Meet the New Merrick Bank Secured Mastercard. The Card That Helps Repair and Builds Credit
One of the best-rated credit repair cards is the Merrick Bank Secured Mastercard. The card in question simplifies the whole credit repair process while helping you build good credit. This particular type of credit repair card is called a secured credit card, differing quite a lot from a classic credit repair card. If you don’t have any credit history, this card can help you build a good one in no time.
If you’re looking to improve your credit without suffering the consequences of a credit repair card, you will need a secured card. They’re very similar, but the secured card comes with better options, features, and accessories for the price of an initial deposit. One of the main appeals of Merrick Bank Secured Mastercard is its insanely high approval ratings, meaning you’re likely to get accepted, no matter your credit score. It will be right if you can handle the high APR and fees that come with these kinds of cards.
Other Merrick Bank Offers
- Merrick Bank Double Your Line Secured Credit Card
- Merrick Bank Double Your Line Mastercard (Review)
Merrick Bank Secured Card Details
The Secured Mastercard is issued by Merrick Bank, which is known for its credit repair and secured cards. It’s purposefully made to improve your less-than-ideal credit score and help you build up good credit if you lack any. The main appeal of this credit card is its approval ratings. While other credit repair cards might boast that they accept everyone, their usual credit approval rating is above 500. If you’re not informed, 500 isn’t the best credit score, but it’s far from the worst. Regarding the Merrick bank-secured Mastercard, the acceptance rates range from 380 to 500 credit scores. This means that this card is unchallenged regarding the number of people they accept into their midst.
There are no hidden fees, transactions, or fine prints when applying for a Merrick Bank Secured Mastercard. Everything is transparent, and you’ll know what you’re getting yourself into immediately. And what you’re getting yourself into is a credit repair program, the safe way. The card is carefully designed around that purpose and comes packed with all the necessary features and credit repair strategy accessories that you might need.
One of the most prominent features of the Merrick credit card is its completely fluid credit limit. While other cards might provide an initial credit limit of $300 up to $1000, this card completely chokes out the competition, coming in with an initial credit limit of $3000. If this sounds too good to be true, it’s about to get much better. You can increase your credit limit through careful planning and paying your dues on time. The possibility of improving your credit limit goes up to $10,000.
The card in question reports all of your dues to all 3 of the major credit bureaus (Explained). This is a good thing if you’re responsible for your spending, but it can ultimately damage your credit score if you fail to pay. It reports good activity equally as it reports harmful activity. Nothing in life is perfect, and neither is the Merrick Bank Secured Mastercard. It does come with a relatively high APR, fees, and a hefty initial deposit. But compared to other cards of this type, all these fees are industry standard.
| Advantages | Disadvantages |
|---|---|
| Reports to all three major credit bureaus The high initial credit limit Potential to increase your already upper credit limit Numerous credit improving features Free access to FICO score | Relatively high initial deposit High APR High monthly fees No bonus, reward, or cashback options No travel perks/airline miles |
Why We Like It
This Secured Mastercard is an adequately secured card and is renowned as one of the best on the market. It has a pretty high rating on most platforms, and it’s understandable why.
High Approval Ratings
The most important feature of this card is its very high approval ratings. Combine the approval ratings with the relatively easy application process, and you’re beginning to see the initial charm of this card. You will be eligible for this card if you have a credit score above 380. This is a vast improvement compared to most other secured cards for credit repair, which have a minimal credit score requirement of 500-630.
Free FICO Score
The Merrick Bank Secured Mastercard isn’t a regular secured credit card, as it has many redeeming features that are bound to help you increase your struggling credit score. The best thing might be free access to your FICO score. If you’re unsure what your FICO score is, it’s your credit score. While offering you the option to view, it comes with most cards, more often than not, these costs. The secured Mastercard from Merrick Bank is a courtesy of the bank. When you can see your FICO score, you can see your real-time progress. If you want to improve your struggling credit score, this can be a great motivational tool to help you accomplish that goal.
