Info about Merrick Bank Classic Secured Credit Card has been collected by WalletHub to help consumers better compare cards. The financial institution did not provide the details.
The Merrick Bank Secured Card is a pretty good credit card for people with bad credit who don’t mind paying a small annual fee in order to begin rebuilding their credit. This Merrick Bank credit card has a $36 annual fee the first year ($0 after) as well as... show more
Upon approval, you'll have a credit line from $200 to $3,000 - it's up to you.
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Your performance is reported to the three major credit bureaus. You can reestablish and build your credit with your performance.
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Online management tools. You can manage your account online for free.
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Your security deposit funds are FDIC Insured.
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Based on an initial credit limit of $200, the initial available credit will be about $164 (based on a $36 annual fee) or about $152 dollars if you also choose to have an additional card.
Can't find what you are looking for? Submit your question about Merrick Bank Classic Secured Credit Card to our community. Editorial and user-generated content is not provided, reviewed or endorsed by the issuer of this card.
The Merrick Bank Secured Card accepts people with a 300+ credit score. This means that your chances of approval are high, even if you have bad credit.
You should note that while your credit score is an important factor, there are plenty of other things that will impact your chances of being approved for the Merrick Bank Secured Card, too. Some other key criteria include your income, existing debt load, number of open accounts, recent credit inquiries, employment status and housing status.
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.
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.
Yes, Merrick Bank is a legitimate credit card company. It issues both Visa and Mastercard credit cards, and it has nearly three million customers. This company is specialized in helping customers build or rebuild their credit.
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...
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.
Share your insights and review the Merrick Bank Classic Secured Credit Card
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37%
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11%
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7%
3.7
1,218 reviews
1,218 reviews
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Daniella @daniella2004_cgs
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5 Star Rating
Verified Customer
Very good card for building your credit especially if you a beginner.. Just have to remember to pay on time and never use more then 20% of your credit limit. Very happy I choose Merrick Bank secure Visa.
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Traci @tracirose14
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4 Star Rating
Verified Customer
Decent secured card for rebuilding credit. Better than the others I've tried. If you can qualify for the double your limit card, go for that one
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Calvert @calvert_stone
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1 Star Rating
Verified Customer
Had this card over 4 years and have yet to have a credit limit increased or receive my security deposit back I would not recommend this card.
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Jacar Bonhomme @DabossB
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1 Star Rating
If I could give 0 stars I would. I opened an account and they instantly took my security deposit. After a couple days thought and further research I decided to close account and go with US Bank (awesome card). March 25th I closed account. They told me 2 weeks for check. I was patient and waited a little over a month. I called to see what was going on and they initiated an investigation and I’d hear back in 48hrs. Still waiting on check & it’s now May 5th. They now claim the check was sent April 29th which means I should receive between now & next couple days. Only problem is they say it’s 30 days from time they send it - so May 30th. What postal service operates on such turnaround other than international. I’ve started a BBB claim and everything. Every time I get on the phone with these people it’s a different story, a different time frame. If you plan on getting this card don’t plan on getting your deposit back. They hold it hostage!
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Lesa Renee' Crumpler @lesai_1
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5 Star Rating
Verified Customer
One of my first steps to building my credit . It was great that they doubled my $700 limit after 7 months of paying the minimum balance each month and no late charges.
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tiarakc @tiarakc
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1 Star Rating
I just closed my account. I signed up 7 months ago and was incised by the double your line incentive. I paid each month as soon as I received the email letting me know my statement was ready. Apparently I missed that email in October so it was paid when I received the next email (which made that payment and all future payments a few days late). I had no idea as no one ever contacted me. I noticed my balance was higher than I expected this month so I called to inquire about it and that said it was due to all the late fees. They agreed to waive one but all others would stand and I accepted that but they also said I was not eligible for the double Your line because my payments were made more than 30 days late. I stated they were not 30 days late, the latest was 6 days and they said they "consider it" 30 days late because it was more than 30 days from the previous statement. If it's considered 30 days late if it's paid more than 30 days from the previous payment - that means late at all is considered 30 days late which is insane. I don't understand how something can be "considered" 30 days late - it is 30 days late or it isn't. I will never do business with Merrick Bank again.
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Abel @abel_infante
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4 Star Rating
Verified Customer
Love this card it was my first real credit card secured but my first I am building my credit back up thank you for the opportunity it’s been a real roller coaster ride because I was never tough about credit again thank you
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Sonja @pennellsonja
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5 Star Rating
Verified Customer
Best card to use to build credit yesss
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Jerome @jeromey_3
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5 Star Rating
Verified Customer
It's a great card, good customer service, great mobile app, eat to apply, they monitor your veggie, you receive credit scores from all 3 credit bureaus
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Terri @terrig_36
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5 Star Rating
Verified Customer
it has been there for me in everyday expenses and in a tight spot. Would recommend to all my family and friends, and do. They also have fraud alert.
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