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Merrick Bank specializes in credit card options for people looking to build or replenish their credit, but their cards come with fees and other unfavorable terms that can make them more expensive than other credit building options. on the market.
Merrick offers 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 credit cards, your payment history with any Merrick Bank card is reported to all three credit bureaus.
Here’s what you need to know about each of Merrick Bank’s credit cards, and why other cards – like our picks for Best Cards for People with Bad Credit or Best Secured Credit Cards – are a better choice for. Most people.
Merrick Bank Credit Card Details
Visa Platinum credit card
The Platinum Visa card is Merrick Bank’s only unsecured credit card. It offers no rewards and charges a very high variable APR of 23.45% to 28.45% for a card without additional benefits.
You will be subject to installation and maintenance fees which are determined on the basis of your creditworthiness. These costs include:
- Annual fees of $ 0 to $ 72 the first year, billed at $ 0 to $ 6 per month thereafter
- Account opening fees of $ 0 to $ 75
These fees are automatically deducted from your credit limit upon approval. If you’re approved for a $ 500 credit limit, for example, with an annual fee of $ 72 and a setup fee of $ 75, your actual starting line of credit is only $ 353.
You can double your credit limit automatically if you pay on time for the first seven months, but if your credit is initially low you will likely start with a low credit limit and higher fees, which means it will still be. more importantly to keep an eye on your credit utilization rate to improve your credit.
The card also charges an overseas transaction fee (2% of the transaction in US dollars), monthly fees for any additional cards you add to your account, late and refund fees, and upfront fees. of funds.
Unlike many other cards, there is no direct online application for the Merrick Bank Platinum Visa. Instead, you can request a pre-approval offer that you receive in the mail or fill out a form on the Merrick Bank website to see if you qualify for an offer online.
The Secured Visa® credit card and the Secured Visa® Double Your Line® credit card
Merrick’s two secure card offers both have the same terms. You will be subject to a variable APR of 17.45% and an annual fee of $ 36. Annual fees are billed up front the first year, then billed at $ 3 per month thereafter.
Both cards require a minimum initial security deposit of $ 200, which is your credit limit. With either card, your account is reviewed periodically (Merrick Bank does not specify how often) to see if you are eligible for an increase in your line of credit with no additional deposit. You can also increase your limit by depositing more at any time, up to $ 3,000.
If you are approved for the Double Your Line Secure Visa credit card, you can double your line of credit to $ 400 without further deposit as long as you make at least your minimum payment on time each month for the first seven months that your account is open.
But remember, you’ll want to pay more than your minimum payment on your card to avoid paying interest. Any remaining balance on your credit card at the end of the month will incur interest charges.
While the option to increase your credit limit is great, if you’re looking for a secure credit card, look for options that don’t charge an annual fee and offer perks or opportunities to switch to an unsecured card at home. to come up.
Merrick Bank Credit Card Review Summary
| Variable APR | Minimum initial deposit | Annual / start-up fees | |
|---|---|---|---|
| Platinum Visa | 23.45% -28.45% | N / A | Annual fees of $ 0 to $ 72 Account opening fees of $ 0 to $ 75 |
| The secure Visa credit card | 17.45% | $ 200 | $ 36 annual fee |
| Double Your Line secure Visa credit card | 17.45% | $ 200 | $ 36 annual fee |
Alternatives to Merrick Bank credit cards
If you have bad credit, or little or no credit history, you are unlikely to qualify for top credit cards with any rewards or benefits. Instead, you should be focusing on building credit and establishing good credit habits, and there are better secure and unsecured card options than Merrick Bank cards to help you out.
Here are a few to consider:
Discover it® secure credit card
The Discover it secure credit card offers cash back rewards, a rarity among secure cards. You can earn 2% Cash Back at gas stations and restaurants on up to $ 1,000 in combined purchases each quarter, plus 1% on all other purchases.
You will also be able to double the cash back you earn in your first year with Discover’s Cashback Match bonus at the end of your first year. The card has no annual fee, a variable APR of 22.99%, and a minimum security deposit of $ 200.
Capital One Platinum Secured Credit Card
You can secure your line of credit for less than $ 200 with this card. Once your approval is approved, you will receive a required minimum deposit of $ 49, $ 99, or $ 200, which will qualify you for a $ 200 line of credit. Capital One automatically begins reviewing your account after six months to determine if you qualify for credit limit increases or a refunded security deposit. There is no annual fee and a variable APR of 26.99%.
Visa Petal 2 credit card
With the Visa Petal 2 * credit card, you’ll get 1% basic cash back on all your purchases, and up to 1.5% after making 12 payments on time. Since the issuer uses alternative information in their approval process, including your savings and spending history, you don’t have to rely solely on your credit score to access it. There is no annual fee, a variable APR of 12.99% to 26.99%, and you will be able to access a credit limit of between $ 500 and $ 1,000.
Discover it® secure credit card
- Introductory bonus:
- Annual subscription :
$ 0
- Regular APR:
22.99% variable
- Recommended credit:
(No credit history)
Capital One Platinum Secured Credit Card
- Introductory bonus:
N / A
- Annual subscription :
$ 0
- Regular APR:
26.99% (variable)
- Recommended credit:
(No credit history)
- Learn more on the secure site of our partner.
Visa® Petal 2 “Cash Back, No Fee” credit card
- Introductory bonus:
N / A
- Annual subscription :
$ 0
- Regular APR:
12.99% – 26.99% (Variable)
- Recommended credit:
(No credit history)
- Learn more on the secure site of our partner.
Final result
Merrick Bank cards charge higher fees and offer fewer benefits than many other construction credit options. Before you apply or respond to a pre-approval offer from Merrick, compare other card options available that cost less and can help you meet your credit goals faster.
If you need to fix your credit or have a poor credit history, a card for people with bad credit can help you get the credit you need to upgrade to a better product as quickly as possible. In the meantime, the most important habits you can practice include paying all of your monthly payments on time and in full, monitoring your credit report frequently, and keeping your credit usage low.
* All information about Platinum Visa® credit card, Secured Visa® credit card, Double Your Line® Secured Visa® credit card, Capital One Platinum Secured credit card and the Visa® Petal 2 “Cash Back, No Fees†credit card was independently collected by NextAdvisor and has not been reviewed by the issuer.
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