Full Answer
Are Merrick Bank’s secured credit cards any good?
Compared to some other secured credit cards, however, Merrick Bank’s products have high annual fees, and the cards offer no rewards on credit card purchases. Individuals interested in a no-frills credit card to build or establish their credit get the most benefit from these products.
What is the Merrick Bank Double Your line Platinum Visa credit card?
An annual fee of up to $0 - $72 for the first year, and up to $8 per month thereafter Because of these high upfront costs, the Merrick Bank Double Your Line™ Platinum Visa® Credit Card falls into the category of cards known as "fee harvesters," which are typically aimed at consumers with limited access to credit cards.
Why choose Merrick Bank for credit repair?
Merrick Bank specializes in credit repair products and services for people looking to rebuild or fix their credit. Some of its credit cards come with high fees, but its Double Your Line credit card has double credit limit increases. I have enjoyed being a part of the Merrick Bank consumer group. My concerns are always taken seriously.
What is the highest credit limit for Merrick Bank?
The highest credit limit for Merrick Bank is $3,000, for the Merrick Bank Secured Card. The actual credit limit for this card is determined by the amount a cardholder puts down for the card's required security deposit, which starts at $200. Merrick Bank does not disclose its highest credit limit for the unsecured Merrick Bank Platinum Visa.
Is Merrick Visa card legit?
Yes, Merrick Bank is a legitimate credit card company that issues real credit cards. It is a top 20 VISA credit card issuer with nearly three million customers, specializing in helping customers build, or rebuild their credit.
Is Merrick Bank a good bank to deal with?
Merrick Bank is a legitimate bank that specializes in helping consumers rebuild bad or low credit. We like that it offers a free monthly credit score from two out of the three major credit bureaus, Experian and TransUnion.
Is Merrick a real credit card?
Merrick has three credit card offerings: the Platinum Visa® Credit Card*, the Secured Visa® Credit Card*, and the Double Your Line® Secured Visa® Credit Card*. Like other cards for building credit, your payment history with any Merrick Bank card is reported to all three credit bureaus.
What credit score do you need for Merrick credit card?
300The Merrick Bank Credit Card card accepts applicants with a credit score of 300. That means people with bad credit have a shot at getting approved for the Merrick Bank Credit Card card. The card also accepts applicants with limited credit.
What is the highest credit limit for Merrick Bank?
The highest credit limit for Merrick Bank is $3,000, for the Merrick Bank Secured Card. The actual credit limit for this card is determined by the amount a cardholder puts down for the card's required security deposit, which starts at $200.
Will Merrick Bank increase credit limit?
You can get a Merrick Bank credit card limit increase by using your card and paying the bill on time for the first seven months you have one of Merrick Bank's unsecured credit cards. Your credit limit will automatically be doubled.
How many times does Merrick Bank increase credit limit?
At a Glance. Increase your credit limit in just seven months with the Merrick Bank Double Your Line® Mastercard®. The card offers the opportunity to automatically double your credit line with seven on-time payments after opening an account – for an annual fee as low as $0.
How many credit cards are too many?
How many credit accounts is too many or too few? Credit scoring formulas don't punish you for having too many credit accounts, but you can have too few. Credit bureaus suggest that five or more accounts — which can be a mix of cards and loans — is a reasonable number to build toward over time.
Does Merrick Bank give instant approval?
The approval process is quick, and applicants can easily check online for prequalification without damaging their credit score. Some Merrick cards require you receive an invitation for you to access the card.
How long does Merrick Bank take to approve?
It usually takes anywhere from two business days to two weeks to get approved for a Merrick Bank credit card. If you're approved, your new credit card should reach you in about 7-10 business. In case your application is denied, you could try calling (800) 204-5936 to ask the issuer for a reconsideration.
Does Merrick Bank charge an annual fee?
The Merrick Bank annual fee is $0 - $72 for the first year and $0 after that, depending on the card and the applicant's creditworthiness. Merrick Bank credit cards may also charge cardholders monthly fees, starting with the second year an account is open.
Does Merrick Bank waive annual fee?
Yes, Merrick Bank does refund annual fees, as long as cardholders cancel their account within 90 days of when the fee is assessed, if they have not yet used the card. It's sometimes possible to get a Merrick Bank annual fee refunded or waived due to financial hardship or active military status, too.
Who is Merrick Bank owned by?
CardWorksCardWorks owns Merrick Bank, a major player in merchant acquiring. In the deal, expected to close in the third quarter, Detroit-based Ally says Merrick Bank will merge into Ally Bank.
Does Merrick Bank give instant approval?
The approval process is quick, and applicants can easily check online for prequalification without damaging their credit score. Some Merrick cards require you receive an invitation for you to access the card.
What credit bureau does Merrick Bank use?
