Merrick Bank Double Your Line™ Platinum Visa® Credit Card
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Review: Our Thoughts On the Merrick Bank Credit Cards
Merrick Bank offers three credit card products: the Merrick Bank Double Your Line™ Platinum Visa® Credit Card, the Merrick Bank Secured Visa® Credit Card and the Merrick Bank Visa® Card. Unlike points or cash back cards, these cards do not feature any rewards. Instead, they are focused on customers with limited access to credit or those looking to improve their credit histories. 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. This is especially true when you compare the Merrick Bank cards to other bad credit credit cards that have no annual fee.
|Annual Fee||Up to $0 - $72 for the first year, then up to $8 per month||$36 for the first year. Billed $3 per month thereafter.||Up to $96 for the first year, then up to $8 per month|
|APR||19.45% to 28.45% *Variable||17.45% Variable variable||20.45%-29.95% Variable|
|Setup Fee||Up to $75||None||Up to $75|
Note: Merrick Bank does not provide the current rates and fees for the Merrick Bank Double Your Line™ Platinum Visa® Credit Card and the Merrick Bank Visa® Card. The details we note above were gathered from previous credit card agreements and may differ from the current pricing information for these cards.
Merrick Bank's cards differ from other card issuers' products because the Merrick Bank Double Your Line™ Platinum Visa® Credit Card and the Merrick Bank Visa® Card are only available to those who have received a preapproved mail offer. However, if you want one of these cards, then one potential option is to sign up for the Merrick Bank Secured Visa® Credit Card and then request an upgrade. Card issuers often do this for their customers, especially if they've consistently paid their bills on time each month. That being said, we advise that most consumers should avoid the Merrick Bank cards entirely.
Merrick Bank Credit Card Details
Below, we take an in-depth look at all of Merrick Bank's credit card offerings.
Merrick Bank Double Your Line™ Platinum Visa® Credit Card
The Merrick Bank Double Your Line™ Platinum Visa® Credit Card's distinguishing features—true to its name—is that bank of north carolina charleston sc credit line pnc bank near me still open double if you make at least your minimum payment for the first seven months your account is open. For example, if you start with an initial credit line of $500 and you make make seven on-time minimum payments, then your credit line may increase merrick pre qualify credit card $1,000. This can lower your credit utilization, which has a positive effect on your credit score.
The Merrick Bank Double Your Line™ Platinum Visa® Credit Card comes with a lot of fees for a card that has little to offer outside of credit building. These include:
- A one-time setup fee of up to $75
- An annual fee of up to $0 - $72 for the first year, and up to $8 per month thereafter
- Up to $12 per additional 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.
We do not recommend the Merrick Bank Double Your Line™ Platinum Visa® Credit Card because of its high fees. Instead, you should consider the Capital One Platinum Secured Credit Card, which is a secured card with a minimum deposit of $49, $99 or $200. Cardholders can also get a higher credit limit after only five months of making on-time payments—two fewer months than with the Merrick Bank Double Your Line™ Platinum Visa® Credit Card.
Merrick Bank Secured Visa® Credit Card
Unless you have received a preapproval in the mail, the Merrick Bank Secured Visa® Credit Card will be the only Merrick Bank credit card that you have access to. Secured credit cards differ from other credit cards because they require a security deposit to be approved. Initially, your credit line will be equal to the amount that you deposit, which can be anywhere between $200 and $3,000.
As far as secured cards go, the Merrick Bank Secured Visa® Credit Card stands out because of its annual fee of $36 for the first year. Billed $3 per month thereafter. There's not much reason to get the Merrick Bank Secured Visa® Credit Card when there are other secured cards with no annual fee that are available to people with Limited/Bad/Poor credit history.
You could use this card as a stepping stone to one of Merrick's unsecured cards—the Merrick Bank Double Your Line™ Platinum Visa® Credit Card or the Merrick Bank Visa® Card. While this is a perfectly valid way to potentially access these cards, we still don't recommend it because those cards also offer poor value.
The $36 for the first year. Billed $3 per month thereafter. annual fee on the Merrick Bank Secured Visa® Credit Card makes it a tough sell, as other secured cards are available to those with poor credit and have no annual fee.
