Merrick Bank does not offer price protection on any of its cards. In general, credit card price protection allows eligible cardholders to receive a refund for the difference between an item’s original purchase price and a lower price advertised within the following 60 to 120 days. Coverage amounts and excluded items vary, depending on the credit card issuer.
Merrick Bank’s lack of a price protection benefit is not uncommon these days, as more and more issuers are choosing not to include the benefit on any of their credit cards. Recent advances in price-tracking technology have led to a dramatic increase in price protection claims, making the benefit too expensive for issuers to sustain.
Yes, Merrick Bank is a legitimate credit card company that issues real credit cards. It is a top 20 VISA credit card issuer with nearly three million customers, specializing in helping customers build, or rebuild their credit.
The Merrick Bank Classic Secured Credit Card (their most popular offering) is a good way to start building or rebuilding your credit, as it is open to applicants with Bad credit. It does have an annual fee ($36 1st yr, $0 after), which gets replaced by a monthly fee ($0 1st yr, $3 after) on your first account anniversary, but it only requires a minimum refundable security deposit of $200. Your deposit acts as your credit line and you can add to it whenever you like, up to the maximum amount allowed.
The highest credit limit for Merrick Bank is $3,000, for the Merrick Bank Secured Card. The actual credit limit for this card is determined by the amount a cardholder puts down for the card’s required security deposit, which starts at $200.
Merrick Bank does not disclose its highest credit limit for the unsecured Merrick Bank Credit Card. The card does set an initial credit limit ranging from $550 to $1,200 upon approval, though. The information on your application will determine where within the range your exact credit limit will be.… read full answer
Fortunately, the initial credit limit you receive with the Merrick Bank Credit Card may only be for the short-term, thanks to the card’s “Double Your Line” feature. After you use the Merrick Bank Credit Card and pay at least the minimum amount due on time for the first seven months you have the card, you’ll be eligible for the double credit line increase.
You can get a Merrick Bank cash advance at any ATM. To do so, just insert your card, then enter your PIN and choose the cash advance option. After that, enter the amount you want to withdraw and acknowledge the fee disclosure to receive the cash advance.
Cash advances come with high APRs: Depending on the card and your overall creditworthiness, the cash advance APR can be as low as 23.95% (V) or as high as 25.95% - 34.95% (V). There’s no grace period on a cash advance so interest starts accruing right away.
There is a cash advance fee: The fee for a cash advance is 4% (min $10). This is on top of any fees an ATM owner may charge.
Cash advances require a PIN: To use a Merrick Bank credit card for cash advances at an ATM, you will need a PIN. If you didn’t create a PIN when you applied for the card, you can request one by calling customer service at (800) 204-5936.
Ultimately, keep in mind that cash advances are really expensive. So, it would be best to avoid using your Merrick Bank credit card for cash advances, unless absolutely necessary.
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