Merrick Bank Secured Credit Card
- Annual fee
- $36 for first year. Billed $3 per month thereafter
- Recommended credit
- Good / Fair / Poor
- Card network
- Mastercard
- Regular purchase APR
- 22.70% Variable
At a glance
The Merrick Bank Secured Credit Card is an effective tool for boosting your credit score. The card features a very competitive APR on purchases, a modest annual fee of $36, and the chance at credit limit increases – without the need for any additional cash deposits.
Our review of the Merrick Bank Secured Credit Card
The Merrick Bank Secured credit card is a valuable tool for individuals looking to build or rebuild their credit. With flexible credit limits, regular reporting to major credit bureaus, competitive APR, and a range of other benefits, this card offers a solid platform for improving your credit score.
Credit Requirements
The Merrick Bank Secured credit card is specifically designed for individuals with poor or no credit history. By using this card responsibly, you can demonstrate your credit management skills and become eligible for better financial opportunities in the future.
Security Deposit Requirements
With low minimum deposit requirements starting at $200, the Merrick Bank Secured card provides an accessible option for those looking to establish credit. Cardholders may also be eligible for credit line increases after the first year, without additional deposit requirements.
Flexible Credit Limits
The card offers credit limits ranging from $200 to $3,000, allowing you to choose a limit that suits your needs and financial capabilities.
Regular Reporting to Major Credit Bureaus
Merrick Bank reports to Experian, Equifax, and TransUnion every month, helping cardholders improve their credit score with on-time payments and low credit usage.
Competitive APR
The secured card offers competitive interest rates lower than the national average for secured cards, making it a cost-effective option for building credit.
Mastercard Features and Benefits
Cardholders also benefit from features like zero fraud liability, Mastercard Platinum benefits, and free financial education resources on the Merrick Bank website.
Tips for Using the Card effectively
- Pay on time to build credit and avoid fees.
- Keep your credit utilization below 30%.
- Avoid cash advances to prevent high fees.
- Monitor your credit reports for accuracy.
- Upgrade to an unsecured card for more benefits.
What We Like About the Card
- Flexible credit limits
- Reporting to all major credit bureaus
- Opportunity for credit limit increases
- Convenient online account management
- Option for security deposit refund
Things to Consider
- Annual fees and associated costs
- Security deposit requirement
- Interest rates on balances
- Impact on credit score with misuse
- Alternative secured card options
Which credit bureau does Merrick Bank use?
Merrick Bank uses the Experian credit score for evaluations.
Does Merrick Bank report to all 3 credit bureaus?
Yes, Merrick Bank reports to Experian, Equifax, and TransUnion.
Does the card have an annual fee?
Yes, the card features a $36 annual fee, billed at $3 per month.
Can anyone apply?
Merrick Bank products are available in all 50 U.S. states and DC.
For more information, visit the Merrick Bank website and compare this card with other secured card options before making a decision.
Card features
Benefits as listed on the original card page. They can change; confirm details with the issuer.
- Choose your own credit line based on how much money you want to put down as a security deposit
- Initial deposits can be from $200 to $3,000. You can increase your credit line at any time by adding additional money to your security deposit, up to $3,000
- After 9 months, we review your account for a credit line increase. No additional deposit required!
- Secured Credit Cards are great for people looking to build or rebuild credit and are available to people with all kinds of credit backgrounds
- Unlike a debit card or a pre-paid card, it helps build your credit history. We report your payment history to all three major credit-reporting agencies
- Get your FICO® Credit Score for free each month
- Fraud coverage if your card is lost or stolen. Access your account 24 hours a day, 7 days a week. Get help staying on track with available Auto Pay and account alerts
- Card issued by Merrick Bank, Member FDIC
Who this card may suit
- You're looking to establish credit for the first time
- You have credit problems and need to bounce back with a secured card
- You want the chance of additional credit lines with an extra deposit
Rates, fees and terms
| Annual Fee | $36 for first year. Billed $3 per month thereafter |
|---|---|
| Regular Purchase APR | 22.70% Variable |
| Cash Advance APR | 27.70% Variable |
| Cash Advance Transaction Fee | Either $10 or 4% of the amount of each cash advance, whichever is greater |
| Foreign Transaction Fee | 2% of the transaction amount in U.S. dollars |
| Late Payment Penalty Fee | Up to $40 |
| Return Payment Penalty Fee | Up to $40 |
| Minimum Deposit Required | $200 |
Confirm before you apply: rates, fees and offers change often. The figures above are the ones listed on the original card page, not a current quote from the issuer. APRs are typically variable, and the rate you receive depends on your creditworthiness. Recommended credit: Good Credit Fair Credit Poor Credit.
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Merrick Bank Secured Credit Card
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