How To Get The Most Out Of This Card
Chances are you have a poor credit score if youre looking at this card. If so, make sure to pay your bills on time, month in and month out. Its the best thing you can do to rehabilitate your credit. Thats partly because payment behavior is the single biggest factor in a FICO credit score calculation, making up 35% of your credit score.
Plus, if you pay on time, youre likely to get that higher credit limitgiving you more wiggle room and improving your credit utilization ratio. Scoring systems like to see that youre using less than 30% of your available credit.
You also should aim to pay your balance in full, if at all possible. Interest charges can balloon your , increasing your chances of falling further behind.
While this card may wind up being expensive, you can do worse. Many other cards for people with bad credit profiles have yet another type of onerous fee you should aim to avoid: a monthly maintenance fee. This fee can add up and significantly increase the price you pay for a credit card.
The Fine Print Exposed
Like most credit cards designed for consumers with bad credit, there are numerous downsides to the credit cards from Merrick. To begin with, many people report sub-par customer service from Merrick Bank and issues with payments being processed quickly when sent through the mail. You may also find your account closed if you go over your limit even once or twice. Some cardholders even report new annual fees after having a credit card through Merrick Bank for years. The interest rates on these cards is incredibly high, even for a bad credit card. Never carry a balance on a Merrick Bank card unless youre happy with paying hundreds of dollars per year in interest.
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.
Read Also: How Much Is On My Visa Card
Removing Merrick Bank Corp From Your Credit Report
Collections can hurt your credit score and remain on your credit report for up to 7 years regardless of whether you pay it or not. Unfortunately, paying the collection could even lower your credit score.
However, it is possible to have a collection account removed from your credit report before 7 years.
Phone number: 204-5936 or 253-2322
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.
Recommended Reading: How To Cancel Jcpenney Credit Card
Final Thoughts Should You Accept That Mail Offer
The Merrick Bank credit cards are basic cards with no real perks or rewards. Theyre intended to rebuild or establish credit and have very lenient requirements for acceptance. They also offer frequent credit limit increases which can help your credit score. Unfortunately, the very high fees and interest rates make them far from a top recommendation to improve your credit. The secured card is better than the unsecured in terms of fees, although it still doesnt compare to other cards like the Capital One Secured card. If you have poor or limited credit, we recommend you check out either or Recommended Cards to Build Credit or our Guide to Secure Credit Cards.
Merrick Bank Corp Complaints
Most collection agencies have numerous complaints filed against them with the Consumer Financial Protection Bureau and the Better Business Bureau . Its because they often report accounts inaccurately and/or for harassment. If you are being harassed by a debt collector, you should also consider filing a complaint.
You have many consumer rights under the Fair Credit Reporting Act and the Fair Debt Collection Practices Act . Lexington Law knows that you have rights, and Merrick Bank Corp does too.
You May Like: How To Setup Credit Card Payment On Website
Get Your Free Consultation
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!
Merrick Bank Visa Classic Or Mastercard
To apply for a regular, unsecured credit card from Merrick Bank, you have to have received an offer from the company. Most people seem to receive an offer by mail. There is an offer number on that mailing, and you must enter it in order to apply for the card. This is typically a sub-prime card, meaning that it is offered to people with higher credit risk, such as people who have a bankruptcy on their credit report, or those with low credit scores.
The interest rates and annual fees on the normal Merrick Bank credit cards range from 17.45% to 29.70%, again based on PRIME plus a certain markup. Annual fees range from zero to $72 per year. Some cards have a setup fee of up to $75, and I would strongly advise against that. Be sure to carefully review your terms. A $72 annual fee is crazy. Dont do it. Also, note that they will charge your setup fee and annual fee to your card right away. In other words, that $500 credit limit will start with a balance of $147 on it already.
If you cant pay that $147 off immediately, do not sign up for the card. It isnt worth paying 17% interest.
Remember that your total available credit is part of your credit score, as is your total credit utilization percentage. In other words, if you really can use and pay off this card every month, it can help raise your credit score. However, if you end up carrying a balance on this card, it probably isnt going to help your credit score very much.
