What Customers Are Saying About The Merrick Bank Secured Visa From Merrick Bank
The Merrick Bank Secured Visa® from Merrick Bank gets fair to good reviews from its cardholders, with many customers claiming the bad reviews are coming from people who dont 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.
Menards Big Credit Card
Menards has been one of the leading stores for home improvements for over five decades now. Many people rely on this store for their home improvement needs where they spend thousands of dollars. The Menards Big Card is designed to help all the Menards loyalists to get more rewards from making their purchases in the store and a few other selected gas stations. The card offers different types of rewards from cash back to in-store financing making it a very valuable tool especially if you tend to do a lot of home improvement.
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If you applied , your score may not be high enough to get approved. If your credit score is preventing you from qualifying for this card, we strongly recommend signing up for a fast, free consultation. One of our friendly Credit Repair specialists can help you determine if you can boost your score , so you can get approved!
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What Are Double Your Line Platinum Card Benefits
This is an unsecured credit card that comes with a high starting maximum credit limit, which not many cards of this type provide. Users can basically choose their own credit limit at the beginning. Every 7 months, the credit limit is doubled automatically if youve made all of the minimum payments on time. It also comes with several other benefits:
- Free monthly FICO score checks: Every cardholder has a free FICO score check each month. They can do the check through their accounts.
- Online account: The online account gives valuable information and insights in your balance, spending, and allows you to perform all important actions.
- Different payment options: You can make payments through the online account, via a phone call, or check.
- No payment fees: The card has no payment fees.
- Monthly reports to credit bureaus: All of your monthly activity will be reported to the three major credit bureaus.
- Fraud liability protection: You arent accountable in case your card gets stolen or is abused by someone.
Merrick Bank Double Your Line Secured Visa Credit Card
The Merrick Bank Double Your Line Secured Visa® Credit Card gives you the opportunity to double your line of credit if you can successfully make on-time payments for the first seven months after opening the card account. Building a record of on-time payments will also help you establish a positive credit history and boost your credit score.
To use the Double Your Line card to help build your credit, start by making a $200 security deposit, which will become your initial line of credit. Then, if you make at least the minimum payments on your credit card on time during your first seven months as a cardholder, Merrick will double your credit line to $400.
The Merrick Bank Double Your Line Secured Visa charges a $36 annual fee for the first year and then charges $3 per month after that first year. Cardholders also pay a $40 fee for every late or returned payment, which is another reason to make as many on-time payments as possible.
If you carry a balance on your Merrick Bank Double Your Line card, your interest rate will be a variable 17.45% APR.
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Merrick Credit Cards Information You Need To Know
The functions of each card are different, but some functions are applicable to all Merrick Bank credit card holders. The cardholder can use the Merrick Bank credit card to make purchases and withdraw cash from the ATM. The annual fee for the first year will be used for the balance of the card, so the fee can be reduced to the amount of credit available to you. Merrill Lynch reports credit card activities to all three major credit institutions. If you try to build or rebuild your credit, it’s good – as long as you pay in time, you don’t accumulate a large balance. Cardholders can use online and mobile accounts free of charge. They are also liable for the fraud of $0 on unauthorized charges.
The fixed annual cost of the VISA card guaranteed by Merrick Bank is about the average value of the card, but as long as there is no annual fee guarantee card, it is still too expensive at $36. Especially when you think the cost will be assessed after opening an account, if you have a deposit of $200, you can start at $164. After the first year, the annual fee will be charged to you by monthly installments of $3.
Merrick Bank Secured Visa Vs Bankamericard Secured Credit Card*
The BankAmericard® Secured Credit Card helps establish, rebuild, and strengthen your credit history. It requires a minimum refundable security deposit of $300 to open your account. There is a maximum security deposit and credit limit of $4,900, as determined by a combination of your deposit, income, and ability to pay.
Every month, your free FICO score updates and is available online and through the mobile app. As your credit history builds, Bank of America will periodically review your account. Based on your overall credit history, you may qualify to have your security deposit returned.
You can sign up for account alerts via text or email for when payments are due and payments are made. Plus, you can access your account online and through a mobile app. You may link your secured credit card to your Bank of America checking account for overdraft protection. In addition, the bank offers a $0 liability guarantee for fraudulent transactions. Although this card does have a 3% foreign transaction fee, there is $0 annual fee.
