Welcome to the best Merrick bank credit card reviews 2022.
Merrick Bank credit cards are designed for those with poor credit and those looking to enhance (or change) their credit history.
Nonetheless, as part of our study, we will recommend other bank cards in addition to the Merrick bank credit card, which charges an exorbitant amount of fees.
Reviews of Merrick Bank Credit Cards in 2022
Merrick Bank provides three different types of credit cards:
• The Merrick Bank Platinum Visa® Credit Card with Double Your LineTM
• Secured Visa® Credit Card from Merrick Bank
• The Visa® Card issued by Merrick Bank.
They are geared for consumers who have limited access to credit or who wish to build their credit history further. While Merrick Bank transmits your payment history to each of the three credit bureaus that aid cardholders in developing credit, the excessive fees charged for this assistance are not justified.
This is especially evident when comparing the Merrick Bank cards to other no-fee poor credit cards. Bank’s cards are distinct from those of other card issuers in that the Merrick Bank Double Your LineTM Platinum Visa® Credit Card and the Merrick Bank Visa® Card are only available to those who have received a preapproved postal offer.
However, if you require one of these cards, one option is to apply for the Merrick Bank Secured Visa® Credit Card and then request an upgrade. Card issuers routinely do this for their clients, especially if they have a track record of paying their bills on time each month.
Having saying that, we believe that the majority of consumers should avoid Merrick Bank cards entirely.
Details of the Merrick Bank Credit Card
Below, we examine all of Merrick Bank’s credit card reviews from the inside and out.
• Merrick Bank Platinum Visa® Credit Card with Double Your LineTM
Merrick Bank’s credit card reviews The Double Your LineTM Platinum Visa® Credit Card’s distinguishing feature—consistent with its name—is that your credit line will double once you make your first seven monthly installments.
For instance, if you begin with a $500 credit line and make seven on-time minimum installments, your credit line may increase to $1,000. This can help you reduce your credit utilization, which has a beneficial effect on your credit score.
The Merrick Bank Double Your LineTM Platinum Visa® Credit Card comes with a slew of fees for a card that offers nothing outside of credit development. These include the following:
• A one-time cost of up to $75 for arranging
• A one-time price of up to $0 – $72 for the first year, followed by a monthly fee of up to $8 afterwards
• Up to $12 for each additional card
• Based on Merrick Bank’s credit card evaluations
Due to these high upfront fees, the Merrick Bank Double Your LineTM Platinum Visa® Credit Card comes under the category of “fee gatherers,” which are frequently targeted at people with restricted credit card access.
This is not to say that the Merrick Bank Double Your LineTM Platinum Visa® Credit Card is incapable of assisting you in establishing credit. Regardless, you’ll be in an advantageous position with a secured card that has no annual fee, such as the Capital One Platinum Secured Credit Card.
Due to the hefty fees associated with the Merrick Bank Double Your LineTM Platinum Visa® Credit Card, we do not recommend it. Under normal circumstances, you should choose the Capital One Platinum Secured Credit Card, which is a secured card with a base store value of $49, $99, or $200.
Additionally, cardholders can qualify for a larger credit limit after just five months of on-time payments, which is two months less than the standard period for the Merrick Bank Double Your LineTM Platinum Visa® Credit Card.
• On the Secure Website of Merrick Bank
Unless you get a mail-in preapproval, the Merrick Bank Secured Visa® Credit Card will be the primary Merrick Bank credit card to which you apply.
Secured credit cards are distinct from other types of credit cards in that they require approval from a security shop. At start, your credit line will be equal to the amount of money you store, which can range between $200 and $3,000.
To the far as secured cards are concerned, the Merrick Bank Secured Visa® Credit Card stands out due to its $36 annual cost for the first year.
Following that, $3 per month will be charged. There is no need to get the Merrick Bank Secured Visa® Credit Card when there are alternative secured cards available to persons with a limited/bad/poor credit history that do not charge an annual fee.
This card might serve as a gateway to one of Merrick’s unsecured credit cards, the Merrick Bank Double Your LineTM Platinum Visa® Credit Card or the Merrick Bank Visa® Card.
Credit card reviews for Merrick Bank While this is a perfectly acceptable method of obtaining these cards, we do not recommend it due to the cards’ poor value.
The $36 fee is for the primary year. Following that, $3 per month will be charged. The annual cost on the Merrick Bank Secured Visa® Credit Card makes it a hard sell, since alternative secured cards are available to people with less-than-perfect credit and do not charge an annual fee.
The Merrick Bank Visa® Card is the least advantageous of the three Merrick Bank cards. The Merrick Bank Visa® Card has a cost structure comparable to that of the Merrick Bank Double Your LineTM Platinum Visa® Credit Card, but without the advantage of “doubling your line.”
Merrick Bank’s credit card reviews indicate that the card is rather pricey, with an introductory charge of up to $171 combined with the annual fee, which is 4.5 times the $36 for the first year.
Following that, $3 per month will be charged. The Merrick Bank Secured Visa® Credit Card’s initial cost.
The Merrick Bank Visa® Card is the worst of a bad bunch, and we do not recommend it. Those considering this card should also explore the following credit cards for those with bad credit.
• The Visa® Secured Credit Card
Both of Merrick’s secured card solutions feature comparable terms. You’ll be subject to a variable 17.45 percent annual percentage rate and a $36 yearly charge. The initial year’s price is waived, and subsequent years are paid at a rate of $3 per month.
Both cards need a minimum initial security deposit of $200, which serves as your credit limit. With either card, your credit history is checked sporadically (Merrick Bank does not specify how frequently) to decide if you qualify for a credit limit increase without requiring an additional shop. Additionally, you may increase your cutoff by saving additional money whenever possible, up to $3,000.
If you are approved for the Double Your Line Secured Visa Credit Card, you may double your credit limit to $400 without opening another account, as long as you make your minimum monthly payment on time for the first seven months your record is open.
In any event, keep in mind that you’ll need to make a payment on your card other than your standard installment in order to avoid paying interest. Any balance remaining on your credit card at the end of the month will incur an interest charge.
While the ability to increase your credit limit is appealing, if you’re looking for a secured credit card, look for options that don’t charge an annual fee and provide benefits or the option to upgrade to an unsecured card in the future.
Explore it® Credit Card that is Secured
Merrick Bank’s credit cards have greater costs and less benefits than various alternative credit-building options. Before you apply for or respond to a Merrick pre-approval offer, consider alternative card options that are less expensive and can help you achieve your credit goals faster.