Secured Visa® from Merrick Bank Review

 Card Stats:

secured credit card from merrick bankMinimum Security Deposit: $200
Maximum Security Deposit: $3,000

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

Other Features:

  • Free FICO score if enrolled in paperless statements (TU-08 bankcard enhanced)

Editor’s Review

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.

Annual Fees

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.

APRs

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.

Rewards Program

This card does not have a rewards program. A full list of secured cards with rewards programs can be found by clicking here.

Credit Reporting

This card reports to all three credit bureaus and reports as a secured credit card.

Adding Funds

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.

Approval

Merrick Bank will approved most applicants for their secured product, the main exception is those that have a bankruptcy on their credit report.

Final Verdict

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.

Apply for Secured Visa® from Merrick Bank


4 Responses to Secured Visa® from Merrick Bank Review

  1. jenna says:

    No I have not applied yet, just got the unity card secured visa not impressed on the bank it self. would really like a boa card. I think i will apply for the merrick card seems fair enough if you stay on top of it. i really like how they raise your limit. I have a us bank one nice card but adding to my original deposit is not a snap. I will probably use this card more often because of loe interest rate. Some of my cards have high fees. They all suck when you have bad credit.i don’t really need the credit part just the utilization part. hope to raise enoughto get a young adult card. unsecured and just keep building.

  2. Tanya stutzman says:

    How do I get on the pre approved unsecured mailing list

  3. AJ Robinson says:

    I HAVE A MAJOR PROBLEM!!! AND THIS EMAIL NEEDS TO BE FORWARDED TO THE MANAGER RESA MCFARLEY, OR WHOEVER IS THE APPROPIATE CONTACT IMMEDIATELY!!

    I JUST CALLED THE NUMBER ON THE BACK OF MY UNITY VISA CREDIT CARD, AND THE REP WHO ASSISTED ME (HANNA – U56032) SAID THAT SHE COULD NOT SEE WHY MY PAYMENT OF $570.84 HAD BEEN PLACED ON HOLD. SO SHE SAID I NEEDED TO SPEAK WITH A CREDIT CARD COORDINATOR. FROM THERE, SHE TRANSFERRED ME TO UNITY VISA’S 877# AND I SELECTED THE OPTION THAT WAS FOR CREDIT CARDS. AT THAT POINT, IT SAYS IF YOU ALREADY HAVE A CREDIT CARD PRESS 1, SO I PRESSED 1 AND IT SENT ME BACK TO THE NUMBER ON THE BACK OF MY CARD. THIS IS ALREADY RIDICULOUS!

    I CALLED THE 877# BACK AND DIALED 0. I DIDN’T GET THE NAME OF THE WOMAN I WAS JUST SPEAKING TO, BUT I EXPLAINED TO HER WHAT WAS GOING ON AND THAT I NEEDED TO SPEAK TO A CREDIT CARD COORDINATOR AND SHE PUT ME ON HOLD TO GET SOME INFORMATION. SHE ADVISED ME THAT ANY PAYMENT OVER $300 GETS PLACED ON AN AUTOMATIC 5-7 DAY HOLD. AND SHE ASKED IF IT WAS A CHECK. I TOLD HER NO, IT’S AN ELECTRONIC PAYMENT THAT WAS SENT DIRECTLY FORM MY CHECKING ACCOUNT. SHE SAID HOLD ON.

    SHE GETS BACK ON THE LINE AFTER 11 MINUTES TO TELL ME THERE IS NO WAY FOR THE FUNDS TO BE RELEASED BECAUSE WHEN THE PAYMENT IS OVER $500, IT NEEDS TO CLEAR. THIS IS THE DUMBEST THING I’VE EVER HEARD BEING THAT THERE IS NOTHING TO CLEAR!!! YOU PEOPLE HAVE MY MONEY AND I WANT IT AVAILABLE ON MY CREDIT CARD. ON TOP OF THAT, YOU ARE NOW PUTTING ME IN A TERRIBLE SITUATION WHERE I HAVE NO CREDIT CARD FOR MY NEEDS OF A HOTEL ROOM AND A RENTAL CAR WHILE I AM OUT OF TOWN, NOR DO I HAVE ACCESS TO THESE FUNDS THAT I NEED!!!!!