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How To Apply For Merrick Bank Double Your Line Platinum Visa Credit Card
- Visit the Merrick Bank Double Your Line Platinum Visa® Credit Card website.
- Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, and annual income.
- Check the information is accurate and submit your application.
If your credit score is preventing you from qualifying for this credit card, check out our guide for the best credit cards for bad credit.
Merrick Bank Double Your Line Platinum Visa® Credit Card DisclosureSuperMoney DisclosureEditorial Disclaimer
Merrick Bank Secured Visa Vs Capital One Platinum Secured Credit Card
The Capital One Platinum Secured Credit Card is meant for consumers that want to build their credit. It requires a refundable security deposit of $49, $99, or $200 depending on an applicants creditworthiness to receive an initial credit line of $200. Applicants who are able to deposit more money upfront can receive a higher credit line. An automatic credit line review will have your account considered for a higher credit line in as little as six months.
You can pick your own monthly due date, establish autopay, and set personalized email or text reminders of account alerts.
There is $0 annual fee and no foreign transaction fees.
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How To Apply For A Credit Card
- Knowing your credit score and what’s on your credit report can help you determine what products to apply for. If you have fair credit, for example, you may not want to apply for a card that clearly states that only applicants with excellent credit will be approved.
- If you don’t have good credit, you may find it difficult to get approved for a card with a large sign-up bonus and a lucrative reward structure. Each credit card application ends up on your credit report, so the Nerds recommend using our credit cards comparison tool to find a card that fits your credit profile before applying.
- If the card allows balance transfers, you may request to have balances transferred from other credit card accounts to the new card.
- To apply for a credit card in the US, youll need a valid Social Security number and a positive credit history. The best rewards credit cards may require at least three to five years of good credit history, and some more than seven.
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Merrick Bank Card Features
- High interest rate For the secured card, the APR will be between 17.45% and 29.70% with a cash advance APR up to 34.70%. For the unsecured card your interest rate will be 17.45%.
- Account set-up fee for the unsecured card ranges from $0 to $75 for the first year. Combined with the annual fee, this immediately puts a balance of $147 on your card before you use it. There are no account set-up fees for the unsecured cards.
- Annual fee for the unsecured card is between $0 and $72. After your first year, youll be billed $1 to $6 per month thereafter. For the secured card, the annual fee is a more reasonable $36 per year, billed at $3 per month thereafter.
- Additional card fee of $0 to $12 per additional card, per year, which is billed $0 to $1 monthly after the first year. For the secured card, this fee is a flat $12 per year.
- Most Merrick Bank cardholders report frequent credit limit increases and a high starting limit, even with poor credit and a past bankruptcy.
- Lenient requirements These credit cards are very easy to qualify for, even shortly after bankruptcy. Be aware that you may qualify for the card with a very high annual fee and account set-up fee if your credit score is very low.
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Double Your Credit Line In Seven Months
The main selling point of the Merrick Bank Platinum Card is the chance to double the credit line in as little as seven months after opening an account. During the first seven months from account opening, all cardholders need to use their card and make at least the minimum payment on time every month. After that, cardholders receive a double credit line increase automatically.
Thanks to the Double Your Line feature, new account holders can watch their credit line jump to up to $2,700 in less than a year significantly helping to lower their . And, because Merrick reports to all three major credit reporting agencies every month, on-time payments can help their credit score improve significantly over time.
Merrick Bank also conducts account reviews regularly after the first year, with cardholders receiving a credit limit increase if they qualify. These features create an unsecured credit card product that grows with you on your credit journey instead of holding you back.
Merrick Bank Credit Card
Merrick Bank is an online lending agency based in Utah that specializes in credit card and ship/car financing. It’s interesting, but Merrick Bank’s Visa card doesn’t attract your attention. Don’t get us wrong. It’s not a bad card. It’s just a bluff, moderately priced choice with competitors, cheap and exciting.More specifically, Merrick Bank Guarantee Card requires deposits of at least $200. Over time, deposits can increase by up to $3,000, with a total annual cost of $36. You just need to know that. Merrill Lynch also has relatively low regular April and 2% foreign exchange transaction costs, but both can be easily avoided – always paying your bills in full and avoiding international purchases.
