Merrick Bank Secured Credit Card Review

Merrick Bank Secured Credit Card Review

If you’re looking to establish or rebuild your credit, the Merrick Bank Secured Credit Card may be a viable option for you. This secured card allows you to increase your credit limit by $200 after making timely minimum payments for the first seven months.

With credit lines ranging from $200 to $3,000, you have the flexibility to choose an amount that works best for your financial situation. Additionally, as you continue to improve your creditworthiness, you can increase your credit line by adding more to your security deposit, up to the maximum of $3,000.

In this way, the Merrick Bank Secured Credit Card helps build a strong foundation for a positive credit history. So, it can be a great tool for those looking to establish or improve their credit score. Keep reading to learn more about the features and benefits of this card.

Quick Highlights

• Choose your credit line based on how much money you want to put down as a security deposit.
• Initial deposits can be from $200 to $3,000 and can be increased at any time up to $3,000 by adding additional funds to the security deposit.
• After nine months, the account is reviewed for a potential credit line increase, with no additional deposit required.
• Available to people with all kinds of credit backgrounds who are looking to build or rebuild their credit.
• Unlike a debit card or pre-paid card, the Merrick Bank Secured Credit Card helps build your credit history by reporting payment activity to all three major credit-reporting agencies.
• Enjoy a free monthly FICO Credit Score and receive fraud coverage in the event of a lost or stolen card.
• Access your account 24/7 and stay on track with available Auto Pay and account alerts.
• Card issued by Merrick Bank, Member FDIC.

Rewards

This card doesn’t offer cash back, points, or miles.

Rate and Fee of Merrick Bank Secured Credit Card

• Introductory Offer: No current offer
• Annual Fee: $36 for the first year, then billed $3 per month.
• Regular APR: 22.70% variable
• Recommended Credit: No Credit History
• Intro Purchase APR: N/A
• Intro Balance Transfers APR: N/A

The Benefits of Merrick Bank Secured Credit Card

The Merrick Bank Secured Credit Card is one of the most popular options for people looking to build or improve their credit score. Here are some of the key benefits that make this card a great choice:

• The Benefits of a Merrick Bank Secured Credit Card: The Merrick Bank Secured Credit Card is one of the most popular options for people looking to build or improve their credit score. Here are some of the key benefits that make this card a great choice:
• Security deposit requirement: Unlike traditional credit cards, the Merrick Bank Secured Credit Card requires a security deposit to open the account. This deposit is fully refundable and acts as collateral for your credit line. By having a security deposit, Merrick Bank can offer this card even to individuals with low or no credit scores. You choose your credit line by setting your initial security deposit (minimum $200, maximum $3,000).
• Builds credit by reporting payment history: One of the main reasons people choose a secured credit card is to establish or improve their credit score. The Merrick Bank Secured Credit Card does just that by reporting your payment history to all three major credit bureaus: Equifax, Experian, and TransUnion. This means that every time you make a payment on time, it will be reflected in your credit report and help improve your score.
• Free monthly FICO score: As a cardholder, you will have access to your FICO score for free every month. This valuable tool can help you keep track of your credit progress and identify areas for improvement.

Additional Benefits

• $0 fraud liability: Merrick Bank takes customer security seriously, which is why it offers $0 fraud liability. This means that if your card is ever lost or stolen, you will not be held responsible for any unauthorized charges.
• Exclusive benefits and experiences: As a Mastercard customer, you will have access to exclusive benefits and experiences not available with other credit cards. This could include discounts on travel, entertainment, shopping, and more.
• Periodic credit line increases: Unlike some secured credit cards that require an additional deposit for a credit line increase, the Merrick Bank Secured Credit Card will review your account periodically and may offer a credit line increase without any additional deposit required. This can be a great way to demonstrate responsible credit behavior and improve your credit score even further.

Merrick Bank Secured Credit Card: Application and Approvals

Eligibility Criteria

While Merrick Bank doesn’t disclose a minimum credit score requirement for their secured credit card, it’s designed for individuals with limited credit history or those looking to rebuild their credit. Here’s a general guideline to consider:

• Minimum Age: At least 18 years old (19 in Alabama or Nebraska).
• Valid Social Security Number: Needed for application verification.
• U.S. Residency: Have a verifiable physical address within the United States.
• Income Verification: Be able to demonstrate sufficient income to make monthly payments on the credit card.
• Security Deposit: Provide a security deposit (minimum $200, maximum $3,000), which will determine your initial credit limit.

Application Process:

The application process for the Merrick Bank Secured Credit Card can be completed online and typically takes just a few minutes. Here’s a general overview:

• Visit the Merrick Bank website and locate the Secured Credit Card application page.
• Provide your personal information and income details, and choose your desired security deposit amount.
• Merrick Bank will review your application. This may involve a soft credit check, which typically doesn’t affect your credit score.
• You’ll receive notification of the application decision within a few business days.

Additional Points:

• Even if you have bad credit or a limited credit history, you may still be eligible for approval with a security deposit.
• Approval for the Merrick Bank Secured Credit Card is not guaranteed and may depend on various factors beyond your credit score, such as income and debt-to-income ratio.

Customer Service

• Helpline Number:  1-800-204-5936 / 1-800-253-4563
•   Official Website:  Merrick Bank

Conclusion

The Merrick Bank Secured Credit Card is a solid option for those looking to build or rebuild their credit history. By reporting your payment activity to all three major credit bureaus and offering a free monthly FICO score, this card allows you to track your progress as you build good credit habits. An additional perk is the security deposit flexibility. You choose your credit line by setting your initial security deposit (between $200 and $3,000). Plus, Merrick Bank regularly reviews your account for potential credit line increases without requiring additional deposits.

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