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Merrick Bank Credit Cards

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Date Reviewed: September 16, 2019

Merrick Bank Secured Visa Card

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
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  • View All Deals -

 

 

Where is Merrick Bank Located? 

Merrick Bank is an online financial institution headquartered in Utah. It’s also worth noting that Merrick is in the works to become a part of Ally Bank, after Ally Financial announced its purchase of the parent company, CardWorks, in early 2020.  

About Merrick Bank Credit Cards 

Since its founding in 1997, this bank has been focused on helping consumers build and rebuild credit. To fulfill this mission, Merrick currently offers 2 credit cards: a Platinum Visa and a Secured Visa. According to MerrickBank.com, roughly 3 million consumers hold one of these credit cards, amounting to over $5.3 billion in credit 

Card Features 

As outlined on the bank’s website, Merrick specializes in credit building resources. For one thing, these cards report to all three major credit bureaus. They also come with features like: 

  • Free monthly access to your FICO score through goScore 
  • Complimentary financial education resources on everything from budgeting to building credit 
  • Flexible payment options for those who have a preference for paying by check, over the phone, online, or through the Merrick Bank app 
  • Periodic credit limit increases 
  • zero-liability policy for any unauthorized use of your card 

When compared with other platinum and secured credit cards, the biggest standout feature among these is the educational aspect. These tools, coupled with responsible credit use can help just about anyone turn their credit around or establish their score for the first time.  

Is a Merrick Bank Visa a Good Credit Card? 

Whether or not one of these Visa cards is right for you depends on how you plan to use it. If your main goal is to raise your credit score, the Platinum or Secured can help. You won’t find any Merrick Bank credit card rewards, but these cards are easier to apply for than many of their reward-earning alternatives. On the other hand, both of these credit-building cards report high APRs, which can become an issue if you frequently carry a balance. 

How to Apply for a Merrick Bank Credit Card 

Of the two cards offered, it seems only the Secured Visa requires you to fill out a Merrick Bank credit card application, which you can do online. The other is an offer-only card, meaning you’ll receive a certificate in the mail prequalifying you for the Platinum Visa. If you want to accept the offer, you simply provide your certificate number and contact information in the online form. 

How Often Does Merrick Bank Increase a Credit Limit? 

According to the card description on the website, cardholders undergo periodic review for credit limit increases. This applies to both the platinum and the secured card offer. Not much information is provided about the frequency of these reviews, or the size of each increase.  

If you’re wondering “Can you request a credit limit increase with Merrick Bank?” there’s nothing on the site that expressly says you can’t. However, it does say that there’s no need to contact Merrick Bank customer service, as it performs these account reviews automatically. 

Find the Credit-Boosting Card for You 

Whether you’re interested in a Merrick Bank card or another option for building credit, we have resources that can help. You can explore reviews on dozens of cards for bad credit to find just the right terms for your financial needs. If you need a little credit card advice, we’ve got that too. Let us help you find your best card today!