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Merrick Bank Secured Credit Card review

A simple secured card to rebuild your creditworthiness.

  • Get this card if: you really want a credit-building card that isn’t secured.
  • Pick something else if: you qualify for a solid unsecured or secured credit-building card.
  • Apply with a poor credit score of 300 or higher.
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Annual fee


Purchase APR (variable)


Recommended credit score


Annual fee$36
Annual fee conditions$36 annual fee the first year. Billed $3 per month thereafter, $36 total annually.
Welcome offerN/A
Purchase APR21.7% variable
Balance transfer APRN/A
Minimum credit score300
Apply now

Review by

Steven Dashiell is a senior personal finance writer at Finder, specializing in all things banking and credit cards. With more than 300 articles under his belt, he aims to help readers embrace credit cards and maximize their banking rewards. Steve is studying to become a Certified Educator in Personal Finance, and is a frequent face on Finder’s YouTube channel, offering the latest in credit card hacks and advice. His expertise has been featured in U.S. News & World Report, Time, CBS, Fox Business, Lifehacker, Martha Stewart Living, among other top publications.

Expert review

The Merrick Bank Secured Credit Card is a simple card that doesn’t come with perks like a low intro APR or rewards. But it can offer you a solid opportunity to rebuild your credit with no set-up fees.

Your security deposit becomes your credit limit, and Merrick Bank reports on-time payments and other details to all three major credit bureaus. You can also use it to build up to a Merrick Bank unsecured card.

How to apply for Merrick Bank Secured Credit Card

Because your line of credit is based on the security deposit you put down with your application, you won’t need a strong credit score for approval. However, if you have any pending bankruptcy filings or outstanding tax obligations, you may have to look elsewhere.

You must be at least 18 years old to apply for the Merrick Bank Secured Credit Card and willing to provide your Social Security number, date of birth, annual income and monthly rent or mortgage payment.

  1. Go to Merrick Bank’s website and find the Merrick Bank Secured Credit Card. Click Apply Now.
  2. Choose a card design and complete the application form with your personal contact information. Click Continue to next step.
  3. Merrick Bank will walk you through the remaining steps, which include providing your financial information, e-signing your forms, reviewing the terms and conditions and funding your security deposit.
  4. Confirm the information you’ve provided and submit your application.

How long will it take to be approved?

You may have to wait up to six weeks for Merrick Bank to process your application and security deposit. If accepted, you’ll receive a letter within six weeks.

Merrick Bank Secured Credit Card benefits

If you have poor or no credit, a secured credit card can help you build or rebuild your credit. Your initial line of credit is based on your security deposit, opening up the ability for you to re-establish your credit through responsible everyday spending.

  • Reports to major credit bureaus.
    This helps you develop healthy credit more quickly.
  • Reasonable security deposit.
    You’ll have 30 days to fund a deposit of as low as $200, which is FDIC insured.
  • Low foreign transaction fee.
    Compared with other secured cards, 2% is reasonable for overseas spending.
  • Free monthly FICO® Score.
    Monitor your score while you repair your creditworthiness through monthly updates on your progress.

Merrick Bank Secured Credit Card drawbacks

Because Merrick Bank reports to the three major credit bureaus, you can boost your creditworthiness quickly. But you’ll want to consider a few drawbacks when weighing whether to apply.

  • Annual fee.
    It’s not uncommon to pay a fee for a secured card, but you may be able to find a card without one, like the Capital One Platinum Secured Credit Card.
  • Deposit required with application.
    You’ll submit your deposit before approval, which means you’ll need to plan to be without this cash for up to six weeks even if you’re not approved.
  • Higher APR for advances.
    Cash advances come with a higher 26.7% variable APR.
  • No automatic upgrade to secured.
    Some providers offer an upgrade to an unsecured card to reward you for improving your credit. Merrick Bank does not.
  • No rewards.
    You won’t get points or cash back with this card.

I got the card. Now what?

You’re on your way to rebuilding your overall credit history and financial health. Here are some important tips to help making your payments a little easier.

  • Manage your account online. Set up an online account to monitor and stay on top of your spending. Consider setting up autopay to guarantee on-time payments.
  • Avoid unnecessary interest. After the close of each billing cycle, you have a grace period of 25 days to pay your balance. If you do, you won’t pay interest on your purchases.
  • Avoid fees. Returned payments come with hefty fees of up to $40. Balance transfers, cash advances and foreign transactions also come with fees.
  • Contact customer service. If you have questions, you’re limited to calling Merrick Bank at 800-204-5936.

What customers are saying about the Merrick Bank Secured Credit Card

The Merrick Bank Secured Credit Card gets fair to good reviews from its cardholders, with many customers claiming the bad reviews are coming from people who don’t understand how credit works. Merrick Bank Corporation gets and A+ from the Better Business Bureau and 3.5 stars out of 5 from Consumer Affairs.

Compare secured credit cards

If this card doesn’t fit your financial needs, compare other secured card. Consider factors such as annual fee, security deposit, APR rate and if the card comes with additional perks you’ll use.

1 - 3 of 15
Name Product Filter values Minimum deposit required Annual fee Minimum credit score
Capital One Platinum Secured Credit Card
Finder Rating: 4.4 / 5: ★★★★★
Capital One Platinum Secured Credit Card
$49, $99 or $200
New to credit
A no-annual-fee secured card that separates itself from the pack with a $200 credit limit after making a more affordable than average deposit of $49, $99 or $200.
First Progress Platinum Select Mastercard® Secured Credit Card
First Progress Platinum Select Mastercard® Secured Credit Card
Starting at $200
No minimum credit score and no credit history required.
First Progress Platinum Prestige Mastercard® Secured Credit Card
Finder Rating: 3.6 / 5: ★★★★★
First Progress Platinum Prestige Mastercard® Secured Credit Card
Starting at $200
Build or rebuild your credit with this secured card.

Compare up to 4 providers

Bottom line

If you’re looking to build or improve your credit score, the no-frills Merrick Bank Secured Credit Card could help with regular reporting to the three major credit bureaus if you use your card responsibly and make on-time payments and keep your credit utilization ratio low.

If this card doesn’t suit your needs, compare other secured cards to find one that works for you.

Frequently asked questions about Merrick Bank

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    Default Gravatar
    October 14, 2018

    Can can I raise my Security deposit from my initial application at any time? In order to raise my credit limit on my secured Merrick visa card?

      Avatarfinder Customer Care
      October 18, 2018

      Hi K,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      Yes, you can choose how much security deposit you would like to give during your initial application. The higher your security deposit, the higher your credit limit would be. The security deposit can range from $200 to $3,000.

      Please note that before you can raise your security deposit after the initial application, you would have to wait a maximum of six weeks since it will also take about six weeks for Merrick Bank to process and approve your application.

      Please review the criteria, details of the credit card, and its conditions, then contact the provider directly to discuss your options and eligibility.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!


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