MoneyGeek’s Take

Merrick Bank Secured Credit Card Review

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ByDoug Milnes, CFA
Reviewed byAlene Laney
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ByDoug Milnes, CFA
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Reviewed byAlene Laney
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Updated: June 11, 2024

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Merrick Bank Secured Credit Card

APR22.70% variable
Min. Security Deposit$200
Annual Fee$36 the first year. Billed $3 dollars per month th...
Recommended CreditNo Credit History
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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.

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.

Merrick Bank Secured Credit Card Overview

Quick Take

  • First year’s annual fee is $36, and you pay $3 per month thereafter
  • Pay any amount between $200 and $3,000 as security deposit
  • Possibility to get a higher credit limit without paying extra security deposit
  • Choose from five card designs while applying
  • 2% foreign transaction fee
  • Reports to Equifax, TransUnion and Experian each month
  • Lets you view your FICO Score for free
  • $0 fraud liability

Important Card Details

Take a look at the table below to better understand the fees, reward rates and other features associated with the card you're evaluating.

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    Regular APR

    The Merrick Bank Secured Credit Card offers a relatively high variable annual percentage rate (APR) of 22.45% 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 Credit Card. However, there is an annual fee of $36 for the first year, followed by a monthly fee of $3.

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    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.

Additional Benefits

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:

  • 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 Credit 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.
  • Reports to the three major credit bureaus: Merrick Bank reports account activity to the three main credit bureaus. Making all of your payments on time will help you increase your credit score and qualify for additional types of credit, such as a non-secured card, over time.

How the 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.

How the Merrick Bank Secured Credit Card Compares

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Merrick Bank Secured Credit Card

  • Annual Fee: $36
  • Foreign Transaction Fee: 2%
  • Purchase APR: 22.45% variable
  • Rewards: none
  • Best For: Those looking to build their credit history or raise their credit limit
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Capital One Secured Mastercard

  • Annual Fee: $0
  • Foreign Transaction Tee: $0
  • Purchase APR: 30.49% variable
  • Rewards: none
  • Best For: Those trying to build credit with a minimal deposit

Frequently Asked Questions

What states is Merrick Bank Secured Credit Card available?
What is the average credit score needed to get approved for Merrick Bank Secured Credit Card?
Does Merrick Bank Secured Credit Card report to all three credit bureaus?
Is the Merrick Bank Secured Credit Card application process lengthy? Can you prequalify?
What information is needed to apply for a Merrick Bank Secured Credit Card?
What is the minimum security deposit?
What is the maximum security deposit?
Does Merrick Bank Secured Credit Card offer upgrades to an unsecured credit card?
Does Merrick Bank Secured Credit Card raise credit limits automatically or charge for limit increases?
Does Merrick Bank Secured Credit Card have good customer service or satisfaction?
Does Merrick Bank Secured Credit Card have a mobile app or the option to pay or manage your account online?
Does Merrick Bank Secured Credit Card offer ways to freeze your credit/account or have other security features?
Does Merrick Bank offer other credit cards besides Merrick Bank Secured Credit Card?

About Doug Milnes, CFA

Doug Milnes, CFA headshot

Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.

Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.

*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.
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