Does Merrick Bank Secured Card graduate? This question is about the Merrick Bank Classic Secured Credit Card

Does Merrick Bank Secured Card graduate?

Answer Question Report Abuse

This question is about the Merrick Bank Classic Secured Credit Card

WalletHub, Financial Company

@WalletHub • 12/10/21 This answer was first published on 09/30/16 and it was last updated on 12/10/21.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

Permalink Report Abuse

Yes, the Merrick Bank Secured Card can graduate to a partially-unsecured account if you use the card responsibly for at least a year. After the first year, Merrick Bank will periodically review your credit line, and your limit may be increased without needing to add to your security deposit.

In addition to that, if you manage to keep a good payment history, they may "pre-approve" you for their unsecured offering. With that said, it's important to know that you will need to submit a separate application for the unsecured version. Your entire credit history will be pulled and that will result in a hard inquiry on your report and a possible dent in your credit score.

Answer Question

How do I get a Merrick Bank credit card limit increase?

You can get a Merrick Bank credit card limit increase by using your card and paying the bill on time for the first seven months you have one of Merrick Bank's unsecured credit cards. Your credit limit will automatically be doubled.

After that, Merrick Bank will review your account each year to decide if it's fit for an increase. You can improve your chances of qualifying for one by always paying your bills in...

read full answer

Do I need to pay a security deposit for the Merrick Bank Secured Card?

You need to fund a security deposit for the Merrick Bank Secured Card.

The minimum is $200, so you won’t have to temporarily sacrifice too much cash. You can also add to your deposit whenever you want, up to a total of $3,000.

read full answer

WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.

WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by a WalletHub user. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.

Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.

Ask a Question

140

Ask Question

Ask Your Question

WalletHub Transparency

We are committed to being fully transparent with our readers. Opinions expressed here are the author’s and/or WalletHub editors'. WalletHub editorial content on this page is not provided, commissioned, reviewed, approved or otherwise endorsed by any company. In addition, it is not any company’s responsibility to ensure all questions are answered.