No Checking Account Required
The sheer motivation that this card gives you does not stop with its free FICO score viewing. Another appealing feature of this helpful tool is that you do not need a checking or bank account to use the service. Almost all credit repair cards require a checking account, and the situation is far more rigorous regarding secured credit cards. However, the metric Secured Mastercard has no requirements concerning a checking or bank account.
High-Secured Line of Credit
Another appealing feature you’re entitled to if you’re a policyholder with the Merrick Bank Secured Mastercard is the high credit limit. The credit limit is $3000 and can increase to $10000 if you’re on time with your payments. You can improve your chances of increasing your credit limit by being responsible for your expenses. If you spend a decent amount of money with this card and never miss a single due, you will be eligible for a credit limit increase. This is an excellent daily card, unlike most other credit repair cards.
Fully Online
Another great thing about this card is that it’s online, like most other cards. You make an account, get approved, and manage your finances through the website. While the site is an excellent addition, the mobile application that Merrick Bank offers is a whole other story. It’s equally good and lets you take your finances on the go. Since this card is based on the Mastercard platform, it applies to almost anywhere in the world. If a merchant, retailer, or store accepts a Mastercard, it will most likely take the Merrick Bank Secured Mastercard.
Stands for its Promise
This card promises to help you improve your credit score and does much more than it claims. It will help you improve your financial health, increase your credit score, and live a healthier life. Considering the fees, deposits, and APR that come with this card, and you can afford them, this might be the right choice.
What Can Be Better
- There aren’t many things we would change about this card – but that’s not to say that there are things that need improvement. Everything that could be better with this card is industry standard. We don’t have any explicit complaints about the Secured Mastercard, but we’re still going to list things that could be better.
- Even if it comes with a relatively high APR, Fees, and initial deposit, it does come with unparalleled acceptance ratings. That would be a fantastic trait if the APR went down a bit.
- Like with most other secured or credit repair cards, there is no single bonus policy. Sadly, you won’t be eligible for any reward, bonus, or cashback. While this might be disappointing, it is the standard for these credit cards.
- Another issue that comes with this card is its arrival. While the application process is pretty simple, and the approval ratings are very high, the card’s arrival can be pretty slow.
- The card requires you to have an online account, and the application process is virtual through a website. While you can modify your notification settings, they can sometimes lack reports.
Usage and Applications
Approval ratings of this card are virtually unmatched by any of its competition, but you should keep a couple of things in mind after you get it. This credit repair secured card will do wonders for your credit score if you use it properly. However, this is a double-edged sword as it can hurt your credit if you’re not careful. Considering that all of the spendings is reported to all three of the major credit bureaus if you don’t pay your dues on time, you will end up ruining your credit score further. If you don’t pay your dues on time, you will increase the interest on your card. That is neither good nor will positively reflect your credit score. If you start collecting interest on your card, that will require even more openings. This will, in turn, increase your monthly costs and add weight to the financial burden that you’ve placed yourself on.
Now that we’ve got all of the safety talks out of the way, you’ll be pleasantly surprised with the usability of this card. Since it’s a secured credit card, it’s an excellent card for all your expenses. The issue with this is the lack of cashback. To improve your credit score, you might want to sacrifice these benefits. After every purchase, you can check your FICO score to see its status. Based on its current status, you can work further to improve your credit score. This is a great motivational tool that is going to increase your savings and financial responsibility tenfold. Everything you spend with this card will be reported to all three of the major credit bureaus, and if you’re right on your money, your credit score will skyrocket.
We advise you to be careful and don’t allow yourself to get carried away. When you have a credit limit of $3000, getting taken away is an easy task. Don’t purchase anything you don’t need. Saving money is not only a great thing, but it will also help you improve your credit score!
How Easy and Convenient Is It to Use the Card?
