Always Standard On All Merrick Cards
goScore is a complimentary benefit available online to all Merrick Bank customers. With goScore, you can get your updated FICO® Score for free each month when it is provided to us from the credit bureau.
Visa’s Zero Liability policy is our guarantee that you won’t be held responsible for unauthorized charges made with your card or account information.
Access your account online in our free Cardholder Center. Its available 24/7 whenever it’s convenient for you. Use our goMobile app, or your desktop or tablet.
Simply paying on time helps you build your credit. We provide you with a choice of payment options so you can pay the way that’s most convenient for youvia check, phone, or online.
Who Is Merrick Bank Best For
Merrick Bank is going to work best for customers who are looking to get a credit card or loan despite a lackluster credit history. It will especially appeal to customers who:
- Want to build their credit history
- Do not need to pair their general banking needs with their lender or credit card issuer
- Are comfortable with an online-only banking experience
What Does Merrick Bank Offer
This institution only offers a few of the products and services you might expect from a bank. These include:
- Online banking experience
Merrick Banks CDs offer a higher-than-usual rate compared with the national average for CDs. However, the minimum deposit to open a CD is a steep $25,000, which may put this product out of reach for many potential customers.
You can purchase a CD in any one of the following terms:
|Merrick Bank CD Rates|
Merrick Bank also levies a fairly stiff penalty for early withdrawal. CDs with a term of 364 days or less will pay 90 days of interest. CDs with a term of 365 days to 1,459 days have an early withdrawal penalty of 180 days’ interest. And CDs with a term of 1,460 days or more have a penalty of 270 days’ interest.
Customers have access to two credit cards through Merrick Bank: the Platinum Visa and the Secured Visa.
- Platinum Visa The Platinum Visa was created to help you establish or rebuild your credit. This cards big claim to fame is the fact that Merrick Bank will regularly review your account to increase your credit line.
- Secured Visa The secured card only has a $200 minimum deposit, which is similar to other secured cards on the market. You also have the option to add to your deposit over time, up to $3,000, thereby giving you more purchasing power.
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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 17.70% APR.
Chip Lupo Credit Card Writer
The highest credit limit for Merrick Bank is $3,000, for the Merrick Bank Secured Card. The actual credit limit for this card is determined by the amount a cardholder puts down for the cards required security deposit, which starts at $200.
Merrick Bank does not disclose its highest credit limit for the unsecured Merrick Bank Credit Card. The card does set an initial credit limit ranging from $550 to $1,200 upon approval, though. The information on your application will determine where within the range your exact credit limit will be.
Fortunately, the initial credit limit you receive with the Merrick Bank Credit Card may only be for the short-term, thanks to the cards Double Your Line feature. After you use the Merrick Bank Credit Card and pay at least the minimum amount due on time for the first seven months you have the card, youll be eligible for the double credit line increase.
You can increase your Merrick Bank Secured Card limit:
- at any time by adding money to your security deposit, but no more than 3000$
- through regular account reviews, which can grant you credit line increases without the need for an additional deposit.
The is available to people with bad credit, but only people who have been pre-qualified can apply. If you havent already received a pre-qualified offer from Merrick Bank by mail, you can check if youre pre-qualified read full answeronline.
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What Is Merrick Bank
Merrick Bank is a bank and credit card issuer that specializes in helping people build their credit. Nearly 3 million cardholders have a Merrick Bank Visa, and Merrick is recognized as a top-20 issuer of Visa cards. Like most major financial institutions, Merrick Bank is FDIC-insured.
Merrick Bank reviews are predominantly positive, with consumers noting that the company provides helpful customer service and that Merrick makes it easy to pay credit card bills. Negative Merrick Bank reviews focus on higher-than-average APRs and a lack of support during the COVID-19 pandemic. Trustpilot gave Merrick Bank an Excellent rating, awarding the bank 4.7 out of 5 stars, and the Better Business Bureau gave Merrick an A+ ranking.