Merrick Bank Visa® Card
Of the three Merrick Bank cards, the Merrick Bank Visa® Card is the one that has the least to offer. The Merrick Bank Visa® Card features the same fee structure as the Merrick Bank Double Your Line™ Platinum Visa® Credit Card, without the "double your line" benefit. This makes the card quite expensive—with a potential initial cost of up to $171 between the setup fee and the annual fee, which is 4.5 times greater than the $36 for the first year. Billed $3 per month thereafter. initial cost of the Merrick Bank Secured Visa® Credit Card.
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.
Cards We Like More Than the Merrick Bank Credit Cards
Here are some cards we would recommend ahead of the Merrick Bank credit cards.
Discover it® Secured Credit Card
Compared to the Merrick Bank cards, the Discover it® Secured Credit Card comes out way ahead because of its potential rewards and its lack of an annual fee. 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.
Capital One Platinum Secured Credit Card
Those considering the Merrick Bank credit cards will be better off with the Capital One Platinum Secured Credit Card, 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 merrick pre qualify credit card 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.
- Pay a minimum security deposit of $49
- The card currently offers a refundable minimum security deposit of $49, $99 or $200. (You’ll need access to an authorized bank account to pay the security deposit.) mbna website login
- Pay $0 annual fee.
- Capital One Platinum Secured Credit Card Review
Best Credit Cards For Having High Credit Score in 2021
Ernest Hamilton, Tech Times
People with top-line credit scores enjoy the best financial opportunities; they readily qualify for the best credit cards and get unlimited cashbacks, low interest rates and much more. But if you have an average or low credit score then you are not everyone's cup of tea and face financial hardships throughout your life. You don't get big loans on favourable conditions, you also have to pay high interest rates with extravagant annual fees on credit cards.
So, think wisely and try to reach out to the most favourable credit cards that can work in every situation. We have opted for some best credit cards that can help you in rebuilding your credit score and get a high credit score in the shortest time period of 6-7 months.
Capital One Credit Cards
Capital one bank proposes the best cards that fit in variable situations, also come up with attractive features including no annual fee, unlimited cash rewards, introductory interest rates and one-time bonuses. So, you need to pick the right card according to your monthly budget and needs.
Secured Mastercard from Capital One
This is the best option for the people who have bad or no credit history. Also, users can enjoy an instant credit line of $200 when they submit any amount of $49, $99 or $200 for security deposit.
Best part is, if you are on a tight budget you can pay a security deposit in installments as well. And you can increase your credit limit up to $1000 by depositing more money after your account approval. So, get yourself easily prequalified with a bad credit limit at www.getmyoffer.capitalone.com and enjoy the offers of Capital one credit cards.
No annual fee
No foriegn transaction fee
Automatically considered for high credit line within 6 months
Refundable security deposit
Secured Mastercard offers you $0 fraud liability if your card is lost or stolen. You will not be accountable for any unauthorized charges. Also, you get notification via email, text and phone in case of any suspicious transaction.
Extended warranties and Insurances:
While having Secured Mastercard from Capital one you can enjoy travel accident insurance, rental car insurance and can have 24-hour travel assistance.
You can choose any Capital one credit card as it goes best in any financial situation you have. Also, these cards offer numerous benefits to the users either with no credit history or excellent credit limit.
Merrick Credit Cards
Merrick bank's cards give the ultimate solution to the people with low and average credit history. As users can double their credit limit after signing up for the account with favourable financial conditions. As a result you get rid of your less than perfect credit score and enjoy a high credit limit.
Merrick Double Your Line Platinum Visa Credit Card
If you have a bad credit history and really want to be on a high credit score track with favourable conditions then Merrick Double Your Line Platinum Visa Credit Card is the satisfactory option to have. If your initial credit line lies between $300-$500 it can be doubled and reach up to $600-$1000 within a little time of 7 months.
Free access to your FICO score
Reports all the three financial institutions
No security deposit required
Pre-Approved Within No Time:
People having low credit scores are not preferable to any bank or lender. So, it's really hard to get approved for any credit card with no credit history. But you can pre approved yourself for Merrick Double Your Line Visa Credit Card within a few minutes at www.doubleyourline.com without hurting your credit score.
24/7 Customer Service:
Merrick Double Your Line serves its users 24/7 and you can check your FICO score for free every month. Also, you can use autopay services with account alerts.
Merrick Credit Your Double Line Visa Credit Card works on the "Do Good Have Good" principle. If you pay your monthly payments on time and follow all the rules then you can be in the list of high credit limits within a little time of 7 months.
