Merrick Bank Secured Mastercard Review
One of the best-rated credit repair cards is the Merrick Bank Secured Mastercard. The card in question simplifies the whole credit repair process, all 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.
- 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.
If you’re looking to improve your credit without suffering the consequences that come with a credit repair card, you’re going to 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. If you can handle the high APR and fees that come with these kinds of cards, it’s going to be right for you.
Other Merrick Bank Offers
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 around, but it’s far from the worst. When it comes to the Merrick bank secured Mastercard, the acceptance rates range anywhere from 380-500 credit score. This means that this card is unchallenged when it comes to the number of people they accept into their midst.
There are no hidden fees, transactions, or fine prints when you’re applying for a Merrick Bank Secured Mastercard. Everything is transparent, and you’re going to know what you’re getting yourself into right off the bat. 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 a whole lot better. You have the potential to increase your credit limit through careful planning and paying your dues on time. The possibility of improving your credit limit goes up to a whopping $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 in comparison to other cards of this type, all of these fees are industry standard.
|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 monthly fees
No bonus, reward, or cashback options
No travel perks/airline miles
Why We Like It
This Secured Mastercard is a properly 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 when it comes to 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. If you have a credit score which is above 380, you’re going to be eligible for this card. 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 comes with a lot of redeeming features that are bound to help you increase your struggling credit score. The best one of all might be the free access to your FICO score. If you’re not sure 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, it’s a courtesy of the bank. When you can see your FICO score, you can see your progress in real-time. If you’re looking 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 very appealing feature of this helpful tool is the sheer fact you do not need a checking or bank account to use the service. Almost all credit repair cards require you to have a checking account, and the situation is far more rigorous when it comes to secured credit cards. But yet, the metric Secured Mastercard has no requirements whatsoever concerning a checking account or bank account.
High Secured Line of Credit. Another very appealing feature that you’re entitled to if you’re a policyholder with the Merrick bank secured Mastercard is the high credit limit. The credit limit is set at $3000 and has the chance to increase to a whopping $10000 if you’re on time with your payments. You can improve your chances of increasing your credit limit by being responsible for your payments. If you spend a decent amount of money with this card and never miss a single due, you’re going to 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, you get approved, and you 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 as good and allows you to take your finances on the go. Since this card is based on the Mastercard platform, it’s applicable to almost anywhere in the world. If a merchant, retailer, or store accepts Mastercard, it is most likely going to take the Merrick Bank Secured Mastercard.
Stands for its Promise. This card promises to help you improve your credit score, and it does much more than it claims. It is going to help you build up your financial health, increase your credit score, and live a happier, wealthier life. If you take into account all of the fees, deposits, and APR that come with this card, and you can afford them, this might be the right choice for you.
What Can Be Better
- There aren’t that many things that we would change about this card – but that’s not to say that there are things that need improvement. All of the things that could be better with this card are industry standard. We don’t have any explicit complaints when it comes to 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. If the APR went down a bit, that would be a fantastic trait.
- Like with most other secured or credit repair cards, there is not a single bonus policy. Sadly, you’re not going to be eligible for any form of reward, bonus, or cashback. While this might be disappointing, it is the standard when it comes to 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 arrival of the card itself can be pretty slow.
- The card requires you to have an online account, and the whole application process is made virtual through a website. While you can modify your notification settings, they can lack in reports at times.
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 is a credit repair secured card and will do wonders for your credit score if you use it properly. This is a double-edged sword, though, as it can wind up hurting your credit if you’re not careful. Considering that all of the spending is reported to all three of the major credit bureaus, if you don’t pay your dues on time, you’re going to end up ruining your credit score further. If you don’t pay your dues on time, you’re going to start to increase the interest on your card. That is neither good nor will have a positive reflection on your credit score. If you start collecting interest on your card, that will require even more opening on it. 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’re going to be pleasantly surprised with the usability of this card. Since it’s a secured credit card, it’s an excellent card to use for all of your expenses. The issue with this is the lack of cashback. If you’re looking 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 is going to be reported to all three of the major credit bureaus, and if you’re right on your money, your credit score is going to 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 too!
How Easy and Convenient Is It to Use the Card?
You need to have 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 Mastercard. Don’t forget the foreign transaction fee (No fee card offers) that is present when using this card. Use it locally if you want to escape this fee.
What are Qualification Requirements
In order to qualify for this credit card, you have to fulfill only the most basic requirements that are set by federal law. This means that you only have to provide minimal information on yourself. When it comes to bank regulations, you need to have a minimum credit score of 380 in order to get accepted.
You need to be an (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 jurisdiction that the different states have upon the legal age, your minimum age requirement may vary. You do not need a priorly existing bank account or checking account, but you can have one if you like.
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 is not going to take much of your time, and it’s accomplished through the internet. It requires an online account in order to apply for a card. Before you get into the application process, it would be best if you would collect all of your documentation. This will help you speed up the process. Even if the Merrick Bank Secured Mastercard doesn’t require much of your personal information, you would still want to gather all of 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 personal phone number
The whole process will be done in a couple of minutes. After you’ve successfully applied for the credit card, your response should come in fairly quickly. You will be notified about the status of your application and your subsequent approval through email.
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 when it comes to the Merrick Bank Secured Mastercard. If you’re looking to repair your less-than-ideal credit, this is the tool for you. 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. All of these things are standard issues with secured credit cards, so you need not worry.
The card in question reports all of its spending to all three of the major credit bureaus, so it can wind up hurting 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 combination of high acceptance rates, a simple sign-up process, and quick arrival make this a valuable contender for your next credit card. A sound credit card is essential when it comes to 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
Attn: Lockbox Operations #660702
2701 East Grauwyler Road, BLDG 1
Irving, TX 75061
P.O. Box 660702
Dallas, TX 75266-0702
Declined Application Inquiry
If you have recently been declined and would like to know specific reasons why your application for a credit card was denied, please write to the address listed below. The Merrick Bank Credit Department will answer your request.
P.O. Box 1442
Draper, UT 84020-1442
Corporate Office Address
P.O. Box 5000
Draper, UT 84020-5000
The Final Word
If you’re looking to improve your credit score, you are going to benefit from the Merrick Bank Secured Mastercard. If you fulfill all of the initial requirements to be accepted, you’re most likely going to 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 when it comes to this card, it does what it promises. If you’re careful with your spending and are responsible, you can see your credit score increase, quite literally. 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 all of your spending to all three of the major credit bureaus. If you can handle the high APR, fees, and initial deposit, you will find that this card fulfills all of your needs.