Your account information will be reported to all three major credit agencies when you have a Merrick Bank Secured Visa card. Credit lines range from $200 to $3,000 with this card. Although it does have an annual cost of $36 in addition to a few other fees, if you qualify for an increase in your credit limit, you won't be required to submit an extra security deposit. If your credit score falls within that area, you may struggle with being approved for credit cards or loans.
Pros
Credit Limit
Your credit limit is determined by the amount of the security deposit you put down, which may be anywhere from $200 to $3,000. If you have a Merrick Bank Secured Visa, you have this option. The maximum credit limit on many secured credit cards is much smaller. A greater limit not only provides you more freedom of spending but may also make it easier for you to keep your credit usage ratio in check.
Account May Qualify for Credit Line Increases
Your account activity will be reviewed regularly by Merrick Bank. Your past credit behavior will determine whether or not you are eligible for a credit line increase that does not need an extra security deposit to be made.
Cons
$36 Annual Fee
The charge drops to $3 per month once the first year has passed. This is an expensive fee for a secured card, and numerous other similar cards do not charge annual fees.
No Rewards or Bonus Offers
There is no rewards program associated with this card, nor are there any sign-up incentives available to new users. Certain secured credit cards give incentives, although this is standard for such cards. For instance, if you use the Discover it Secured credit card, you may receive 2% cash back at restaurants and petrol stations on up to $1,000 in spending each quarter and 1% cash back on an unlimited amount of other transactions.
Foreign transaction fee
When you use the card in a country other than the United States, you'll be subject to a charge equivalent to 2% of the total purchase amount. The Capital One Secured Mastercard is one solution that has lower costs than other cards. There is no charge for the first year and no additional costs for returned payments or overseas transactions. Depending on your credit profile, the minimum required deposit for the safekeeping of your belongings is $49, $99, or $200. In addition, the card provides advantages that are not included with the Merrick Bank Secured Visa, such as extended warranty protection, travel accident insurance, and secondary vehicle rental damage damage damage waiver.
This Card is Best For
According to Experian, 39% of American adults have credit ratings that fall between the range of "extremely poor" to "fair," which is regarded to be the range between "very poor" and "fair." If your credit score falls within that area, you may struggle with being approved for credit cards or loans. If you use your secured credit card responsibly, such as with the Merrick Bank Secured Visa, you may be able to raise your credit score and qualify for better financial products. Your account activity with Merrick Bank will be reported to the three main credit agencies. Using the card responsibly will help you qualify for unsecured credit cards in the future, including ones that provide incentives and advantages such as travel insurance.
Standard Benefits
You may anticipate the same advantages with this card as you would with any other secured credit card, including the following:
- Access to one's account through computer and mobile device
- Monthly access to one's FICO score
Cardholder Experience
Merrick Bank is a credit card issuer that focuses on providing programs for those who are either starting from scratch with their credit or rebuilding it after having troubles in the past. The Utah-based corporation has been operating since 1997 and has more than 3 million cardholders around the country. Because Merrick Bank is a very little card issuer, it is not ranked in the J.D. Power Credit Card Satisfaction Study. Your account information will be reported to all three major credit agencies when you have a Merrick Bank Secured Visa card. You may reach the customer support department over the phone at this number: 800-204-5936. Help with customer service may be reached anytime, day or night, any day of the week.
Security Features
This card offers typical security measures, such as notifications for your account and no responsibility in the event of illegal usage.