Comparing Credit Cards To Other Forms Of Payment
While credit cards allow you to borrow money to cover purchases, debit cards withdraw funds directly from your bank account at the time of purchase. Credit cards require you to keep track of balances, make on-time payments , and be responsible for paying down your debts, but they also give you the added benefit of building credit and the convenience of carrying a balance when needed. Perhaps most importantly, , allowing you to review all charges for mistaken or fraudulent activity before you pay for them with your personal funds. With a debit card, you may be without your stolen funds while you work with your bank to prove that youve been a victim of fraud. This can be difficult if you need that money for other living expenses.
Even though prepaid cards often carry the same network names as credit cards , they are completely different in how they work. Again, your credit card lets you borrow and repay money on credit. A prepaid card, on the other hand, lets you load money onto a card before spending it at the storeits extremely similar to using cash. While they offer similar convenience in how and when you can use them, prepaid cards have no impact on your credit and dont offer the protections of reviewing and approving charges before paying for them with your own money.
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Fees To Watch Out For
The Double Your Line Secured Card charges a $36 annual fee, which you must pay upfront the first year. After that, you’ll be charged $3 per month for ongoing use of the card. In the first year, this fee is billed at once after that, it’s billed at $3 per month. The card also charges 2% for foreign transactions and up to $40 for late payment fees.
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Message From Merrick Bank
Merrick Bank is proudly owned by CardWorks- a financial servicing company that helps bankcard issuers across the United States reduce their risk, increase their profitability, and support their customers. Merrick Bank has been here for more than 23 years and CardWorks has been around for more than 30 years. Were focused on the long term and excited about the future.
If you’ve received an offer from us, it means your credit profile met our standards and qualified you for an offer. Merrick Bank Helps Customers Build and Rebuild Their Credit. Work toward a positive credit history with all three major credit bureaus. Your account will be regularly reviewed for credit line increases.Access your key account features from any device. Check your balance, make a payment, set up email alerts, and more. If you’ve received an offer from us, it means your credit profile met our standards and qualified you for an offer. Merrick Bank Helps Customers Build and Rebuild Their Credit. Work toward a positive credit history with all three major credit bureaus. Your account will be regularly reviewed for credit line increases.Access your key account features from any device. Check your balance, make a payment, set up email alerts, and more.
Merrick Bank Credit Card Fees And Aprs To Keep In Mind:
The Merrick Bank Credit Card comes with an annual fee of $0 – $72 1st yr, $0 after, depending on your credit standing. The card may also charge a one-time fee, as well as a monthly fee. Plus, this cards APR on purchases can be as low as 20.95% and as high as 29.95% , once again, depending on your overall credit standing. Youll be able to see all of the details once you receive a pre-qualified offer. You can read the terms over before deciding to apply.
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Who Is This Card For
While Merrick Bank serves three million cardholders, it isnt the most well-known institution out there. Thats because it caters to a specific niche. According to Merrick, it specializes in credit programs that assist people looking to build or rebuild their credit.
That essentially means the Merrick Bank Platinum Visa card is meant for individuals who have bad to fair credit and are looking for concrete steps to improve it. Since this is an unsecured credit card, you dont need to put down a security deposit.
However, similar to the Indigo Platinum Mastercard, the card has a sliding scale of fees that are entirely based on your creditworthiness.
- Annual Fee: From $0 to $72 the first year. Billed $0 to $6 per month thereafter.
- Account Set-Up Fee: From $0 to $75 one-time fee
- Additional Card Fee: From $0 to $12 per additional card issued, per year.
These fees can add up, as youre essentially paying to improve your credit. If youre eager enough to make significant progress on your financial standing, this card could be an option. However, well get to other and in most cases, better possibilities.
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What To Do If You Dont Get The Merrick Bank Unsecured Credit Card:
If you dont pre-qualify for the Merrick Bank Credit Card, you could get the Merrick Bank Double Your Line® Secured Credit Card. This card is also marketed toward people with bad credit. Its easy to get approved for, though, because it requires a refundable security deposit of at least $200. The amount of your deposit determines the credit limit. The annual fee is: $36 1st yr, $0 after. This cards APR is 18.95% .