    THAT IS THE MOST RIDICULOUS THING I HAVE EVER HEARD!!!!! THERE IS ABSOLUTELY NO WAY YOU CAN JUST TAKE SOMEONE’S FUNDS AWAY WITHOUT ANY TYPE OF NOTICE, OR WITHOUT EVER HAVING PROVIDED ANY INFORMATION ON A PAYMENT CAP FOR AVAILABILITY OF FUNDS. HAD I BEEN AWARE OF THE $300 CAP, I WOULD HAVE SENT TO PAYMENTS FOR $285.42, INSTEAD, YOU WANT TO PUT PEOPLE IN A SITUATION WHERE THEY HAVE NOTHING.

    I AM ABSOLUTELY LIVID RIGHT NOW!!!! THERE IS NO EXCUSE FOR THIS!!!! MY FUNDS NEED TO BE RELEASED IMMEDIATELY!! ON TOP OF THIS, THERE’S ABSOLUTELY NO REASON FOR THE FUNDS TO BE PLACED ON HOLD BECAUSE YOU HAVE THE MONEY!!! I DID NOT SEND YOU A CHECK OR MONEY ORDER PAYMENT THAT NEEDS TO WAIT TO BE CLEARED, NOR DID MY BANK SEND YOU ANY TYPE OF CHECK PAYMENT THAT HAS TO BE CLEARED. IT WAS AN ELECTRONIC TRANSFER/BILL PAYMENT FROM MY CHECKING ACCOUNT TO ONE UNITED BANK. THE MONEY HAS BEEN GONE FROM MY ACCOUNT SINCE MONDAY.

    NOW YOU HAVE APPLIED THE PAYMENT TO MY ACCOUNT, YET PUT THE FUNDS ON HOLD. THERE IS ABSOLUTELY NO REASON FOR FUNDS THAT YOU ALREADY HAVE RECEIVED TO BE ON HOLD.

    ——————————————————————————————————-
    The above email is what I sent to One United Bank on Friday, July 31, 2015. And I called them NUMEROUS times on Friday speaking to the same woman (Carmen) basically all day long. Apparently, the woman I needed to speak with was the manager Resa McFarley, who I left 2 voicemails for on Friday and still have not gotten a returned call. I called around 1pm PST on Friday and Carmen said Resa was at lunch and would be back in an hour. Then I called back around 3pm and all of a sudden she’s gone for the day. AND even if she was there, Carmen said she also would NOT be able to release the funds. I bank with Wells Fargo. Wells Fargo sends them an electronic transfer every month from my account.

    The funds are gone from my account as soon as Wells Fargo sends the payment; then One United bank receives and posts the payment to my account within 48 hours, making that credit available. THIS TIME, I paid the full balance of my card, which was $570.84, and the funds are STILL on hold. Carmen said they would be on hold for 5-7 days because the payment needed to clear. I explained to her numerous times that there is nothing to clear because it’s not a check. YOU have the money in your account already.

    Each time she put me on hold for 15 minutes acting like she’s looking into something, then gets back on the phone and says there’s absolutely no one who has the authority to release the hold. When you make a payment over $300, “the system” automatically puts a hold on the funds and there’s nothing to do to release except wait. Obviously I’m furious and explaining to her that I was never made aware of this, otherwise I would have made 2 equal payments to pay the $570.84 and I would have MY money! I don’t need you to hold it. I have my own savings account.

    Then she says they avoid giving that information out because they basically don’t want people knowing. That’s the dumbest thing I’ve ever heard!!!!!!!!! Given the fact that the whole point of the card is the use it up, pay it to $0 so it reports that way and establish a good payment history. I needed my card for rental and hotel and I was stuck this weekend because of dumb ass ONE UNITED BANK! Then I tell her if that’s the case, why can’t the $300 be released and the remainder be held. Because if I would have only paid $300, it would be available right now and I would NOT be on the phone with you. Of course she has no answer.

    Each time I’ve called, these people just sound more and more like idiots. The number on the back of the card is not even Credit Card Customer Service. If you call them with questions, they tell you to call One United Bank. Then you call One United Bank and they say they’re not the customer service for the cc, and the people at Unity Visa (the # on the back of the card) are wrong.