We report each month to the 3 major credit bureaus - Experian, TransUnion and Equifax. In the Cardholder Center or in the Merrick Bank goMobile App you can set up Account Alerts to inform you of the changes to your account that you care about.
Does Merrick Bank have an annual fee?
The Merrick Bank annual fee is $0 - $72 for the first year and $0 after that, depending on the card and the applicant's creditworthiness. Merrick Bank credit cards may also charge cardholders monthly fees, starting with the second year an account is open.
Does Merrick Bank Secured Card graduate?
Yes, the Merrick Bank Secured Card can graduate to a partially-unsecured account if you use the card responsibly for at least a year. After the fir...
Does the Merrick Bank Secured card do a hard pull?
Yes, the Merrick Bank Secured Card does a hard pull . You can apply for it with bad ( 300 +) credit, though. You can check if you prequalify f...
What's the Merrick Bank Secured credit score requirement?
The Merrick Bank Secured Card accepts people with a 300 + credit score. This means that your chances of approval are high, even if you have bad...
What is the highest credit limit for Merrick Bank?
The highest credit limit for Merrick Bank is $3,000, for the Merrick Bank Secured Card . The actual credit limit for this card is determined by th...
How do I get a Merrick Bank credit card limit increase?
You can get a Merrick Bank credit card limit increase by using your card and paying the bill on time for the first seven months you have one of Mer...
How do I check my Merrick Bank Secured credit card application status?
To check your Merrick Bank Secured Card application status, call (800) 204-5936 . If you don't like what you hear, you can inquire about the rea...
Is Merrick Bank a legitimate credit card company?
Yes, Merrick Bank is a legitimate credit card company that issues real credit cards. It is a top 20 VISA credit card issuer with nearly three mil...
When do I pay the security deposit?
You will need to pay the security deposit after submitting your application. The application will not be complete until funds from the security dep...
How can I get a Merrick Bank Secured card credit limit increase?
You can increase your Merrick Bank Secured Card limit: at any time by adding money to your security deposit, but no more than 3000$; through...
What is Merrick Bank?
Merrick is an invitation-only bank that provides clients with opportunities to build or reestablish poor credit. Its FDIC-insured products include a secured Visa credit card, personal loans and certificates of deposit. Through a variety of programs, such as goScore, goSpecial and goLearn, Merrick Bank offers monthly FICO scores, shopping discounts and financial education to its customers.
What is the maximum credit limit for Merrick Bank?
The highest credit limit for Merrick bank is $3,000.
How long does it take for Merrick Bank to post a check?
It takes up to two business days for Merrick Bank to post payment.
Does Merrick Bank have a secured credit card?
People looking to raise their credit scores have an opportunity to by using Merrick Bank’s Platinum Visa and Secured Visa credit cards. These cards offer regular credit increases and access to Merrick Bank’s free online cardholder center and goMobile app. With goSpecial, cardholders also have access to discounts and savings at participating organizations, including Blue Nile, GNC and Lenovo.
Does Merrick Bank have a credit repair program?
Merrick Bank specializes in credit repair products and services for people looking to rebuild or fix their credit. Some of its credit cards come with high fees, but its Platinum Visa card has double credit limit increases.
Does Merrick Bank have a FICO score?
Through a variety of programs, such as goScore, goSpecial and goLearn, Merrick Bank offers monthly FICO scores, shopping discounts and financial education to its customers.
Does Merrick Bank offer free financial education?
Merrick Bank also offers free financial education on its website. Through goLearn, Merrick Bank addresses how to maintain good credit, create a budget and manage money to help individuals and families build smart financial habits.
Where is Merrick Bank located?
The Verdict: Merrick Bank, for those of you who aren’t familiar with the institution, is an online lender headquartered in Utah that specializes in credit cards and boat/RV financing. That’s interesting enough, but the Merrick Bank Secured Visa Card doesn’t offer much to hold your attention.
Is Merrick Bank a bad credit card?
Don’t get us wrong; it’s not a bad card. It’s just a no-frills, moderately priced option with competitors that are both cheaper and more exciting. More specifically, Merrick Bank’s Secured Card requires a $200 minimum deposit, which you can increase up to $3,000 over time, and charges a total of $36 in fees each year.
Is a secured credit card good for bad credit?
Off-Limits To Some Bad-Credit Applicants: Secured cards generally are the easiest credit cards to get, as their refundable security deposit erases the risk typically associated with lending to people with bad credit. Secured cards don’t offer guaranteed approval, though.
Does Opensky Secured require a credit check?
If that rules you out, you can get the credit-improvement process started with a card such as OpenSky Secured, which does not require a credit check.
Can you transfer money with a secured card?
Balance Transfers Prohibited: Balance transfers generally shouldn’t be of much interest to secured-card users for one simple reason: A transferred balance can’t exceed your credit limit, which is prepaid with a secured card. And if you had the money to cover the balance to begin with, you’d just pay off the debt directly. But it’s still worth mentioning that this type of transaction cannot be performed with the Merrick Bank Secured Card because that’s not the case for all secured cards.
