Merrick Bank Secured Credit Card Review

Merrick Bank Secured Credit Card ā€” all information about the credit card.

By Hanna Volkava
Updated November 25, 2022
Secured MastercardĀ® Merrick Bank
Apply now
On Merrick Bankā€˜s site
Our Rating:
3.2 out of 5
scorer
Recommended credit score
No Credit History to Poor (0-579)
  • Rewards Rate:
    • This card doesn't offer cash back, miles or points.
  • Intro Offer:
    • No current offer.
  • Annual Fee:
    $36 for first year. Billed $3 per month thereafter
  • Purchase Intro APR:
    None
  • Regular APR:
    20.45% Variable
  • Balance Transfer APR:
    None
Show more

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Rate and fee information

  • Purchase Intro APR
    • None
  • Purchase APR
    • 20.45% Variable
  • Intro Balance Transfer APR
    • None
  • Balance Transfers APR
    • None
  • APR for Cash Advances
    • 25.45% Variable
  • How to Avoid Paying Interest
    • Your Payment Due Date is at least 25 days after the close of each Billing Cycle. You will not be charged interest on Purchases if you pay your entire New Balance by the Payment Due Date each month. You will be charged interest on Cash Advances on the transaction date.

Fees

  • Annual Fee
    • $36 for first year. Billed $3 per month thereafter
  • Fees for Cash Advances
    • Either $10 or 4% of the amount advanced, whichever is greater
  • Return Payment
    • Up to $40
  • Late Payment
    • Up to $40
View all Rates & Fees

Pros & Cons

Pros:
  • Up to $3000 credit limit
  • Reports to three major credit bureaus
  • You donā€™t need a bank account to apply
  • Access to FICO score
  • Low APR
Cons:
  • No rewards or intro offers
  • $200 minimum deposit
  • Extra fees
  • $36 annual fee

Features

Classic
Mastercard
  • Payment Flexibility
  • Fraud Protection
  • Free Credit Score
  • Purchase Protection
  • Poor Credit

About the issuer

Merrick Bank has several card types depending on your needs.
Manage your Account & Pay your Bill
You can usually pay your bill online on your
Credit card issuer's website
Call to Customer Service

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Recommended credit score
score
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  • None
    Annual Fee
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    Purchase Intro APR
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Recommended credit score
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  • None
    Annual Fee
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    Regular APR
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Merrick Bank Secured Credit Card Review

The Secured Š”redit Š”ard 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 MastercardĀ® is accepted without restriction.

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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

Pros Cons
Up to $3000 credit limit: A higher credit limit of up to $3000 lets you maintain an excellent credit utilization ratio and gives more spending power. Your account can even qualify for credit line increase since Merrick Bank regularly reviews account activity. This said, you can qualify for a credit line increase without making additional security deposits. No bonus and rewards: The most obvious drawback of the credit card is that it doesnā€™t have a bonus or reward program. Although it is not unheard of many credit cards, some still offer bonuses and rewards.
Reports to three major credit bureaus: Your daily activities are reported to Experian, TransUnion, and Equifax. $36 annual fee: You must pay $36 in the first year as the annual fee and $3 per month thereafter. As a result, it affects your initial credit limit since the fee is deducted from your credit limit. This fee is also costly as some cards donā€™t charge annual fees.
Access to FICO score: All holders of the Secured Credit Card have access to their credit score. This way, you can motivate yourself and treat your credit with care. Extra fees: Late payment attracts an extra fee of $40. You will also pay $40 as a returned payment fee due to insufficient funds. Plus, 2% foreign transaction fee.
You donā€™t need a bank account to apply: As said, you donā€™t need to have a checking or savings account to apply for the credit card. This feature is a huge advantage as not many secured cards have the feature. $200 minimum deposit: You canā€™t apply for or use the card if you donā€™t have up to $200 for a minimum deposit.
Low APR: The card offers 20.45% Variable APR for purchases and 24.70% Variable APR for cash advances.

Merrick Bank Secured Reward System

The Secured MastercardĀ® does not have a reward system. By implication, you canā€™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.

icon-warning

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.

icon-notification

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 youā€™ve been responsible with your credit.

Apart from the $36 annual fee and a few other fees weā€™ve highlighted above, the Secured MastercardĀ® 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.

FAQ

What is the customer service phone number for Merrick Bank Secured Credit Card?

Contact Merrick Bank customer care on 1-800-204-5936.

How to check my application status for Merrick Bank Secured Credit Card?

Application review sometimes takes up to two weeks. But you can contact the customer care to track your application.
Hanna VolkavaHanna Volkava

Financial and product expert

hv@myfin.us
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