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$36
Annual fee
21.7%
Purchase APR (variable)
300
Recommended credit score
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
2 Comments
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?
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!
Cheers,
Joshua