No, you cannot do a balance transfer with Merrick Bank. The issuer does not allow balances from other issuers’ accounts to be transferred to any of its credit cards. In general, balance transfers allow you to shift high-interest debt from your current account to another issuer’s credit card and pay off the balance, presumably at a reduced interest rate.
Although Merrick Bank does not allow balance transfers with their credit cards, there are plenty of options from other issuers to choose from.
The objective of a balance transfer is to save money on interest. So, you will want a card with a low introductory APR on balance transfers. Just be sure to pay off the transferred balance in full before the introductory rate expires. Otherwise, the remaining balance will accumulate interest daily at the card’s regular APR.
You can find out how much a balance transfer card with a low intro APR will save you in interest charges by using WalletHub’s balance transfer calculator. This tool will also recommend credit cards that may help you save money and get out of debt faster.
The Merrick bank cash advance fee is 4% (min $10) per transaction, whichever is higher. A cash advance fee is a fee charged when using a Merrick Bank credit card for cash withdrawals at an ATM, via direct deposit, with a cash advance check, or in person at participating locations.
Bear in mind that when you do a cash advance, you will incur other costs in addition to the Merrick Bank cash advance fee. There’s a separate cash advance APR that applies immediately after you complete the transaction. The ATM owner may also impose additional charges.… read full answer
Your Merrick Bank cash advance limit will be a portion on your entire credit limit. Credit limits are individualized, so you can check it on your statement or by calling customer service at 800-204-5936. It's important to mention that cash advances are really expensive, so they should be avoided.
The Merrick Bank Secured Card grace period is at least 25 days, lasting from the close of the billing cycle to the payment due date. If cardholders pay their statement balance in full every month, Merrick Bank Secured Card will not charge any interest.
Keep in mind that you are not required to pay the entire balance by the due date. But if you decide to pay less than the full amount due, you will lose the grace period. The remaining balance and any new purchases on your Merrick Bank Secured Card will then start to accrue interest that compounds daily. To get a credit card grace period back, you will need to pay the statement balance in full for two consecutive months.… read full answer
It’s also important to note that grace periods do not apply to cash advances or balance transfers.
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