You need to be thoughtful while choosing the best credit card according to your budget and needs. As with a low or fair credit score it's a huge challenge to get approved for the best credit cards and enjoy all the perks and benefits that they offer. Give it a try to the aforementioned credit cards as it will help you to solve most of your credit cards problems and you can have an excellent credit limit. But if you want to look up more options and satisfy your valid financial needs go to Georgia Bank & Trust as it will help you further on your right financial path.
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Merrick Bank Double Your Line Secured Visa Card Review
If you have bad credit and need help getting back on track, a secured credit card is a great place to start. Secured credit cards require a security deposit that generally acts as your credit line. The Merrick Bank Double Your Line Secured Visa credit card works the same way, except your initial deposit and credit line are set at $200. One standout feature, however, is that your credit limit will double to $400 after you make at least the minimum payment for each of the first seven months after opening an account.
If you qualify only for a card that carries high fees, you’re probably better off with a secured credit card. Although you’ll have to provide a security deposit upfront, the deposit is refundable (unlike fees), and there are many secured cards that don’t charge an annual fee. The credit line typically is equal to your deposit, but you may be able to get one with a $200 limit by depositing as little as $49.
Potential to double your credit limit quickly
Free access to your FICO score
Can't increase credit line with bigger deposit
- Potential to double your credit limit quickly: Everyone loves to be rewarded for good behavior, and it can be a pain to have a low credit line. If you make at least the minimum payment each of the first seven months after opening your account, your credit line will double from $200 to $400.
- Free access to your FICO score:Free credit scores have become a common benefit on mainstream cards, but not on cards for consumers with bad credit. Plus, some card issuers offer scores that are less widely used by lenders, such merrick pre qualify credit card VantageScore. The FICO score is the most popular score with lenders and is particularly good to monitor as you rebuild your credit.
- Annual fee: It is possible to find a secured credit card with no annual fee, so at $36 first year, then $3 monthly, the Double Your Line card be seen as costly—especially captain america endgame shield it doesn't offer rewards.
- Can't bank of america business advantage cash rewards credit card credit line with a bigger deposit: For most secured credit cards, your initial credit limit will be equal to the amount you put down for your secured deposit. Some companies even let you add money after your initial deposit to increase your credit limit. Neither of what craft stores are open today applies to the Double Your Line card; the $200 deposit and initial credit limit are fixed.
How to Get the Most out of This Card
Chances are you have a poor credit score if you’re looking at this card. If so, make sure to pay your bills on time, month in and month out. It’s the best thing you can do to rehabilitate your credit. That’s partly because payment behavior is the single biggest factor in a FICO credit score calculation, making up 35% of your credit score.
Plus, if you pay on time, you’re likely to get that higher credit limit—giving you more wiggle room and improving your credit utilization ratio. Scoring systems like to see that you’re using less than 30% of your available credit.
You also should aim to pay your balance in full, if at all possible. Interest charges can balloon your credit card debt, increasing your chances of falling further behind.
While this card may wind up being expensive, you can do worse. Many other cards for people with bad credit profiles have yet another type of onerous fee you should aim to avoid: a monthly maintenance fee. This fee can add up and significantly increase the price you pay for a credit card.
Merrick Bank offers customer support by phone at (800) 204-5936 and also a mobile banking app that you can use to check your balance, pay bills, and get your free credit score.
The Double Your Line Secured Visa card offers standard security features. Specifically, you won't be liable for unauthorized charges, and you also can set up account alerts through the mobile apps to be notified of any changes to your account.
Fees to Watch out For
The Double Your Line Secured Visa Card doesn't have an account set-up fee, but it does have a $36 bb king lucille vinyl annual fee, then $3 monthly. The first year, this fee is billed at once; after that, it's billed at $3 per month. The card also charges 2% for foreign transactions and $40 for late payment fees.
Merrick Bank Secured Visa® 2021 Review
The Merrick Bank Secured Visa® is a good secured credit card, but other options may be better. Namely, we want to take a look at secured credit cards that offer similar benefits the house at the end of the street explained requiring an annual fee.
Merrick Bank Secured Visa® vs. Capital One Platinum Secured Credit Card
The Capital One Platinum Secured Credit Card is meant for consumers that want to build their credit. It requires a refundable security deposit of $49, $99, or $200 depending on an applicant’s creditworthiness to receive an initial credit line of $200. Applicants who are able to deposit more money upfront can receive a higher credit line. An automatic credit line review will have your account considered for a higher credit line in as little as six months.
You can pick your own monthly due date, establish autopay, and set personalized email or text reminders of account alerts.
