What states is Merrick Bank Secured Credit Card available?

Not only is Merrick Bank Secured Credit Card available in all states, but it is also accepted at retailers everywhere, worldwide.

What is the average credit score needed to get approved for Merrick Bank Secured Credit Card?

People with a credit score of at least 300 are eligible for the Merrick Bank Secured Card. In summary, it is possible to have the card even if your credit is less than outstanding.

Does Merrick Bank Secured Credit Card report to all three credit bureaus?

Merrick Bank Secured Credit Card will report your account information to all three major credit bureaus.

Is the Merrick Bank Secured Credit Card application process lengthy? Can you prequalify?

They'll review your application and notify you as soon as they receive your security deposit. After you've been accepted, it may take up to two weeks to get your card in the mail. Applicants may quickly and easily verify their prequalification status online without jeopardizing their Merrick Bank Secured Credit Card credit score.

What information is needed to apply for a Merrick Bank Secured Credit Card?

You must be at least 18 years old and have a valid Social Security number or passport. Additionally, most secured credit card applications require you to choose a deposit amount, which often serves as your credit limit.

What is the minimum security deposit?

Depending on your security deposit, you might begin with a minimum credit line of $200.

What is the maximum security deposit?

Your security deposit can be up to a maximum of $3,000.

Does Merrick Bank Secured Credit Card offer upgrades to an unsecured credit card?

You may convert your secured card to an unsecured card. Maintaining an open account may benefit your credit score and you will earn your deposit back.

Does Merrick Bank Secured Credit Card raise credit limits automatically or charge for limit increases?

Your credit line will depend on how much money you want to put down as a deposit. From $200 to $3,000, you can make a deposit at the start. When you make a security deposit, you can automatically raise your credit line at any time by adding more money. You can add up to $3,000 to your deposit.

Does Merrick Bank Secured Credit Card have good customer service or satisfaction?

This secured credit card issuer prides itself on providing exceptional customer care. Nothing aggravates a cardholder more than a less-than-stellar customer service encounter. Therefore, before selecting a card, research whether consumers have had favorable or harmful interactions with the card issuer.

Does Merrick Bank Secured Credit Card have a mobile app or the option to pay or manage your account online?

Merrick Bank's goMobile app is optimized for AndroidTM smartphones and is available 24 hours a day to all Merrick Bank customers. You may access your account by logging in with your existing cardholder username and password.

Does Merrick Bank Secured Credit Card offer ways to freeze your credit/account or have other security features?

It has a zero-liability for fraud feature. It has the same level of security as a standard credit card. You will not be responsible for any charges that are not yours.

Does Merrick Bank offer other credit cards besides Merrick Bank Secured Credit Card?

Alternatively, Merrick Bank offers the Platinum Visa Credit Card and Double Your Line Secured Visa Credit Card.

MoneyGeek's Take

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.

Advertising & Editorial DisclosureLast Updated: 1/20/2023

Reviewed By

The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

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 Feature
Has or Not
Has Annual Fee
Security Deposit Required
Has Rewarding Welcome Offer
Has APR Offer
Has Balance Transfer Fee
Has Cash Advance Fee

Click to see this card’s rates, fees and how they compare to other cards in our dataset.

OUR REVIEW AT A GLANCE

Credit Card Details at a Glance
Pros & Cons Explained
Bonuses & Rewards Explained
Our Verdict: Is This Card for You?

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
- 21.70% VariableAPR
Pros
Can qualify with poor credit
Accepts $200 to $3,000 as security deposit
Low annual fee
Competitive APR
Reports to the major credit bureaus
Lets you view your FICO Score for free
Regular account reviews to determine if you’re eligible for a credit line increase

Cons
Foreign transaction fee
Cash advance fee
No possibility of upgrading to an unsecured card
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
Disclaimer: Credit card offers are constantly changing. We work hard to stay updated with the latest information, but the offers listed on our site may no longer be available.
Terms, rates and fees apply
Compare this credit card with other top-rated cards from our partners.

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.

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 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 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 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 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.

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 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 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 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.

MONEYGEEKQUICK TIP

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 Feature
Amount or Rate
APR
21.70% Variable
Annual Fee
$36*
Min. Security Deposit
$200
Balance Transfer Fee
Unspecified
Balance Transfer APR
Unspecified
Late Fees
up to $40
Cash Advance Fee
$10 or 4%, whichever is greater
Cash Advance APR
26.70%
Foreign Transaction Fee
2%

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.

Regular APR
The Merrick Bank Secured Credit Card offers a relatively high variable annual percentage rate (APR) of 21.70% 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.
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.
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.

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 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 21.70% 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.

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 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: 21.70% variable
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: 29.74% variable
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.

View All Credit Cards

Learn more about credit cards in general

sources

Merrick Bank. "Merrick Bank Secured Cards." Accessed December 15, 2021.

*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. Learn more about our editorial policies and expert editorial team.
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