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Merrick Bank Platinum Visa Credit Card Overview
While the standout feature of the Merrick Bank card is the ability to easily double your credit limit, there are better options for those with poor to fair credit. The card is worth a look if you are in need of rebuilding your credit, but with annual fees, set-up fees, and a high APR, its a card that should largely be avoided. Card Rating*:
*Card Rating is based on the opinion of TPGs editors and is not influenced by the card issuer.
This page includes information about the Discover it Secured that is not currently available on The Points Guy and may be out of date.
Credit cards that are intended to help individuals build or repair credit often have the most fees and highest APR rates. Thats because the banks that issue these types of cards are taking on more risk in the event that you are unable to pay off your balance.
Utah-based Merrick Bank is no exception, with its Platinum Visa card . If used correctly, its a card that can materially help in fixing damaged credit but it comes at a potentially serious cost.
Lets look a little more into the details of the Merrick Bank credit card to see if it might make sense for you.
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The information for the Merrick Bank Platinum Visa Credit Card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Merrick Bank Double Your Line Platinum Visa Credit Card
The Merrick Bank Double Your Line Platinum Visa® Credit Card’s distinguishing featurestrue to its nameis that its credit line will double if you make at least your minimum payment for the first seven months your account is open. For example, if you start with an initial credit line of $500 and you make make seven on-time minimum payments, then your credit line may increase to $1,000. This can lower your , which has a positive effect on your credit score.
The Merrick Bank Double Your Line Platinum Visa® Credit Card comes with a lot of fees for a card that has little to offer outside of credit building. These include:
- A one-time setup fee of up to $75
- An annual fee of up to $0 – $72 for the first year, and up to $8 per month thereafter
- Up to $12 per additional card
Because of these high upfront costs, the Merrick Bank Double Your Line Platinum Visa® Credit Card falls into the category of cards known as “fee harvesters,” which are typically aimed at consumers with limited access to credit cards. That’s not to say that the Merrick Bank Double Your Line Platinum Visa® Credit Card can’t help you build credit. But you’ll be better off with a secured card with no annual fee like the Capital One Platinum Secured Credit Card.
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How Credit Cards Help You To Get A High Credit Score
In the present age where your credit score is the most important thing to get a desirable job, a good loan on beneficial terms, or a favorite place to live in. You should consider good options that can make your credit score strong enough to meet these needs.
Whether you are building your credit score from scratch or trying to rebuild it, Credit Cards are one the best solutions to have. As these cards come up with high credit scores also save you from bankruptcy.
All you need to choose is the right card depending on your needs and show responsible behavior by paying monthly bills on time, keep your credit utilization below 30%, always seek for high credit-line, be an authorized user of your credit card, carefully fix your credit report errors, try not to sign up for multiple credit accounts and go for secured credit cards.
After careful research, we have found some useful credit cards that can help you to build your credit history from scratch and be able to repair it. Also, get you a high credit score with unlimited cash rewards while enjoying low-interest rates.
Capital One Credit Cards
Capital One credit cards are well-known for every good reason. As they are able to satisfy people with any financial need. Also, they are known as Fee Aversing credit cards as there is no foreign transaction fee or no to low annual fee on almost every capital one credit card. They are so manageable while travelling abroad or doing online shopping.
Capital One Platinum Credit Card
Merrick Bank Secured Visa Vs Discover It Secured Credit Card
Consumers can build their credit with the Discover it® Secured Credit Card. Upon approval, youll deposit an amount equal to your credit line, up to a maximum of $2,500. Payment behavior is reported to all three major credit bureaus to build your credit history. Starting at seven months, your account will receive automatic monthly reviews and with responsible payment behavior your credit card may be converted into an unsecured card.
Beyond the opportunity to build your credit, this secured credit card offers several other benefits. With this card youll earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases. Plus, all cash-back rewards are matched automatically at the end of your first year as a cardholder. Your cash back never expires and you can redeem your rewards for cash in any amount and at any time. Youll also receive your FICO credit score for free on your monthly statements, online and in the mobile app.
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Merrick Bank Secured Visa From Merrick Bank Benefits
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.
- Reports to major credit bureaus.This helps you develop healthy credit more quickly.
- Reasonable security deposit.Youll have 30 days to fund a deposit of as low as $200, which is FDIC insured.
- Low foreign transaction fee.Compared with other secured cards, 2% is reasonable for overseas spending.
- Free monthly FICO® Score.Monitor your score while you repair your creditworthiness through monthly updates on your progress.