Merrick Bank Secured Credit Card
Up to $10,000 secured credit, guaranteed approval and free FICO
Updated: Jul 4, 2024
The Merrick Bank Secured Credit Card is a Mastercard made specifically for people who are looking to rebuild or create a decent credit score. It is issued by Merrick bank, a reputable bank based in Utah. The card reports all of its statements to the 3 major credit bureaus, giving it the potential to either make or break your credit score. Having a well-secured credit card is essential in credit reparation strategies. This card is designed purposefully for that, and all of its features are based on credit repair. It has a high APR, fees, and initial deposit like most other secured credit cards, but also has a lot of redeeming features.
ANNUAL FEE
$36
ONGOING APR
22.70% Variable
INTRO APR
N/A
at Merrick Bank Secured website
Apply NowIntroductory APR
N/A
Intro APR Period
N/A
Recommended Credit Score
Bad Credit OK
Key Features
- 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.
Our Take
If you’re suffering from less-than-ideal credit, you’re in luck. The solution to your problem is a tidy little tool known as the Merrick Bank Secured Credit Card. Getting approved for this card is an absolute breeze, and the features that come with it are absolutely fantastic. This card has a couple of superb features but does come with a relatively high APR, deposit, and fees. If you can handle all of these expenses, you’re going to benefit quite a lot from this Mastercard-based card. Features, benefits, and the general design of this card are all centered on repairing your credit. If you’re looking to achieve financial bliss and improve your credit score, you should look no further than the Merrick Bank Secured Credit Card.
Who Is This Card for?
This card is for anyone who is suffering from a less-than-ideal credit score. If you’re going to improve your credit score, you’re going to need a suitable tool for the job. This card is one such tool and will help you improve your credit score in no time. It comes chock full of features that will help you either repair or build up your credit score. Approval ratings are very high, making sure you’re accepted into the Merrick Bank family. Merrick Bank is a bank based in Utah, and it’s extremely reputable. If you’re looking to take the right step to financial bliss and well-being, you can benefit a lot from using the Merrick Bank Secured Card.
What are Merrick Bank Secured Credit Card Benefits?
The Merrick Bank Secured card comes with quite a lot of features and benefits, all of which are centered around repairing your credit score.
Unparalleled approval ratings
One of the most prominent features when it comes to this card is the unparalleled approval ratings. After finishing the lightning-fast application process, you’re going to get approved within minutes. That is if all of your information checks out and if you have a credit score over 380.
Easy application process
While other “guaranteed approval” credit cards might guarantee approval, most of their minimal credit score requirements exceed 500. This is a bad credit score, but far from the worst that people have. If you have made some faulty decisions, you’re going to love this card.
High initial deposit of $3000
A great benefit of this card is its very high initial credit limit. While other cards might offer up to $1,000, the Merrick Bank Mastercard comes with an initial limit of $3,000.
Credit increase up to $10,000
The initial deposit is very high, and you have the potential to increase it up to $10,000.
Utilitarian mobile application
The Merrick Bank Secured card comes with a mobile application that is available for all smartphones. This allows you to monitor your credit score any time of the day and take your financial needs on the go.
Free FICO monitoring
If you’re looking to monitor your credit score closely, a free FICO monitoring option is available to you. You can see your credit score any time of the day, and in turn, gain motivation from it skyrocketing!
Are There Any Disadvantages?
There are a few disadvantages when it comes to the Merrick Bank Secured Credit Card.
High fees, APR, and deposit
The main drawbacks of this secured card are the high fees, APR rating, and initial security deposit. All of these fees might be pretty hard on your budget, but they’re industry standard when it comes to these kinds of cards.
There are also no bonuses at all
No cash back, bonus, reward, or miles features whatsoever. If you’re looking to get a rewards card but aren’t eligible for one, wait until you fix your credit score and apply for one. There is no rule against this, and you’re free to do as you like.
Slow card arrival
Customers report that plastic card arrives later than anticipated.
Other Merrick Bank Offers
- Double Your Line Secured Credit Card
- Merrick Bank Double Your Line Mastercard
Should You Use This Card?
