Merrick Bank Secured Card

Andrew Reyes  | 
  • Annual percentage rate (APR): 17.45% (variable);
  • Purchase intro APR: None;
  • Rewards: None;
  • Annual fee: $36 the first year, $3 monthly fee after;
  • Late fee: $40;
  • Credit score: Any.
  • Apply Today.

Benefits

  • No minimum credit score is necessary. As a secured credit card meant to help people rebuild their credit, this card requires a security deposit ($200 to $3,000) rather than a credit check. You can qualify for this card regardless of your credit score.
  • The card has a high credit limit. You can open the card with a maximum credit limit of $3,000, and you may be able to increase the limit up to $5,000 over time. Your credit line is based on your security deposit.
  • The card offers access to online management tools, as well as your credit score. Complimentary online tools allow you to manage your account and access your FICO credit score.

Drawbacks

  • A minimum security deposit of $200 is required. This deposit is in lieu of a credit check, and therefore is actually a valuable alternative for people with poor credit scores or no credit history who are looking to build their credit.
  • The card has a slightly high variable APR. With an average APR of 17.45%, this card is considered to be on the lower end of the high APR range. However, again, this card is primarily geared toward people with poor credit who are seeking to improve it, and doesn’t require a credit check. The trade-off of a slightly higher APR is a modicum of security for the lender. This also isn’t a particularly high APR for a secured credit card.
  • There is no rewards program. Because this card is meant to be a simple option for building credit for people with poor credit, there aren’t additional rewards.

What Can You Expect From the Merrick Bank Secured Card?

You can manage your account online pending your successful application. While this credit card does not have its own unique app, Merrick Bank does offer the goMobile app on Google Play and the Apple App Store. The app allows you to activate your credit card and access your FICO credit score information.

You get access to your credit score, credit card statements, and online payment through your online account. The Merrick Bank Secured Visa offers flexible payment options. You can make payments with a check, over the phone, or through the online portal. In the event that your card is lost or stolen, you should contact Merrick Bank customer service. The card also offers $0 fraud liability.

Who Should Get the Merrick Bank Secured Card?

This card is ideal for people who want to focus on rebuilding poor credit and are expecting to make high-cost purchases. Because there is no credit check, your credit score isn’t a concern when it comes to qualifying for this card. So, while it doesn’t come with many bells and whistles, it is a solid, reliable card to start building some positive credit history if you’re working up from a bad place.

One significant perk is that the credit limit on the card is fairly high, so you can use the card to help fund big-ticket expenditures while keeping your credit utilization ratio low.

Apply Today for the Merrick Bank Secured Card.


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