    STAY AWAY FROM THIS CARD! IT’S DEFINITELY NOT WORTH THE HEADACHE!

    I have never dealt with a bank that has 1 person working and nobody knows anything, and phone numbers don’t match, and nobody can do anything, and I’m just assed out while you people have my money. ABSURD!!

  4. B. hart says:

    Frustrated….attempting to contact Board of Directors or Corporate Officers! If the true purpose of Unity Visa is to repair or help the consumer repair damaged credit which is their ” Mission Statement” I have found that to be a total contradiction based on the customer service segment they “claim” to provide.
    After several lengthy conversations with what is a third party ” call center”. This indicates that the CS provider is NOT employed by the bank….no offence to their “Third Party” CS call center employees…( I feel your pain) they are simply regurgitating the information they have been provided by the bank. I am purposely leaving thier information out of this complaint…the reason…it is Unity Bank who should be investigated and not the CS Call Center. For the most part they are pleasant and try under very difficult circumstances TRY to be courteous and polite.
    That being said….Unity Bank Pre-paid card services are extremely end user unfriendly….
    Although the home page on their website indicated that they provide an online bill pay center I have since discovered that IS NOT the case in addition there is not even a pay by phone option. In order to pay your balance or any part of the balance you MUST mail it in or as the “third party CS Call Center advised you can also pay by bank draft. (after seeing the above feedback from a customer who utilized this option) I am not even considering this direction. They put a hold on funds they had received directly from that persons bank….and initiated a 7-10 hold on those funds before they were to become available to them. So…let me understand this….it was all that customers money from the start. A secured credit card requires the user to deposit funds to guarantee the account. The credit line is based on the amount the customer has provided to the bank ( that customers money ….to clarify )
    My concern instantly becomes to question the security of the information that a customer has to provide to Unity Bank in the initial processing process. They have now…1. Your legal Name 2. Your current address 3. Your email address 4. Phone number 5. Social Security Number 6. The maiden name of the customers mother. In essence a road map for any number of illicit security breaches…Identity fraud….
    NOW HERE COMES THE KICKER FOLKS….Your bank account number from which you transferred the “SECURED FUNDS” to determine your spending limits.
    OK now I am getting frustrated b/c I wasn’t able to pay toward the balance on my card either online or by phone so I looked up the Unity One Bank online to see who ultimately is in charge. I had the need to share my frustratin with a member of their Board of Directors: What I found online nearly brought me to the point of throwing up my breakfast ….COO: John J Kauchak, CEO James Hughes, CPA, EVP Sales / Chief Administrative Officer: Janice Bolomey…yes low and behold some of the actual names of the people partially responsible for the ring around the rosy I had been playing trying to find an address in which to send my payment…via mail and you guessed it by good old fashioned check that ( by. Coincidence ?) contained my signature. Call me an alarmist but further research may indicate that this bank while it has an office in NJ, USA was started in NIGERIA??????
    Needless to say my heart rate soared…and I searched in desperation for any way to contact one of the Board of Directors….and since this was a feedback attempt I felt that the best person to attempt to contact would be the EVP of Sales and Cheif Admin Officer Janice Bolomy.
    I saw a li nk to “Contact Us” and finally after a lengthy preliminary identification process to insure that I was not a ROBOT…I was able to send a request for Janice Bolomy to contact me and listed ” other” as my reason for the contact since the drop down menue did NOT offer and sort of feedback link. The sun came out and birds began to sing….finally I was able to get in touch with someone who I felt was in a position to hear some constructive concerns! Yeah me!
    Filled out the form and hit send hallelujah… Now all I have to do is wait for a reply from Janice Bolomy…someone to whom I could express my concerns…
    The very next communication I got back was within seconds….I was impressed…for a second there….the reply was from an auto responder listing a telephone number 1-800-618-BANK b/t the hours of 8:30 AM and 6:00 PM Mon thru Fri. And 8:30 and 12 noon on Saturday. ( bankers hours…shocker)
    My question is are there any real people behind the screen…have I just entered into the Land Of Oz…or perhaps the “Twilight Zone”? In any event at this writing I have gotten exactly nowhere with these people( or not) ….to be continued….hey Janice Bolomy are you real or just memorex?

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