If you’re looking to improve your credit score, you should consider using the Merrick Bank Secured Credit Card. It comes with a couple of essential features and benefits that make any credit-rebuilding strategy a complete breeze. If you have no prior credit history and are still looking to build up your credit score, you can do this with the card in question. Building up a good credit score is very important if you want essential things like insurance, mortgage, and credit options.
The biggest issue is the high fees, APR, and initial deposit that come courtesy of using a safe credit card. If you can not afford this, perhaps consider using a credit repair card. They come with fewer benefits and features, but they don’t have any initial deposit required.
Merrick Bank Secured Credit Card Alternatives
- Applied Bank Secured Visa Gold Card
- Self Credit Builder Account + Secured Visa
- Surge Secured Mastercard
- First Progress Platinum Elite Secured Mastercard
Frequently Asked Questions
| Issuer: | Merrick Bank |
|---|---|
| Network: | Mastercard® |
| Category: | Consumer (Secured) |
| Review: | Full Card Review |
| Best Used For: |
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| Rewards: | No |
| Regular APR: | 22.70% |
|---|---|
| Regular APR Type: | Variable |
| Annual Fee: | $36 |
| Balance Transfer: | No |
| APR on Cash Advances: | 27.70% |
| Grace Period: | 25 days |
| Late Payment Fee: | Up to $40 |
| Other Fees: |
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Merrick Bank Secured Credit Card Alternatives
Merrick Bank Secured Credit Card |
| APPLY NOW |
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Annual Fee $36 |
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Regular APR 22.70% |
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Intro APR N/A |
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Rec. Credit Score Bad Credit OK |
Additional Information & Comments
- If your application is approved, the initial credit limit assigned to the Account will be equal to the amount of your security deposit, which can be between $200 and $3,000. The application submitted will not be complete until funds for the security deposit have been collected by Merrick Bank. Funds must be received within 30 days to complete the application process, incomplete applications will be declined. Approved applicants will not be allowed to make transactions using the security deposit account. The security deposit does not earn interest and will be available for withdrawal only after your credit card account has been closed and all amounts owing have been paid in full.
- This offer is not valid for residents of Wisconsin.
IMPORTANT
*The information provided for Merrick Bank Secured Credit Card is believed to be accurate at the time of evaluation or recent update on July 4, 2024. However, we strongly advise visitors to review the card fees and Terms & Conditions on the issuer's website by following Apply Now link to verify the accurancy of the information posted prior to applying for this card offer.
Merrick Bank Secured Credit Card
Reviews - (3 User Reviews)
March 5, 2022
Eleonor
(46-55) - Cardholder
Income on Application
$50970
Credit Score
Fair (580-669)
Credit Limit
$3000
Filed for Bankruptcy
No
A well-secured credit card
My parents are huge fans of the Merrick Bank, so I figured I should pay them a visit and check out this card my father told me about. The application went smoothly and I managed to get a secured credit card with a decent credit line relatively easily. The reason why I applied was to try to build my credit. Although the card could be cheaper without all those annoying fees, I’m still quite satisfied with how things worked out for me. If you’re responsible with it, it will work in your favor.
Fees & Charges:
3/5
Features & Benefits:
4/5
Customer Support:
4/5
Application Process:
4/5
May 21, 2020
Lisa
(46-55) - Cardholder
Income on Application
$50870
Credit Score
Fair (580-669)
Credit Limit
$3000
Filed for Bankruptcy
No
Great for improving fair credit score with a decent credit limit
I've recently joined the Merrick Bank family, and I only have words of praise. Been working on improving my credit score for a few years now. Getting a secured credit card with a fair credit score proved very hard, at least for me.
Everything was a smooth ride with the Maverick bank, including the application, which, if I may add, took me only a couple of minutes to complete. I got an amazing $3,000 credit limit and an opportunity to get my credit score to "good." I was delighted to find out that it comes with a free FICO monitoring tool!
Fees & Charges:
4/5
Features & Benefits:
5/5
Customer Support:
4/5
Application Process:
5/5
April 5, 2020
Jeniffer
(46-55) - Applicant
Income on Application
$55000
Credit Score
Fair (580-669)
Credit Limit
$3000
Filed for Bankruptcy
No
Set for 3000 credit
It was very easy to apply and get approved.
Fees & Charges:
4/5
Features & Benefits:
5/5
Customer Support:
5/5
Application Process:
5/5
Merrick Bank Secured Credit Card
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