There is $0 annual fee and no foreign transaction fee.
Merrick Bank Secured Visa® vs. Discover it® Secured Credit Card
Consumers can build their credit with the Discover it® Secured Credit Card. Upon approval, you’ll deposit an amount equal to your credit line, up to a maximum of $2,500. Payment behavior is reported to all three major credit bureaus to build your credit history. Starting at eight months, your account will receive automatic monthly reviews and with responsible payment behavior your credit card may be converted into an unsecured card.
Beyond the opportunity to build your credit, this secured credit card offers several other benefits: 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases Plus, all cash back rewards are matched at the end of your first year as a cardholder. Your cash back never expires and you can redeem merrick pre qualify credit card rewards for cash in any amount and at any time. You’ll also receive your FICO credit score for free on your monthly statements, online and in the mobile app.
Merrick Bank Secured Visa® vs. BankAmericard® Secured credit card*
The BankAmericard® Secured Credit Card helps establish, rebuild, and strengthen your credit history. It requires a minimum refundable security deposit of $300 to open your account. There is a maximum security deposit and credit limit of $4,900, as determined by a combination of your deposit, income, and ability to pay.
Every month, your free FICO score updates and is available online and through the mobile app. As your credit history builds, Bank of America will periodically review your account. Based on your overall credit history, you may qualify to have your security deposit returned.
You can sign up for account alerts via text or email for when payments are due and payments are made. Plus, you can access your account online and through a mobile app. You may link your secured credit card to your Bank of America checking account for overdraft protection. In addition, the bank offers a $0 liability guarantee for fraudulent transactions. Although this card does have a 3% foreign transaction fee, there is $0 annual fee.
About Merrick Bank
Merrick Bank was founded in 1997 and has carved out a speciality in credit cards for people with bad or non-existant credit.
Their expertise is in secured and unsecured credit cards, but other services are offered. Its products include:
- Secured credit cards
- Unsecured credit cards
- Loans for boats, RVs and horse trailers
- Merchant services
- Certificates of deposit (CDs)
The secured credit card, by far Merrick Bank's most popular product, is fairly unimaginative as far as secured credit cards go.
Yet it gets decent enough reviews and has a low-enough APR that it's at least worth a look if you're trying to build or rebuild your credit.
There is no minimum credit score needed to qualify for the secured card.
Though it doesn't really offer any special perks with its cards or loans, Merrick Bank still has some vocal fans online and may be worth a look if you have bad credit.
Why People Love Merrick Bank
Forgiving of bad credit and willing to raise limits
A good starter card. You will eventually want to "graduate" to another card, but consumers generally like both Merrick Bank's secured and unsecured credit cards for rebuilding credit.
Merrick Bank requires no minimum credit score to qualify.
Some online reviewers said they were approved with sub-500 scores and plenty more simply said Merrick Bank approved them when they were turned away elsewhere.
Easy to raise your score. Make your payments on time every month and you should see results in 6-12 months, its fans say.
And double your limit while you're at it. Merrick Bank's Double Your Line Visa card, its unsecured card, promises to raise your credit limit after seven months of on-time payments, and reviewers say it delivers on this pledge.
Biggest Consumer Complaints
Mediocre rates and poor customer service top the list of complaints
So-so customer service and late fees. Consumers frequently complain about Merrick Bank's customer service and its readiness to ding them with a late fee, up to $38, even when they paid their bill on time.
The unsecured card is tougher to qualify for. You can apply online to be pre-qualified for this card, but Merrick Bank is vague about the minimum score you need to get this card.
The APR on its unsecured card is also higher than its secured card.
If your credit score is just mediocre, you may be able to find a better rate elsewhere.
Don't feel you have to settle just because you have poor credit
More lenders are getting into the secured card space, meaning Merrick Bank has some compelling competition.
Look for a card with no annual fee first. At 18.45%, the APR on Merrick Bank's secured card is pretty decent, especially for a product that's designed for bad-to-low credit, but the $36 annual fee is a weakness.
The Discover's it Secured credit card, meanwhile, offers 2% cash back on gas and restaurant purchases and carries no annual fee.
The interest rate for the First premier bank credit card status it card is a little higher than Merrick Bank's, so if you regularly carry a balance forward, you may wipe out any fee savings.
Before you take the plunge on Merrick or Discover, you should familiarize yourself with the best secured credit cards out there.
How the Bank Works
No frills credit products for people with bad or no credit
Merrick Bank has carved out a niche lending to customers with poor credit and patchy financial histories.
