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Merrick Bank Secured Visa Card

Merrick Bank Secured Visa Card

Build Your Credit & Take Control of Your Finances

Merrick Bank Secured Visa Card
  • Regular Purchase APR 17.45% variable based on the Prime Rate
  • Cash Advance APR 22.45% variable based on the Prime Rate
  • Annual Fee $36 for the first year. Billed $3 per month thereafter
  • Credit Needed Poor , No Credit Required
  • Processing Network Visa
Best Benefits
  • Choose your own 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. You can increase your credit line at any time by adding additional money to your security deposit, up to $3,000
  • After 9 months, we review your account for a credit line increase. No additional deposit required
  • Get 100% U.S.-based customer service & get your FICO® Credit Score for free each month
  • Fraud coverage if your card is lost or stolen. Access your account 24 hours a day, 7 days a week. Get help staying on track with Auto Pay and account alerts
Rates & Fees
  • Regular Purchase APR: 17.45% variable based on the Prime Rate
  • Cash Advance APR: 22.45% variable based on the Prime Rate
  • Cash Advance Transaction Fee: Either $10 or 4% of the amount of each cash advance, whichever is greater
  • Annual Fee: $36 for the first year. Billed $3 per month thereafter
  • Foreign Transaction Fee: 2% of the transaction amount in U.S. dollars
  • Late Payment Penalty Fee: Up to $40
  • Return Payment Penalty Fee: Up to $40
  • Minimum Deposit Required: $200
Credit Card Deals
  • Complimentary EZ Mini Crunchies (60g) when you spend S$120 - Offer Expires on December 31, 2020 - See Details
  • 10% off museum entry - Offer Expires on December 31, 2020 - See Details
  • Save up to 55% on London theater tickets - Offer Expires on December 31, 2020 - See Details
  • Save an extra 10% on Tower of London access tickets - Offer Expires on December 31, 2020 - See Details
  • Save 5% with Alamo® at participating locations - Offer Expires on December 31, 2020 - See Details
  • Save 5% with Enterprise Rent-A-Car® at participating locations - Offer Expires on December 31, 2020 - See Details
  • Save an extra 5% on The Paris Explorer Pass - Offer Expires on December 31, 2020 - See Details
  • Save an extra 5% on The London Explorer Pass - Offer Expires on December 31, 2020 - See Details
  • Save an extra 5% when you purchase your Go Barcelona Pass - Offer Expires on December 31, 2020 - See Details
  • Save an extra 5% when you purchase your Go Bangkok Pass - Offer Expires on December 31, 2020 - See Details
  • View All Deals -

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Merrick Bank Secured Visa Card Review

Folks who have poor credit scores and no credit history often wonder what they can do to salvage (or build) their credit, as options are often limited; luckily, the Merrick Bank Secured Visa Card is a powerful tool designed specifically for consumers who want to begin the process of building or rebuilding their credit file.

Cardholders will be able to begin with a credit limit that ranges from $200 up to $3,000 (the initial credit line is based on your deposit, and is issued once your application is approved), and this credit limit will be automatically re-evaluated and updated periodically as you use your new card. Your account activity is reported to each of the three major credit bureaus – TransUnionEquifax, and Experian – so you will see your credit score rise when you display financial responsibility.

Related Article: What Are the Best Secured Cards for Rebuilding Credit?

Cardholders will enjoy a plethora of benefits that are standard on all cards from Merrick Bank, with the Secured Visa Card being no exception despite being a secured credit line. Each month, you’ll get an updated FICO® credit score issued online for free, as well as an automatic credit line review – no need to call.

Enjoy flexible payment options – via check, phone, or online – to help you make your payments on time each month, the easiest way to build and repair your credit score. Additionally, cardholders will benefit from free online and mobile account access, with account alerts and a paperless statement option.

Free financial education is available through the Merrick Bank website so you can get tips on how to budget and manage your money. Perhaps best of all, you will not be liable for unauthorized charges thanks to Visa® Zero Liability!

Related Article: What Are the Easiest Credit Cards for Bad Credit to Get?

For more information on secured credit cards, visit our Comprehensive Secured Card Reference Page, featuring the best-secured card offers, detailed advice, and tips to help you build your credit history.