Merrick Bank Secured Credit Card | CompareCards.com

Merrick Bank Secured Credit Card

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on Merrick Bank's secure site

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Merrick Bank Secured Credit Card

 

Rated 3.5/5.0 stars by our editorial team

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3.5/5.0 from 0 Offer Ratings
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  • Regular Purchase APR 22.70% Variable
  • Intro Purchase APR N/A
  • Intro BT APR N/A
  • Annual Fee $36 for first year. Billed $3 per month thereafter
  • Credit Needed Limited/Poor
  • Card Brand Mastercard®
  • Regular Purchase APR 22.70% Variable
  • Intro Purchase APR N/A
  • Intro BT APR N/A
  • Annual Fee $36 for first year. Billed $3 per month thereafter
  • Credit Needed Limited/Poor
  • Card Brand Mastercard®

Highlights

  • Choose your own credit line based on how much money you want to put down as a security deposit.
  • Initial deposits can be from $200 to $3,000. You can increase your credit line at any time by adding additional money to your security deposit, up to $3,000.
  • After 9 months, we review your account for a credit line increase. No additional deposit required!
  • Secured Credit Cards are great for people looking to build or rebuild credit and are available to people with all kinds of credit backgrounds.
  • Unlike a debit card or a pre-paid card, it helps build your credit history. We report your payment history to all three major credit-reporting agencies.
  • Get your FICO® Credit Score for free each month.
  • Fraud coverage if your card is lost or stolen. Access your account 24 hours a day, 7 days a week. Get help staying on track with available Auto Pay and account alerts.
  • Card issued by Merrick Bank, Member FDIC.
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Card Fees

Foreign Transaction Fee

2%

Balance Transfer Fee

N/A

Penalty APR

N/A

Ongoing Information

Rewards Rate

Non-rewards card

Annual Fee

$36 for first year. Billed $3 per month thereafter

Additional Card Details

$0 Fraud Liability

No

Auto Rental Insurance

No

Extended Warranty Program

No

Roadside Assistance

No

Purchase Protection

No

Travel Assistance

No

Flight Accident Insurance

No

Lost Luggage Reimbursement

No

Concierge Service

No

Expert Reviews

From the CompareCards.com Editorial Team, updated on Mar 25, 2024

This secured credit card offers a credit line equal to the size of the deposit you put down up to $3,000. Not all secured credit cards report to all three major credit bureaus, which is a plus for this offer and gives you the opportunity to build positive credit history when you pay your bills on time. After the first year Merrick Bank will automatically review your account for credit line increases with no security deposit required.

Expert Reviews of the Merrick Bank Secured Credit Card

  • 4.0

    Regular APR

  • 0.0

    Intro APR

  • 3.0

    Fees

  • 4.0

    Benefits

  • 3.5/5

    Overall Rating

The Bottom Line

This card is designed for people who want to build or rebuild their credit. When used responsibly, this secured card could be a valuable tool to improve your credit and allow you to then get a better card. Monitor progress in your FICO® Score each month for free.

The Good

As long as you don’t have a pending bankruptcy or outstanding tax obligations you may be approved for this card.

The Not so Good

Other cards may review your account earlier than one year to see if you can transition to an unsecured credit line.

Editorial Note: This content is not provided by Merrick Bank. Any opinions, analyses, reviews, or recommendations expressed on this page are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by Merrick Bank.

Consumer Reviews

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YOUR RATING

 

Rated 3.5/5.0 stars by our editorial team

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