Most consumers know the bank because of its credit card products, but it also provides dealer-arranged financing to people who want to purchase recreational vehicles and trailers.
We're going to take a look at those services and how they may work for you.
Credit cards for subprime consumers
Consider the secured card if you need a second chance. By far its most popular product, Merrick Bank's secured Visa card is worth a look if you are trying to rebuild credit.
No rewards, but a good interest rate. The 2% foreign transaction fee makes it less than ideal for travelers, and with an 18.45% APR and an annual fee of $36, it's neither the best nor the worst deal out there.
However, the credit line can range from $200-$3,000, so this card bankoh hawaiian airlines visa a good option if you don't have a lot of cash to spare up front.
But the unsecured card shouldn't be your first choice. Merrick Bank's Double Your Line Visa card promises to double your credit line after seven months of on-time payments, and consumers say it generally lives up to this promise.
However, the APR on this card is relatively high i.e. between 20.45%-29.95%, and the card does not come with any rewards.
If you have even a moderate credit score, you may be able to find a better card elsewhere.
You can apply to Merrick Bank online, although they don't always make it easy to find this information.
For the secured card, you can apply directly here.
To see if you are on the pre-screened list for the unsecured Double Your Line Visa card, start here.
If you qualify for the unsecured card, Merrick Bank will send you an application number to apply for it. southern independent bank online banking You'll have to refer to your application number when finalizing your application for the card.
So-so savings accounts
Go elsewhere for a savings account. Merrick Bank offers certificates of deposit (CDs) with maturities ranging from 30 days to five years, but the bank doesn't post rates on its website, nor does it market this product to mass-market consumers.
Additionally, the $90,000 minimum to open a CD makes this an unrealistic merrick pre qualify credit card for many people.
Worth a look if you're shopping for an RV
But don't bother unless you're buying through a dealership. Merrick Bank makes boat, RV, and horse trailer loans, but does not lend directly to consumers.
If you're buying through a dealership that uses Merrick Bank, you should be able to qualify with a credit score as low as 550 or a previous bankruptcy.
Outsourced merchant services for business owners
Merrick may be worth a look for merchant services – depending on your business. Merrick Bank does offer certain merchant services, like Automated Clearing House (ACH) processing (handling all your credit and debit charges) and e-commerce services.
The main drawback is that Merrick Bank does a good bit of this business through independent agents, meaning that your customer service experience can vary wildly depending who you end up dealing with.
Merrick Bank is vague about exactly what kinds of businesses it serves, but it does say that some businesses are off-limits, like online gambling and online pharmacies.
Key Digital Services
Mobile and digital channels leave a little to be desired
Consider the app — but only if you're an Android user. Merrick offers online and mobile banking to manage your accounts, but consumer reviews are mixed at best: Android users seem to like it a lot more than iPhone users do. It a browser at sc works online services is already open 3.9 stars in the Google Play store, compared with 2.1 in the Apple store.
How to Find a Branch Near You
Although they don't have branches near you, you can visit the "contact us" section of their website to find their mailing address and phone numbers.
Also, you can download their app on Google Play and iTunes.
Merrick Bank Routing Number
Routing number: 124384602
Is Merrick Bank available nationwide?
That depends. You can use merrick pre qualify credit card cards anywhere Visa and Mastercard are accepted.
But residents of the U.S. Virgin Islands, Puerto Rico, and Wisconsin cannot apply for Merrick Bank's unsecured card.
Merrick Bank also does not provide recreation financing through dealerships in Alaska or Hawaii.
Can I apply for a credit card online or do I need to apply in person?
You can apply for Merrick Bank's credit cards online.
How do I get started with Merrick Bank?
You can apply for Merrick Bank's secured credit card directly on the bank's website.
You can also go online to see if you pre-qualify for Merrick Bank's unsecured card.
If you do meet the pre-qualification standards, Merrick Bank will send you more information about how to apply for this card.
How do I stop using Merrick Bank?
Merrick Bank does not explicitly say on its website how to close your account, but you should begin by paying off any remaining balance and calling customer service at 1-800-204-5936.
Where can I find my Acceptance Certificate number?
Your Acceptance Certificate number should be on a mailed invitation, but Merrick Bank doesn't provide an example on its website of what this would look like.
I want to apply for a loan with Merrick Bank. How do I know if I am eligible?
You have to go through a dealership to apply for a loan from Merrick Bank, but they don't provide a list of dealers they work with, so start by reaching out to customer service at (888) 545-3888.
