The Ultimate Guide to Credit Cards
Tuesday, November 28, 2023

Merrick Bank Secured Credit Card Review

Toby Sembower

By: Toby Sembower

Toby Sembower
Toby Sembower

Toby founded Digital Brands, the parent company of CardRates.com and its sister sites, and now serves as Chairman of the Board. He lends his 15 years of credit card industry experience to educate consumers on the responsible use of credit. His knowledge base spans credit card reward programs to credit repair, lending, and credit bureau reporting.

See full bio »

Editor: Lillian Guevara-Castro

Lillian Guevara-Castro
Lillian Guevara-Castro

Lillian Guevara-Castro brings more than 30 years of editing and journalism experience to the CardRates team. She has written and edited for major news organizations, including The Atlanta Journal-Constitution and the New York Times, and she previously served as an adjunct journalism instructor at the University of Florida. Today, Lillian edits all CardRates content for clarity, accuracy, and reader engagement.

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Reviewer: Ashley Fricker

Ashley Fricker
Ashley Fricker

Ashley has more than a decade of experience as a finance contributor and editor, and has specialized in the credit card industry since 2015. She has worked closely with the world’s largest banks and financial institutions, up-and-coming fintech companies, and press and news outlets to curate comprehensive content and media. Her credit card commentary is often featured on national media outlets that include CNBC, MarketWatch, Investopedia, and Reader's Digest, among many others.

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Merrick Bank Secured Credit Card Review

Rated 3.3 /5.0 ★★★

Are you in the market for a new card and considering the Merrick Bank Secured Credit Card? Before you apply for the card, you'll want to learn some key facts about the offer and how it compares to other cards on the market.

First, let's cover the basics. In reviewing the card, we rated it a 3.3 out of 5.0, which means that like many other cards, we found the Merrick Bank Secured Credit Card to have some solid benefits and some possible drawbacks.

With low fees, a reasonable APR, and automatic account reviews for credit line increases, this secured card is a good choice for those looking to build credit.

Next up, let's dive into the details you should consider before applying. Here's a rundown of the card's key features, rates, and terms:

Disclosure: When you apply through links on our site, we often earn referral fees from partners. For more information, see our ad disclosure and review policy.

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CardRates.com is a free online resource that offers valuable content and comparison services to users. To keep this resource 100% free, we receive compensation for referrals for many of the offers listed on the site. Along with key review factors, this compensation may impact how and where products appear across CardRates.com (including, for example, the order in which they appear). CardRates.com does not include the entire universe of available offers. Editorial opinions expressed on the site are strictly our own and are not provided, endorsed, or approved by advertisers.

Merrick Bank Secured Credit Card Review

at Merrick Bank'ssecure website

BEST OVERALL RATING

★★★

3.3

OVERALL RATING

  • 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.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
22.70% Variable
$36 for first year. Billed $3 per month thereafter
See website for Details*

There's certainly a lot to like about the Merrick Bank Secured Credit Card. But just like with other cards we review, we stress that potential applicants should pay attention to this card's rates and fees as part of the bigger overall picture.

Let's dive deeper into those rates and fees, as they could make or break whether owning the card makes sense for you and your financial situation.

Interest Rate & Annual Fee

The interest rate, also known as APR (annual percentage rate), tells you what percentage of your balance you can expect to pay in interest annually if you carry a balance.

According to the issuer, the Merrick Bank Secured Credit Card currently charges the following interest rates on purchases and balance transfers:

  • Purchase Intro: N/A
  • Balance Transfer Intro: N/A
  • Regular APR: 22.70% Variable

Another possible expense to consider is the annual fee, which is the amount a cardholder is required to pay each year for the privilege of owning a particular card.

Here's the annual fee for the Merrick Bank Secured Credit Card as listed by the issuer:

  • Annual Fee: $36 for first year. Billed $3 per month thereafter
See site for details »

Credit Needed for Approval

So far, we've covered the Merrick Bank Secured Credit Card in great detail, from its many benefits to its current rates and fees. But what are your odds of approval? What credit score is needed to become a cardholder?

According to the issuer, the current general credit history requirement for the card is:

  • Credit Level: See website for Details

If you feel you have the credit needed for approval and you're ready to apply, you can do so online on the issuer's secure website.

Keep in mind that rates and features may change, so if you like what the card is offering today, you may want to apply now to lock it in its current terms before it's too late.

How Does It Rank?

We've discussed the many benefits, drawbacks, and requirements of the Merrick Bank Secured Credit Card, but how does it rank versus similar cards on the market? Below are all the category-specific ratings our team gives the card, along with the card's ranking within each category.

Quick hint: Want to see our best-reviewed cards in each category? Simply click the category name to see our top picks:

(Ranked #27 out of 31)
★★★★
4.0
(Ranked #151 out of 157)
★★★
3.3
(Ranked #14 out of 17)
★★★★
4.0
(Ranked #33 out of 39)
★★★★
3.7
(Ranked #25 out of 32)
★★★★
4.0
(Ranked #10 out of 16)
★★★★
4.0

Bottom Line on Merrick Bank Secured Credit Card

Merrick Bank Secured Credit Card Review

All told, our team's review of the Merrick Bank Secured Credit Card resulted in a rating of 3.3 out of 5.0, as the card features many pros and cons for a potential cardholder to consider. Ultimately, it's up to you to determine if the card's benefits outweigh its possible drawbacks. If you determine that it's a fit for your needs, you may want to apply soon, as terms throughout the industry change regularly.

We hope our guide has been helpful in learning all you need to know about the Merrick Bank Secured Credit Card. We wish you the very best on your financial journey!

Other Offers to Consider

Are you ready to apply for the Merrick Bank Secured Credit Card offer? Be sure to read up on all of its terms and details first, then apply via the provider’s secure website:

If you’d like to keep researching, you may want to try one of our popular guides to the top offers available. We break down a variety of offers, including many similar to Merrick Bank Secured Credit Card:

Whether you decide on Merrick Bank Secured Credit Card or another option, be sure to make all your payments on time and keep your balance below the credit limit.

About the Author

Toby Sembower
Toby Sembower Finance Expert

Toby founded Digital Brands, the parent company of CardRates.com and its sister sites, and now serves as Chairman of the Board. He lends his 15 years of credit card industry experience to educate consumers on the responsible use of credit. His knowledge base spans credit card reward programs to credit repair, lending, and credit bureau reporting.

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Toby Sembower