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.
MoneyGeek’s Take
Merrick Bank Secured Credit Card Review
Updated: October 23, 2024
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Merrick Bank Secured Credit Card
On Issuer's Site
APR
22.70% variableMin. Security Deposit
$200Annual Fee
$36 the first year. Billed $3 dollars per month th...Recommended Credit
(No Credit History)Moneygeek.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
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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.
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.
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.
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
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
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?
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.
About Doug Milnes, CFA
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.
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.
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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.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.