Bianca Smith Wallethub Credit Cards Analyst
There are three credit cards under Merrick Bank: the Merrick Bank Platinum Visa Card, the Merrick Bank Classic Secured Visa Card, and the Merrick Bank Double Your Line® Secured Visa Card. All of Merrick Banks credit card offers are aimed at people with damaged credit who may be looking to rebuild their credit score.
Major Issuers And Their Policies On Instant Credit Access
NerdWallet’s survey of issuers found that while many of them offer some form of instant access to credit, American Express has by far the most comprehensive such policy. With AmEx, all consumer cards give you access to an instant card number that you can use almost anywhere, as long as the issuer can instantly verify your identity.
Other issuers either didn’t offer instant access to credit or made it available on a more limited basis. The following list is accurate as of June 2021:
An instant card number upon account approval is available on all American Express U.S. consumer credit and charge cards, including co-branded cards, according to the issuer. AmEx prepaid cards don’t offer this feature, AmEx notes. Eligibility is based on American Express ability to instantly validate your identity. If you are eligible for an instant card number, you will receive one that you can use virtually anywhere AmEx is accepted, and a physical card will not be required. An instant card number is available only when you apply online through American Express via a desktop or mobile device, AmEx says. It’s not available on applications made by phone.
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Capital One Secured Mastercard Vs Merrick Bank Secured Visa
The Secured Mastercard® from Capital One doesnt charge an annual fee. After 6 months of on-time payments, you may qualify for an automatic credit line increase with no additional deposit needed. All payment activity reports to the three credit bureaus.
Compared to the Merrick Bank Secured Visa, the Capital One security deposit can be more flexible. You will qualify for an initial $200 credit limit if you can make the minimum required security deposit. Access to an authorized bank is required to make your $49, $99, or $200 refundable security deposit.
If you want a higher initial limit, you can make a larger deposit. All Capital One security deposits are refundable.
Other banks offer secured credit cards that you may qualify for that offer purchase rewards.
Merrick Bank Credit Cards: Are They Right For You
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The Merrick Bank credit cards are designed for individuals with bad credit and those trying to build their credit histories. However, they come with too many fees for us to recommend them over other cards that will likely be available to these consumers, such as the Capital One Platinum Secured Credit Card.
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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.
Related reading: How to earn points and miles with fair to poor credit
Do You Need To Call Merrick Bank For Credit Increase
No need to call, your account will be regularly reviewed for credit line increases. In the Cardholder Center or in the Merrick Bank goMobile App you can set up Account Alerts to inform you of the changes to your account that you care about.
When Merrick changed the amount from $35 to $39 with no notice then all of a sudden I am reported as missing payments Nationwide Axia Payment Processing Registered with Merrick Bank Holding 3500 dollars hostAge because I have have a paypal button on my website. Santa Barbara, CA Nationwide
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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.
Merrick Bank Secured Visa Credit Card
The Merrick Bank Secured Visa® lets you choose your own line of credit by putting down a security deposit between $200 and $3,000. The amount of money you put down becomes your initial line of credit, and you can increase your credit line at any time by adding more money to your security deposit, up to that $3,000 limit.
Not only is the Merrick Secured Visa a high-limit secured credit card, but Merrick will add another $200 to your line of credit if you make at least the minimum payment on time for the first seven months of card ownership. This makes the Merrick Bank Secured Visa card similar to the Double Your Line card in that you can increase your total credit by $200 if you build a history of on-time payments. The increased credit line you can earn with this card can give you more available credit , which helps you have a low debt-to-credit ratio to help build your credit score.
Like the Double Your Line card, the Merrick Bank Secured Visa charges a $36 annual fee the first year, followed by a $3 fee charged per month. Youll pay a $40 fee on late and returned payments, and your interest rate on purchases will be a variable 17.45% APR.
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Other Things To Consider
* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions.
* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions
Relatively Low Regular Apr
The Merrick Bank Secured Cards 17.45% regular APR is comparable to the secured-card average of 18.1%, according to WalletHubs latest , but that doesnt make carrying a balance a good idea. After all, you fronted the money for your credit line, so carrying a balance from month to month will be tantamount to loaning yourself money at a nearly 18% interest rate. Would you really charge yourself that much? The same principle applies to cash advances, too, though theyre far more expensive. The cards cash-advance APR is 22.45%, which is above average, and a fee of $10 or 4% of the amount withdrawn also applies.
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Capital One Platinum Secured Credit Card
You might also look at the Capital One Platinum Secured Credit Card. The Capital One Platinum Secured Credit Card offers a $200 line of credit after an initial security deposit of $49, $99 or $200, depending on your creditworthiness. Capital One will then automatically consider you for a higher line of credit in as little as six months.
Both the Discover it Secured Credit Card and the Capital One Platinum Secured Credit Card are no-annual-fee cards, making them potentially more affordable than the Merrick Bank secured credit cards . Since every penny counts when youre trying to rebuild your credit, its worth considering it against a no-annual-fee secured credit card before deciding to apply.