You need a convenient card to improve your credit, and the secured Mastercard is a viable option. Convenience is essential when you’re looking to repair your credit score. What use is a credit card if it’s unusable? You need to use it if you’re going to improve your credit score. The Merrick Bank Secured Card is based on the Mastercard platform. If a place accepts cards, they most likely accept Mastercards. Don’t forget the foreign transaction fee (No fee card offers) present when using this card. Use it locally if you want to escape this fee.
What are the Qualification Requirements
To qualify for this credit card, you must fulfill only the most basic requirements set by federal law. This means that you only have to provide minimal information on yourself. Regarding bank regulations, you need a minimum credit score of 380 to get accepted.
You need to be (a) a legal resident of the United States of America, (b) have a Social Security Number, (c) a valid home address, (d) and be of legal age.
Due to the different states’ jurisdiction regarding legal age, your minimum age requirement may vary. You do not need a previously existing bank or checking account, but you can have one.
How to Apply for Merrick Bank Secured Mastercard
The application process is straightforward when it comes down to the Merrick Bank Secured Mastercard. The whole process will not take much of your time, as you can accomplish it through the Internet. An online account is required to apply for a card. Before you get into the application process, collecting all of your documentation would be best. This will help you speed up the process. Even if the Merrick Bank Secured Mastercard doesn’t require much personal information, you would still want to gather all your documents.
Information Needed to Apply
- Proof of residency and current address (PO doesn’t work )
- Your legal name
- Date of birth
- Social security number
- An email address
- Your phone number
The whole process will be done in a couple of minutes. Your response should come in fairly quickly after successfully applying for the credit card. You will be notified about your application’s status and subsequent approval through email.
Bottom Line
There are a lot of cards on the market that promise to help you build a sturdy credit score. The general rule is that secured credit cards are far superior to credit repair cards, and the statement stands firm regarding the Merrick Bank Secured Mastercard. This tool is for you if you want to repair your less-than-ideal credit. A very high acceptance rate will guarantee your approval with this credit card company, but you should be wary of the relatively high fees, deposits, and APR. These are standard issues with secured credit cards, so you need not worry.
The card in question reports all of its spending to all three major credit bureaus, so it can hurt your credit score if you’re not responsible for it. Use this as a tool to repair your credit, and don’t get carried away by the high initial credit limit. The high acceptance rates, simple sign-up process, and quick arrival make this a valuable contender for your next credit card. A sound credit card is essential for a proper credit repair strategy.
How to Contact Merrick Bank?
- Account Login: Login to your Merrick Bank Account. If you want to apply – click here.
- Customer Service Phone: 1-800-204-5936
- Customer Service TTY/TDD: 1-800-253-4563
Mail Correspondence
Overnight Payment
Merrick Bank
Attn: Lockbox Operations #660702
2701 East Grauwyler Road, BLDG 1
Irving, TX 75061
USPS Mail
Merrick Bank
P.O. Box 660702
Dallas, TX 75266-0702
Declined Application Inquiry
If you have recently been declined and would like to know why your credit card application was denied, please write to the address listed below. The Merrick Bank Credit Department will answer your request.
Merrick Bank
Credit Department
P.O. Box 1442
Draper, UT 84020-1442
Corporate Office Address
Merrick Bank
P.O. Box 5000
Draper, UT 84020-5000
Bottom Line
If you want to improve your credit score, you will benefit from the Merrick Bank Secured Mastercard. If you fulfill all of the initial requirements to be accepted, you will most likely get approved for this card. The approval ratings are very high, and the minimal credit score requirements are relatively small. While there aren’t any rewards for this card, it does what it promises. If you’re careful with your spending and are responsible, you can see your credit score increase. The Merrick Mastercard allows you to view your FICO score in real time, free of charge. If this isn’t enough motivation for you, it reports your spending to all three major credit bureaus. If you can handle the high APR, fees, and initial deposit, you will find that this card fulfills your needs.
