Merrick Bank Secured Credit Card Review

Merrick Bank Secured Credit Card Review

The Secured Сredit Сard by Merrick Bank allows you to choose a credit card tailored to your financial needs. Although it depends on how much money you want to put on, the card offers between $200 - $3000 initial security deposit. Apart from this, you can conveniently pick your credit line and select from the lowest APRs. Furthermore, you can use the card anywhere Mastercard® is accepted without restriction.

The Merrick Bank Secured Credit Card offers zero liability for any charges to your account without authorization. A flexible payment option also means you can choose from different ways to pay: smartphone, online, or via check.

Merrick Bank Secured: pros and cons

Merrick Bank Secured Reward System

The Secured Mastercard® does not have a reward system. By implication, you can’t make money from redeeming or using points. Although most credit card banks offer a reward system, Merrick Bank does not.

Who can benefit from getting the Merrick Bank Secured Credit Card?

The credit card is best for credit builders and savers since it offers more credit limit without impacting your credit score. The credit card reporting structure helps you qualify for loans and credit with ease.

This is how it works: if your credit score falls within a very poor range, you will struggle to qualify for loans and credits.

However, since Merrick Bank reports your card activity to major credit bureaus, responsible card utilization will qualify you for benefits like loans and credits.

Apart from this, the card offers mobile and online access to your monthly FICO score.

Are there any other benefits?

• $0 fraud liability since you are not charged for unauthorized transactions.
• Exclusive deals on travel, shopping, and entertainment.
• Periodic credit line review at no additional cost.
• Reliable support with 24-hours a day phone supports and card services all week. There is also a mobile banking app for payment online.
• Paperless statement options

Conclusion

The Merrick Bank Secured Credit Card is an ideal choice if you hold little to no credit history or experienced credit issues.

The Merrick Bank Secured Credit Card helps you rebuild and build your credit as desired by holding a security deposit in good faith. It also offers up to $3000 credit limit and reports all your activities and information to major credit bureaus. This feature will be handy when you need to call in a favor with the bureaus, provided you’ve been responsible with your credit.

Apart from the $36 annual fee and a few other fees we’ve highlighted above, the Secured Mastercard® Credit Card is handy for building and restoring your credit. Plus, the card has a zero liability policy to help you escape unauthorized charges to your card. All things considered, our secured card review shows it is a practical choice. Apply for Secured Credit Card today and improve your credit. Do note though, that the difference between a secured and unsecured card is that a secured card requires a security deposit while an unsecured card does not.