Rated 3.5/5.0 stars by our editorial team
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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.
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
Expert Reviews
From the CompareCards.com Editorial Team, updated on Jan 28, 2025
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 Merrick Bank Secured Credit Card
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
OFFER RATING
/5.0
Related Card Offers
- Reports to Credit Bureaus Build Credit When Used Responsibly
- Minimum Deposit $49, $99, or $200
- Regular Purchase APR 29.74% (Variable)
- Annual Fee $0
- Credit Needed Limited / Poor
- Card Brand Mastercard®
- Reports to Credit Bureaus Build Credit When Used Responsibly
- Minimum Deposit $49, $99, or $200
- Regular Purchase APR 29.74% (Variable)
- Annual Fee $0
- Credit Needed Limited / Poor
- Card Brand Mastercard®
Highlights
- No annual or hidden fees. See if you're approved in seconds
- Building your credit? Using the Capital One Platinum Secured card responsibly could help
- Put down a refundable security deposit starting at $49 to get a $200 initial credit line
- You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
- Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
- Get access to your account 24 hours a day, 7 days a week with online banking to access your account from your desktop or smartphone, with Capital One's mobile app
- For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
See additional details for Capital One Platinum Secured Credit Card
- Rewards Rate 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply)
- Credit Line Put down a refundable $200 security deposit to get a $200 initial credit line.
- Regular Purchase APR 29.74% (Variable)
- Annual Fee $0
- Credit Needed Limited / Poor
- Card Brand Mastercard®
- Rewards Rate 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply)
- Credit Line Put down a refundable $200 security deposit to get a $200 initial credit line.
- Regular Purchase APR 29.74% (Variable)
- Annual Fee $0
- Credit Needed Limited / Poor
- Card Brand Mastercard®
Highlights
- No annual or hidden fees, and you can earn unlimited 1.5% cash back on every purchase, every day. See if you're approved in seconds
- Put down a refundable $200 security deposit to get a $200 initial credit line
- Building your credit? Using a card like this responsibly could help
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
- Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
- Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
- For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
See additional details for Capital One Quicksilver Secured Cash Rewards Credit Card
- Rewards Rate 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically
- APRs 10.99% Intro APR for 6 months on balance transfers, then 27.24% Variable APR
- Rates and Fees No annual fee, no late fee on your first late payment. No penalty APR.*
- Annual Fee $0
- Credit Needed Limited / Poor
- Card Brand Discover
- Rewards Rate 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically
- APRs 10.99% Intro APR for 6 months on balance transfers, then 27.24% Variable APR
- Rates and Fees No annual fee, no late fee on your first late payment. No penalty APR.*
- Annual Fee $0
- Credit Needed Limited / Poor
- Card Brand Discover
Highlights
- No credit score required to apply. No Annual Fee.
- Your secured credit card requires a refundable security deposit, and your credit line will equal your deposit amount, starting at $200. Bank information must be provided when submitting your deposit.
- 30 points or more—that’s how much you could increase your FICO Credit Score on average after just six months of responsible use.
- Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit.
- Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.
- Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. Activate by mobile app for free.
- Get an alert if we find your Social Security number on any of thousands of Dark Web sites. Activate for free.
- Terms and conditions apply.
See additional details for Discover it® Secured Credit Card
