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Merrick Bank Secured Credit Card
Merrick Bank Secured Credit Card
- 22.70% Variable Regular Purchase APR
- 27.70% Variable Cash Advance APR
At a Glance
The Merrick Bank Secured Credit Card is an effective tool for boosting your credit score. The card features a very competitive APR on purchases, a modest annual fee of $36, and the chance at credit limit increases – without the need for any additional cash deposits.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 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!
- Secured Credit Cards are great for people looking to build or rebuild credit and are available to people with all kinds of credit backgrounds
- Unlike a debit card or a pre-paid card, it helps build your credit history. We report your payment history to all three major credit-reporting agencies
- 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 available Auto Pay and account alerts
- Card issued by Merrick Bank, Member FDIC
- Regular Purchase APR: 22.70% Variable
- Cash Advance APR: 27.70% Variable
- Cash Advance Transaction Fee: Either $10 or 4% of the amount of each cash advance, whichever is greater
- Annual Fee: $36 for 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
- You're looking to establish credit for the first time
- You have credit problems and need to bounce back with a secured card
- You want the chance of additional credit lines with an extra deposit
Orlando Magic Credit Card
Orlando Magic Credit Card
- 23.70% to 29.95% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 28.70% to 34.95% variable based on creditworthiness and the Prime Rate Cash Advance APR
At a Glance
The Orlando Magic Credit Card is a basic cash back rewards credit card from the NBA’s Orlando Magic and Merrick Bank. The card earns an unlimited 1.5% cash back on all purchases, with special savings on select purchases at the Amway Center.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn unlimited 1.5% cash back on all purchases
- Enjoy 10% off at the Magic Team Store in the Amway Center
- Enjoy 10% off select food and drink concessions at Amway Center
- Regular Purchase APR: 23.70% to 29.95% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 28.70% to 34.95% variable based on creditworthiness and the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 4% of the amount of the cash advance, whichever is greater
- Annual Fee: $0 to $48 for the first year, billed $0 to $4 per month thereafter
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: $0
- Over Limit Penalty Fee: $0
- You live in or around Orlando, FL
- You love the Magic and attend games often
- You want a basic cash back credit card
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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 3 credit cards: a Mastercard and two versions of a Secured credit card. 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
- A 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 Credit Card a Good Card?
Whether or not one of these 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 credit card 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 Mastercard. 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.
- The highest credit limit for Merrick Bank is $3,000, which is the maximum security deposit on the Merrick Bank secured credit cards.
- Merrick tries to offer instant, or near-instant decisions on their credit card applications.
- Merrick Bank offers credit cards for near-prime and subprime credit scores. The minimum credit score for a Merrick Bank secured card is 300.
- Usually between 7 to 10 business days, but you can request expedited shipping on a Merrick Bank credit card after approval by calling (800) 204-5936.
- Merrick Bank ships cards from the following address:
Merrick Bank P.O. Box 660203 Dallas, TX 75266-0203
1-833-842-7900
- Yes, you may have multiple Merrick cards, though each card will require a new application.
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!
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