Ultimately, its worth noting that there are several unsecured credit cards with lenient approval odds on the market. You could check out our editors latest picks for the best unsecured credit cards for bad credit to weigh your options.
You can get a Merrick Bank credit card limit increase by using your card and paying the bill on time for the first seven months you have one of Merrick Bank’s unsecured credit cards. Your credit limit will automatically be doubled.
After that, Merrick Bank will review your account each year to decide if it’s fit for an increase. You can improve your chances of qualifying for one by always paying your bills in full by their due date. A higher income and credit score than when you were approved for the card couldnt hurt either.read full answer
Alternatively, if you have a Merrick Bank secured card, you can increase your credit limit by calling and adding to your security deposit.
What Is The Highest Credit Limit For Merrick Bank Credit Card
$3,000The Merrick Bank Secured Visa® helps consumers build their credit with a credit line of up to $3,000.
Does Merrick Bank Secured Card report to credit bureaus?
Theres no minimum credit score for the Merrick Bank Double Your Line® Secured Visa® Card, and you can even get approved with bad credit or no credit history at all. Once you start using your card, Merrick Bank will report your account and payment information to all three major credit bureaus.
Does Merrick Bank Secured Card graduate?
Does the Merrick Bank secured card graduate? No, Merrick Bank secured credit cards cannot graduate to unsecured accounts.
Merrick Bank Platinum Visa Credit Card
The Merrick Bank Platinum Visa® Credit Card is an unsecured credit card, which means you do not need to put down a security deposit in order to access a line of credit. Merrick will provide approved cardholders with an initial credit line of $550 to $1,200, which will be doubled if you make your first seven payments on time. This means that you could end up with a credit line as high as $2,400 simply by making seven on-time payments.
The Merrick Bank Platinum Visa is only available to people who have received an offer in the mail which means you wont be able to apply for the Platinum Card online unless you have already received your offer by mail with its corresponding Acceptance Certificate Number. This makes the Merrick Platinum Visa similar to other invite-only credit cards, such as the Ollo credit cards.
If youd like to be considered for the Merrick Bank Platinum Visa, you can fill out a prequalification request online. Be aware that you could have to pay an annual fee of up to $72 to access this credit card.
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Merrick Bank Secured Credit Card
Unless you have received a preapproval in the mail, the Merrick Bank Secured Credit Card will be the only Merrick Bank credit card that you have access to. Secured credit cards differ from other credit cards because they require a security deposit to be approved. Initially, your credit line will be equal to the amount that you deposit, which can be anywhere between $200 and $3,000.
As far as secured cards go, the Merrick Bank Secured Credit Card stands out because of its annual fee of $36 for the first year. Billed $3 per month thereafter. There’s not much reason to get the Merrick Bank Secured Credit Card when there are other secured cards with no annual fee that are available to people with 0 – 600 credit history.
You could use this card as a stepping stone to one of Merrick’s unsecured cardsthe Merrick Bank Double Your Line® Mastercard® or the Merrick Bank Credit Card. While this is a perfectly valid way to potentially access these cards, we still don’t recommend it because those cards also offer poor value.
The $36 for the first year. Billed $3 per month thereafter. annual fee on the Merrick Bank Secured Credit Card makes it a tough sell, as other secured cards are available to those with poor credit and have no annual fee.
Not Much Spending Power
When it comes to spending, the Merrick Bank Double Your Line® Mastercard® Credit Card doesnt give you much room.
Your initial credit limit will be somewhere between $500 and $1,350, though you may see different terms if you apply through Credit Karma.
But after you make your first seven payments on time , the Merrick Bank Double Your Line® Mastercard® Credit Card will automatically double your credit line with a , which is another way to lower your credit utilization ratio and potentially boost your scores.
Because your credit usage is another key factor in building credit, its important to use no more than 30% of your available credit each month.
That means until Merrick raises your credit line, its a good idea to keep an eye on your balance.
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