Secured Visa® from Merrick Bank Review
Interest Rate: 17.45%
Introductory Interest Rate: None
Grace Period: 25 days
Foreign Transaction Fees: 2% of each transaction in U.S. Dollars
Annual Fees: $36
Application Fees: None
Rewards Program: None
Signing Promotion: No
Interest Earned on Security Deposit: No
- Free FICO score if enrolled in paperless statements (TU-08 bankcard enhanced)
This review was provided by William Charles, editor of Diabolika.
This is another secured card with a high annual fee and no rewards program, to make matters worse it doesn’t graduate and it’s not possible to add funds to increase the credit limit on the card.
This card has an annual fee of $36, for the first year this is charged in full and appears on the first monthly statement. The second year $3 is charged per month. Some card holders have complained that being charged $3 per month is a hassle as they need to remember to pay the card monthly, even if they’ve made no new purchases.
This card has an APR of 17.45% which is in the middle of the road when it comes to secured credit cards. People looking to repair their credit shouldn’t be carrying a balance at all anyway, so the APR’s of secured cards matters very little.
This card does not have a rewards program. A full list of secured cards with rewards programs can be found by clicking here.
This card reports to all three credit bureaus and reports as a secured credit card.
It’s not possible to add funds to the security deposit to increase the credit limit on the secured card from Merrick Bank. Some card holders reported that they received a credit limit increase after six months without having to add any additional funds.
UPGRADING TO AN UNSECURED CARD
Merrick Bank does not upgrade their secured cards to an unsecured card. To be approved for an unsecured card with Merrick Bank a separate application must be made.
Merrick Bank will approved most applicants for their secured product, the main exception is those that have a bankruptcy on their credit report.
Consumers looking to improve their credit score and credit history should look elsewhere, this card has a high annual fee and no rewards program. There is also no option to upgrade this card to an unsecured card and it’s not even possible to increase the credit limit on the card unless Merrick Bank decides to randomly increase it for you.
The only positive this card has is that it provides a free FICO score, but there are plenty of other ways to this score for free. If you’re looking for a secured credit card, we suggest reading our best secured credit cards article to find a better option.
Still want to apply? Use the link found below.