Is Merrick Bank For Bad Credit
The Merrick Bank credit cards are designed for individuals with bad credit and those trying to build their credit histories. However, they come with too many fees for us to recommend them over other cards that will likely be available to these consumers, such as the Secured Mastercard® from Capital One.
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Merrick Bank Credit Card Q& a
Get answers to your questions about Merrick Bank Credit Cards Reviews below. For more general questions, visit our Answers section.
Yes, Merrick Bank is a legitimate credit card company that issues real credit cards. It is a top 20 VISA credit card issuer with nearly three million customers, specializing in helping customers build, or rebuild their credit.
All Merrick Bank credit cards benefit from zero liability protection, so you won’t be held responsible for unauthorized charges made with your card or account information.
The Merrick Bank Classic Secured Visa Card is a good way to start building or rebuilding your credit, as it is open to applicants with Bad credit. It does have an annual fee , which gets replaced by a monthly fee on your first account anniversary, but it only requires a minimum refundable security deposit of $200. Your deposit acts as your credit line and you can add to it whenever you like, up to the maximum amount allowed.
You can also check out other secured credit card offers, as well as find some additional tips on how to improve your credit and monitor your credit score for free, right here on WalletHub.
The easiest way you can pay your Merrick Bank credit card is online, either through the Cardholder Center, or by using the goMobile app. Alternatively you can make a credit card payment by phone at , via mail or through a money services.
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 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.
Our Pick For: Flexibility
The Upgrade Triple Cash Rewards Visa®, issued by Sutton Bank, is a unique credit card/personal loan hybrid product that earns cash-back rewards. The $0-annual-fee card earns 3% cash back on home, auto and health purchases, and 1% back on everything else. You can either use it as a credit card anywhere Visa is accepted, or you can choose to use it as a personal loan, where funds are sent to your bank account and you pay back the loan over a set period of time at a fixed interest rate.
How to use it instantly
After you’re approved for the card, sign in to your account online and you can access your temporary virtual card. This temporary card number will be different from the card number on your permanent physical card, but you can use it until that physical card arrives in the mail.
On the surface, the SoFi Credit Card looks like a straightforward cash-back credit card, but it has some unique options. If you’re a SoFi customer, you can redeem your rewards toward investing, cryptocurrency, saving or paying down an eligible loan with SoFi in which case, you’ll earn an effective 2% back. Another distinctive feature: Once you make 12 on-time payments, the APR decreases by 1%.
How to use it instantly
Newly approved cardholders can add the card to an eligible digital wallet and begin using it right away without having to wait for the physical card to arrive in the mail.
» MORE:Full review of the SoFi Credit Card
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Merrick Bank Credit Card Costs
Illinois Residents: No applicant may be denied a credit card on account of race, religion, national origin, ancestry, age, sex, marital status, physical or mental handicap unrelated to ability to pay or unfavorable discharge from military service. An applicant may request reason for rejection of his or her application for a credit card. No person need reapply for a credit card solely because of change in marital status unless change has caused deterioration in person’s financial position. A person may hold a credit card in any name permitted by law that he or she regularly uses or is known by, so long as no fraud is intended thereby.
* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions.
* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions
Re: How To Close Merrick Bank Credit Card
I had a Merrick card for a year but it wasn’t secured. And there weren’t monthly fees. It had an annual fee and I closed it before the annual fee could post. I called the number on the back of the card and requested to close it. The rep was polite and he didn’t try to get me to keep the card. It had served its purpose so I wouldn’t have kept it no matter what was offered.
wrote:
This was my second card two years ago I got. Now it is my lowest card with barely 300 on it. I would like to close it and get my deposit back.
What is the best way to do this? I get chared 3 dollars a month for annual fee, which posts statement day. When is the best time to close? I don’t want it posting with a 3 dollar fee when I close the account. Its at zero right now of course, but the statement generates tomorrow.
Also, how long does it take to get back the deposit?
10/01/1810/01/20xx/xx/xxxxxxxxxxx 781
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Purchases To Make On Your Credit Card
1. Big Ticket Items
When you purchase a big-ticket item, like a major appliance or TV with a credit card, you may be able to take advantage of an extended product warranty. Always keep in mind that there will be items that aren’t covered, so be aware of what protections are available to you.
2. ATMs and Gas Stations
Because ATMs and gas stations are outside and accessible, theyre an easy target for tampering. So before swiping your card at a gas station or outdoor ATM, look for the warning signs of a card skimmer that might steal your information, and always reach for your credit card for that extra protection and peace of mind.
3. Restaurants
Its a good idea to be cautious of paying with a debit card when the card will be taken out of your sight for any amount of time. Restaurants are one good example of this. At many restaurants, your server will take your card away from the table to pay for your meal. When your card leaves your sight, it creates an opportunity for some untrustworthy person to steal your card information.
4. Online Purchases
5. Service Providers
Using a credit card is a safe and effective option for paying service providers, such as home improvement contractors. By using a credit card you have more substantial proof that you paid the service provider for the job if it isnt done to your liking or not done at all.
6. Travel