual fee of $36
    There are secured credit cards without a yearly fee. The Merrick Bank Secured Visa Credit Cards, 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 fee
    Foreign 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.
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INTERESTED IN COMPARING THE BEST CREDIT CARDS OF 2022?

Each month, the MoneyGeek Team analyzes the statistics for all of the cards in our database. It selects their best recommendations for the most popular card kinds. Check out our top selections for the best secured credit cards of 2021.

Other Features Explained

Is Merrick Bank Secured Visa 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 Feature
    Description
  • Refundable security deposit fees
    A 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 service
    You may check your balance, pay bills and get a free credit score via the mobile app. You may also contact Merrick Bank Secured Visa Card customer service.
  • Outstanding security feature
    If 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.
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MONEYGEEKQUICK TIP

Getting a Merrick Bank Secured Visa 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 Feature
    Amount or Rate
  • APR
    17.45%
  • Annual Fee
    $36*
  • Min. Security Deposit
    $200
  • Balance Transfer Fee
    Unspecified
  • Balance Transfer APR
    Unspecified

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.

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    Regular APR

    The Merrick Bank Secured Visa 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.

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    Annual Fee

    There is no fee associated with opening an account for the Merrick Bank Secured Visa Card. However, there is an annual fee of $36 for the first year, followed by a monthly fee of $3.

  • This is an icon

    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.

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HOW TO FIND THIS INFORMATION ON YOUR OWN?

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 Visa?

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Other Considerations for Merrick Bank Secured Visa

Before determining whether or not to apply for the Merrick Bank Secured Visa, 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.

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WHY TRUST OUR REVIEWS

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 Visa Compares to Other Cards

While the Merrick Bank Secured Visa 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 Visa

creditCard

Merrick Bank Secured Visa

  • 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
creditCard1

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 Visa.

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.

Learn more about credit cards in general

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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity.
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