Don’t Miss: How To Pay Off Credit Card Quickly
Alex Wise Wallethub Credit Cards Analyst
You can get a Merrick Bank cash advance at any ATM. Depending on the card, it comes with a cash advance APR that can be as low as 22.45% and as high as 24.45% – 33.45% . The fee for a cash advance is 4% of the transaction amount or $10, whichever is greater. This is on top of any fees an ATM owner may charge. Theres no grace period on a cash advance so interest starts accruing right away.
You will need a PIN for your Merrick Bank credit card to make a cash advance through an ATM. If you didnt create a PIN when you applied for the card, you can request one by calling customer service at .
Bottom line: Cash advances are really expensive no matter what credit card you have, so avoid them.
Petal 2 Visa Credit Card
With the Petal 2 Visa Credit Card*, youll earn a baseline 1% cash back on all purchases, and up to 1.5% back after you make 12 on-time payments. Because the issuer uses alternative information in its approval process including your savings and spending history you dont have to rely on only your credit score for access. Theres no annual fee, a variable APR from 12.99%-26.99%, and youll be able to access a credit limit between $500-$1,000.
Discover it® Secured Credit Card
Recommended Reading: How Can I Pay My Capital One Credit Card
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.
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.
Never miss a good chance to get a better Credit Card. Get top Credit Card Notifications from more than 100 Credit Card Categories!
Also Check: How To Use Credit Card On Venmo
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.
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.
New to The Points Guy? Want to learn more about credit card points and miles? Sign up for our daily newsletter.
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.
Also Check: Is Fiance Visa An Immigrant Visa
This Card Is Best For
- Motivated to create positive credit historyCredit Builder
According to Experian, 33% of Americans have credit scores between 300 and 669, which is considered the very poor to fair range. If your score falls in that range, you may struggle to qualify for credit cards or loans. Secured credit cards like the Merrick Bank Secured Visa can be a useful tool to improve your credit score with responsible card use.
Merrick Bank will report your account activity to the three major credit bureaus, so using the card responsibly can help you potentially qualify for unsecured cardsincluding ones that offer rewards and benefits like travel insurancelater on.
Fees To Watch Out For
The Double Your Line Secured Visa Card doesn’t have an account set-up fee, but it does have a $36 first-year annual fee, then $3 monthly. 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 $40 for late payment fees.
Don’t Miss: How Can I Upgrade My Credit Card
Alternatives To Merrick Bank Credit Cards
If you have bad credit, or little or no credit history, its unlikely youll be able to qualify for top-tier credit cards with rewards or perks. Instead, you should focus on building credit and establishing good credit habits, and there are better secured and unsecured card options than Merrick Bank cards to help.
Here are a few to consider:
Free Credit Score From Merrick Bank
Many of the Merrick Bank credit cards come with a free credit score offer. Unlike many credit card company free credit scores, this is a real FICO score, and according to the company, the actual, real credit score the company uses when evaluating your account. In other words, this is a similar FICO score to what other credit card companies might use.
The free credit score is available by logging into your account online. The score is updated monthly. You dont update it, or choose to update it. Rather, the company updates it on its schedule and informs you when there is a new score to look at.
You May Like: Does Walgreens Sell Prepaid Visa Cards
The Secured Visa Credit Card And The Double Your Line Secured Visa Credit Card
Merricks two secured card offerings both have the same terms. Youll be subject to a variable 17.45% APR and an annual fee of $36. The annual fee is charged upfront the first year, then billed at $3 dollars per month thereafter.
Both cards require a minimum initial security deposit of $200, which acts as your credit limit. With either card, your account is reviewed periodically to see if youre eligible for a credit line increase without an additional deposit. You can also increase your limit by depositing more at any time, up to $3,000.
If youre approved for the Double Your Line Secured Visa Credit Card, you can double your credit line to $400 without another deposit as long as you make at least your minimum payment on time each month for the first seven months your account is open.
But remember, youll want to pay more than just your minimum payment on your card to avoid paying interest. Any balance left on your credit card at the end of the month will result in an interest charge.
While the chance to increase your credit limit is nice, if youre looking for a secured credit card, look for options that dont charge annual fees, and offer benefits or opportunities to upgrade to an unsecured card in the future.
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
You May Like: How Much Is Kenya Visa