What is Merrick Bank credit card?
The Merrick Bank credit cards are designed for individuals with bad credit and those trying to build (or rebuild) their credit histories. However, they come with too many fees for us to recommend them over other cards that will likely be available to these consumers, such as the Secured Mastercard® from Capital One. Review.
What is Discover it secured credit card?
Discover it® Secured Credit Card cardholders can earn 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. After eight months, Discover will review your account and may transition you to a card with no security deposit. Like all secured cards, the Discover it® Secured Credit Card will likely be available to you even if you have Limited/Bad/Poor credit history.
Does Merrick Bank have a double line credit card?
Because of these high upfront costs, the Merrick Bank Double Your Line™ Platinum Visa® Credit Card falls into the category of cards known as "fee harvesters," which are typically aimed at consumers with limited access to credit cards. That's not to say that the Merrick Bank Double Your Line™ Platinum Visa® Credit Card can't help you build credit. But you'll be better off with a secured card with no annual fee like the Capital One Platinum Secured Credit Card.
Does Merrick Bank report credit history?
While Merrick Bank does report your payment history to all three credit bureaus—which helps cardholders build credit —it is not worth paying the exorbitant fees for this service.
Is Merrick Bank better than Capital One?
Those considering the Merrick Bank credit cards will be better off with the Secured Mastercard® from Capital One, as it offers the same opportunity for building credit without any setup or annual fee. Furthermore, $49 is all you need to get a $200 initial credit line, which is less than the minimum deposit requirement to get the Merrick Bank Secured Visa® Credit Card. Additionally, Capital One will increase your credit limit after you make five on-time minimum monthly payments. That's two fewer months than required with the Merrick Bank Double Your Line™ Platinum Visa® Credit Card.
Does Valuepenguin include all financial institutions?
ValuePenguin does not include all financial institutions or all products offered available in the marketplace. How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees.
Is Merrick Bank Visa bad?
The Merrick Bank Visa® Card is the worst of a bad bunch, and we do not recommend that you get it. Those considering this card should consider other credit cards for poor credit, which we discuss below.
When was Merrick Bank founded?
Merrick Bank was founded in 1997. The Utah-based financial institution — a subsidiary of the New York-based financial services firm CardWorks — is a major provider of credit programs for those looking to build or rebuild their credit. However, the only deposit product offered by the bank is a certificate of deposit.
What is a CD in Merrick Bank?
CDs are Merrick Bank's primary product offering for customers who want a place to store their cash. The bank offers a handful of CDs across different terms with competitive yields, and they’re available nationwide. The CD terms are six, 12, 18 and 24 months, giving customers the option to build a short-term CD ladder.
Does a bank offer CD terms?
The bank offers enough CD terms for customers to build a short-term ladder.
Does Merrick Bank have ATMs?
Merrick Bank doesn’t have any owned-and-operated ATMs, nor is it part of an ATM network. Account holders do get access to bill pay and account alerts. Customers can reach a representative for help at 1 (866) 638-6851. However, representative hours aren’t made available on the bank’s website.
Merrick bank
Merrick bank, sent me a very threating letter of how up set they were that I tried to use my credit card to place a bet on the super bowl, so they denied the request and I used a different card, no problem right but they sent me a letter making it sound like I was trying to commit mail fraud or some crazy thing like that.
Good card, easy payments and credit increases to build credit
I've never had any problem with my Merrick Bank card. Payments always applied on time and the less concerns I have make me a satisfied card holder.
The increase in my total amount
The increase in my total amount was a surprise to me. THANK YOU FROM THE BOTTOM OF MY HEART WH
Good, Could Be Better
I like that you raise my credit line based on my attention and prompt handling of my balance. I don't like your app layout or interface though. It feels really basic, and it's not really user friendly based on the fact there's not a whole lot of interface capabilities.
I'm pleased with the services offered
I'm pleased with the services offered, must note that I mostly do online banking so it's non personal contact but it's real simple and easy.
Amazing company
Been an amazing credit card and they are really good about giving you credit line increases without even applying for one. Love it
Most helpful positive review
Doubles your CL after first 3 on-time payments. That is a LOT faster than most cards! My initial CL was $750 @ 24% APR. $0 Annual fees. Got instant approval w 640 Vantage (640 Trans / 650 Equi, from scores here on CK). Card arrived 6 days after approval.
Most helpful negative review
first of all,I don't understand people low rating on this card only because their application got denied.Seems to me thats your issue with your credit files/score.
All member reviews (252)
Credit Karma is deceptive as it initially listed as approval odds excellent, then upon applying it wasn’t instant in the decision and then going back to CK, the odds changed to poor.
