When you are already facing a poor score, you don’t want to run the risk of getting a credit card. So before you make up your mind about any option, here is a Merrick Bank Secured Visa Review that you should not miss out on!
Merrick Bank Visa Card Review – In a Nutshell
The trick to choosing the right credit card for your struggling score is to decide how much you are willing to pay in exchange for that.
Although many customers are inclined towards cards with rewards system, these are not common to the plastic available for users bearing low credit score. In fact, it is even more rare to find a secured that offers cashbacks, bonus points, or bonus miles.
The same goes for Merrick Bank Secured Visa credit card. Where it carries a number of benefits (that we will talk about shortly!), the card comes with a long list of charges as well. Let’s take a look at some of these below.
- The card charges an annual fee of $36 in the first year. After that, you need to make $3 payments per month as long as you continue to use the account.
- Merrick Bank Secured Visa card has a variable APR of 17.45%. It means that you won’t be let completely off the hook in case you delay a payment over the due date.
- With this credit card, you need to make a security deposit of at least $200. Maximum amount can be as high as $3,000. This would automatically be considered the credit limit that is available for your use.
- There are no processing charges or extra fees when you are opening the account (Phew!).
- A foreign transaction fee of 2% is applicable.
- A cash advance fee of 4% is applicable with minimum threshold set at $10.
Why Should You Choose Merrick Bank Visa Credit Card?
So far we have discussed all the fees associated with becoming a Merrick Bank Secured Visa credit cardholder. Although these are not much as compared to some other high-end cards, variable APR and monthly charges can account up to a lot when you are already struggling with a poor credit score.
That makes us wonder if this credit card is actually worth it?
So if you are confused about whether you should give this one a try or not, we are here to help you have a look at things that Merrick Secured card can help you with and other things that you need to watch out for.
A Good Choice If You Are Aiming For High Credit Limit
It is a secured credit card so the limit would depend on the initial security deposit that you make. In fact, you can start off with as high as $3,000 credit limit. You should spend it carefully to keep a cushion between your available credit and how much you owe the bank.
This strategy would not only help you spend regularly but also have a great positive impact on your credit score since lenders love customers who maintain low credit utilization ratio.
Did You Know? Typically, secured credit cards have a credit limit of $1,000 to $2,500.
There Is No Need For a Bank Account
Most credit card application require you to check a box that confirms you have a savings or a checking account. Not Merrick Bank Secured card though!
In fact, this card has a very few limits and restrictions when it comes to the eligibility criteria. You can apply without a bank account and it would not affect your chances of being approved.
You Can Check Your FICO Score For Free
Keeping a regular check on your credit score can help you track improvement and if you are making any. Fortunately, Merrick Bank can help you with this by providing a free credit-score access to all its cardholders.
There Is No Reward System
You have a poor credit score. You are paying an initial deposit. Your basic aim is to improve your financial standing!
Lack of a reward system should not come as a complete disappointment since that is not what brought you to this card. However, modest rewards such as cashbacks and bonus points can still be quite helpful but you will not find any secured card that offers that.
And Obviously… Charges, Charges, and Some More Charges
We have already discussed in the section above how it is unusual for secured cards to charge a number of fees. However, Merrick Bank Secured Visa credit card does have a long list.
Besides the initial deposit, you would have to pay an annual fee of $36. This is not much but it is still a lot when you compare it to other secured cards that often charge no annual fee at all.
Then there are interest charges on late payment, monthly charges, foreign transaction charges, cash advance fee and cash advance APR. So if you have decided to fix your credit score via this credit card then get ready to be on your best behavior. This is the only way to avoid some of the charges applicable on it.
Merrick Bank Visa Card Review – What Customers Have To Say About This Credit Card
The best way to weigh the pros and cons of a card is to look into what customers have to say about it. We are going to save you from the ordeal of surfing the internet to find an answer to this. Instead, we have gathered the most important remarks and brought them to you in our Merrick Bank Secured Visa Review.
A Credit Karma member praised the credit-rebuilding abilities of this card and commented,
“I went through a divorce and my credit score took a deep drop. I’ve had this card for 1 year and 2 months, use it, and pay it. People have to keep in mind that this is a secure card and for building credit. Regarding increases, I’ve never been offered but the point of this card is so you can rebuild your credit so that you can apply for non-secure cards.”
Additionally, users have also applauded the bank for its outstanding customer support service. One of the cardholder had remarked,
“I have like 6 credit cards, and this is my preferred use card…. I applied for it to have an emergency fund on hand, and I have been treated so well by Merrick Bank, that I started just using it… Thank you Merrick Bank….”
Automatic increase in credit limit is definitely a good catch when you are working towards a better credit score using a credit card. Luckily, Merrick Bank Secured Visa card offers this perk as well. As Sasha has commented on Credit Karma,
“The card does give credit increase without additional deposit, of have a good pay history with them.”
Furthermore, this secured card is a great option to consider if you plan on upgrading to unsecured version later on. This was highlighted by Ben Anji as he discussed,
“This card will graduate to an unsecured credit card remember everyone pay on time don’t miss a payment remember keep your balance between 0 to 10 per cent.”
So these are some perks that you can enjoy with Merrick Bank Secured Visa credit card. Keep in mind that they come at the cost of high APR and an initial deposit. If you need further help with anything, continue reading to find out how to get in touch with their customer support service.
Do You Need Help?
Merrick Bank offers commendable customer support service. You can get in touch with their representatives simply by calling at 1-877-727-6885.
Other than that, it is also possible to write to the authorities. The mailing address is as follows:
“Merrick Bank Customer Service P.O. Box 9201 Old Bethpage, NY 11804-9001”
Final Note – Here’s What You Can Do With This Card
The thing you need to keep in mind in case of a secured card is that you get a credit limit equal to security deposit. In this case, you are free to choose an amount between $200 and $3000 that you can later spend responsibly to reach a better credit score and finally upgrade to an unsecured card.
Unsecured card is not the only option here! Merrick Bank will also support you in another way. How’s that?
The bank will continuously review your credit-related habits to see if you are eligible for a credit line increase and if you have done your job right, it would not even ask for an additional deposit!
In any case, it is crucial to maintain good payment habits. Clearing bills on time and keeping a low credit utilization ratio would get you very far with a good credit score. Additionally, it is important to regularly check your FICO credit score. This would help you to stay motivated and on track as you continue to make improvement.