Is my secured deposit FDIC insured?
Yes, your secured deposit is FDIC-insured, just like it would be at a more traditional bank.
How can I increase my credit card limit?
With Merrick Bank's secured credit card, you can increase your credit limit by making an additional deposit to serve as cash collateral against a potential default.
Merrick Bank's unsecured card, the Double Your Line Visa card, doubles your credit limit after you've made seven consecutive on-time payments.
What are the terms and conditions of the loan offered by Merrick Bank?
The terms and conditions of a merrick pre qualify credit card from Merrick Bank will depend on a number of factors unique to your situation, including your credit score and credit history.
What is the difference between the secured and unsecured credit cards?
A secured credit card requires you to put down a security deposit, which acts as cash collateral in case you don't pay your bills.
An unsecured credit card does not require a cash deposit, but if you have poor credit, you may have difficulty getting approved for one.
Which business is eligible to apply for a business loan?
Merrick Bank doesn't make business loans.
Merrick Bank offers merchant services, including ACH processing and e-commerce services, to what it calls a variety of "high risk, financially sound" businesses, but certain businesses, like merrick pre qualify credit card charter one online bill pay and online pharmacies, are off limits.
Do products/services offered differ from state to state?
No. But even though Merrick Bank does business in most of the U.S., residents of the U.S. Virgin Islands, Puerto Rico and Wisconsin cannot apply for Merrick Bank's credit cards.
Merrick Bank also does not make vehicle loans through dealerships in Alaska or Hawaii.
What are the financial strengths of this bank?
Merrick Bank's main advantage is that it extends credit to consumers with very bad or non-existent credit.
Are there any physical branches?
Merrick Bank has just one physical branch in South Jordan, Utah.
Is there a rewards program associated with the credit cards?
Merrick Bank does not have a rewards program associated with either its secured or its unsecured credit cards.
Does Merrick Bank offer any of the credit scores?
Yes, Merrick Bank offers its credit card customers their monthly FICO scores.
Can I withdraw money from any ATM using my Merrick Bank credit cards?
You can take out a cash advance using your Merrick Bank credit card, but you'll pay a fee for this.
For its secured credit card, Merrick Bank charges a cash advance fee of either 4% or $10, whichever is higher.
The ATM will likely also charge a fee.
Do they offer secured or unsecured loans?
Merrick Bank offers only secured loans, with the RV, boat, or horse trailer as collateral.
What are some of the perks offered by Merrick Bank that I will not find with other banks?
Merrick Bank doesn't offer any special perks to set itself apart from the crowd.
How user-friendly are the online services offered by Merrick Bank?
This is a little unclear.
Reviews for its mobile app are mixed, but few people say much about its online banking services.
Are there any exclusive offers for veterans or military members?
Merrick Bank does not indicate any exclusive offers for veterans or military members anywhere on its website.
How safe and secure is it banking with Merrick Bank?
Banking with Merrick Bank is as safe as any other major credit card issuer in America.
Who do I contact the bank in the event of identity theft?
In the event of identity theft, you'll want to call Merrick Bank at (800) 204-5936.
You can also send any mail correspondence to Merrick Bank, Customer Service, P.O. Box 9201, Old Bethpage, NY 11804-9001
To be safe, call any other financial institutions you may have accounts with to check for any suspicious or fraudulent activity.
Finally, you may also want to contact each of the three credit reporting bureaus (Experian, Equifax, and TransUnion) and freeze your credit so that identity thieves won't be able to borrow money in your name.
I have a really bad credit score. Can I still apply for a loan?
Absolutely! Merrick Bank considers customers with credit scores as low as 550 for loans.
If your credit score is even lower than that, you may want to check out their secured credit card to boost your score, as this product has no minimum credit score requirements at all.
Can I use my card if I am outside of the state or the country?
You can, but you'll pay a 2% foreign transaction fee if you use your Merrick Bank credit card outside of the country.
If you have bad credit, consider Merrick Bank's secured card
While Merrick Bank's Secured Visa offers no rewards, the interest rate is reasonable and consumers generally like it for the second chance it offers.
You would eventually want to move onto a card with a better rate or better rewards, but if you're looking for a card to help you boost that credit score, then Merrick Bank (along with a few other secured credit card issuers) can help you out.
Have you used Merrick Bank? We'd love to know what you think.
Any nightmares or success stories?
Please tell us and leave a comment below.