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Merrick Bank Secured Visa®

 

Rated 3.5/5.0 stars by our editorial team

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3.5/5.0 from 4 Offer Ratings
Over the Past 60 Days!

(4) Over the Past 60 Days!
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on Merrick Bank's secure site

  • Regular Purchase APR 17.70% Variable
  • Intro Purchase APR N/A
  • Intro BT APR N/A
  • Annual Fee $36 for the first year. Billed $3 per month thereafter.
  • Credit Needed Limited/Bad/Poor
  • Card Brand Visa®
  • Regular Purchase APR 17.70% Variable
  • Intro Purchase APR N/A
  • Intro BT APR N/A
  • Annual Fee $36 for the first year. Billed $3 per month thereafter.
  • Credit Needed Limited/Bad/Poor
  • Card Brand Visa®

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

Cash Advance Fee

4% Min: $10

Penalty APR

N/A

Ongoing Information

Rewards Rate

N/A

Annual Fee

$36 for the 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

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 Visa®

  • 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

star rating

OFFER RATING

3.5/5.0

4 Total Ratings

5 STARS

(2)

4 STARS

(1)

3 STARS

(0)

2 STARS

(1)

1 STAR

(0)

YOUR RATING

 

Rated 3.5/5.0 stars by our editorial team

Click the stars to submit your rating.

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Thanks for rating!

Change my rating to: Average

3.5/5.0 from 4 Offer Ratings
Over the Past 60 Days!

(4) Over the Past 60 Days!
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