How Does LendingTree Get Paid?
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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

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Merrick Bank Secured Visa®

Merrick Bank Secured Visa®

Merrick Bank Secured Visa®

Credit Line
Upon approval, you’ll have an initial credit line based on your $200 -$3,000 deposit - It’s up to you!
Fraud Liability
$0 fraud liability for unauthorized charges.
Worldwide Acceptance
Use it anywhere Visa is accepted.
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Who is the Merrick Bank Secured Visa® best for?

The Merrick Bank Secured Visa® is a secured card, requiring a deposit that will serve as your credit line. Secured cards are aimed at those looking to build or rebuild their credit history, and the Merrick Bank Secured Visa® is marketed to consumers with limited-bad-poor credit.

What sets this secured card apart is that while it does require a typical $200 minimum security deposit, cardholders have the ability to submit deposits up to $3,000. Plus, applicants don’t need to have a bank account to apply.

However, there is an annual fee of $36 for the first year. Billed $3 per month thereafter. But the regular APR is fairly reasonable at 17.70% variable and account activity is reported to all three credit bureaus.

Card overview

    • 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.
  • Credit needed:
    300 530
    limited-bad-poor
  • $0 fraud liability
  • Exclusive travel, shopping and entertainment deals

Intro Purchase APR

N/A

Regular Purchase APR

17.70% Variable

Intro BT APR

N/A

Regular BT APR

N/A

Annual Fee

$36 for the first year. Billed $3 per month thereafter.

Cash Advance Fee

4% Min: $10

Foreign Transaction Fee

2%

Balance Transfer Fee

N/A

Pros and cons of the Merrick Bank Secured Visa®

Pros

  • No bank account required
  • Ability to deposit up to $3,000
  • Periodic review for credit limit increases
  • Reports to all three credit bureaus
  • Free FICO Score access

Cons

  • Annual fee
  • No rewards program
  • Foreign transaction fee

What we like about the Merrick Bank Secured Visa®

  • No bank account required

    Unlike many secured cards that require applicants to link a checking or savings account to their card, the Merrick Bank Secured Visa® does not have that requirement.

    However, in order to be approved, you must meet the following qualifications:

    • Be at least 18 years old
    • Have a verifiable SSN
    • Have a verifiable home address in the U.S.
    • No pending bankruptcies
    • No outstanding tax obligations
    • You don’t currently have another Merrick Bank secured card

  • Potential for credit limit increases

    If you start out with a low credit limit (based on your initial deposit), know that Merrick Bank will review your account periodically after the first year to determine if you’re eligible for a credit limit increase without the need for an additional deposit. Customers most likely to qualify for credit limit increases are those who pay on time every time.

  • Ability to deposit up to $3,000

    One of the benefits of having a credit card is being able to use it for products and services that don’t take cash, such as airfare and rental cars. However, with just a $200 credit line, that won’t get you far. The Merrick Bank Secured Visa® allows cardholders to deposit up to $3,000, which can allow you to use the card for more expensive purchases.

What to watch out for with the Merrick Bank Secured Visa®

  • Annual fee

    Not all secured cards charge an annual fee.  The Merrick Bank Secured Visa®‘s annual fee is $36 for the first year. Billed $3 per month thereafter.

  • Foreign transaction fee

    If traveling abroad, know that the Merrick Bank Secured Visa® charges a foreign transaction fee of 2% for purchases made outside the U.S.

  • No rewards program

    Some secured cards, like the Discover it® Secured Credit Card, offer cardholders a cashback rewards program, however, the Merrick Bank Secured Visa® does not.

Alternate secured card from the Merrick Bank Secured Visa®

Compare it to the Discover it® Secured Credit Card

| Disclosures
Discover it® Secured Credit Card
Discover it® Secured Credit Card
on Discover's secure site
N/A
23.24% Variable APR
$0
2% cash back at Gas Stations and Restaurants on up to $1,000
  • No credit score required to apply.*
  • No Annual Fee, earn cash back, and build your credit with responsible use.
  • Using your secured credit card helps build a credit history with the three major credit bureaus. Generally, prepaid and debit cards can’t do that.
  • Establish your credit line with your tax return by providing a refundable security deposit of at least $200. That means a $200 deposit for a $200 credit line. Or a $500 deposit for a $500 credit line. Bank information must be provided when submitting your deposit, and the security deposit equals your credit limit.
  • Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit.*
  • Earn 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 – automatically.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
  • Click "APPLY NOW" to see rewards, FICO® Credit Score terms, Cashback Match™ details & other information.
300 659

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

 

The Discover it® Secured Credit Card is one of the most fee-free secured cards available to those with limited-bad-poor credit.

What sets it apart from standard secured cards is that is has a $0 annual fee and a rewards program: 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.

Plus, after seven months of using the card responsibly, Discover will conduct periodic account reviews to determine if you qualify for an unsecured Discover card, allowing you to get your security deposit back without having to close the account.

In addition, there is no late fee assessed for the first late payment, and there is no penalty APR if you pay late. There is also no overlimit fee and foreign transaction fees of none.

Compare the Merrick Bank Secured Visa® to similar cards

Comparison of four different credit cards
Merrick Bank Secured Visa® Discover it® Secured Credit Card OpenSky® Secured Visa® Credit Card Petal® 2 Cash Back, No Fees Visa® Credit Card
Merrick Bank Secured Visa® Discover it® Secured Credit Card OpenSky® Secured Visa® Credit Card Petal® 2 Cash Back, No Fees Visa® Credit Card
Apply Now
on Merrick Bank's secure site
Apply Now
on Discover's secure site
Apply Now
on OpenSky's secure site
Apply Now
on Petal's secure site
Annual Fee
$36 for the first year. Billed $3 per month thereafter. $0 $35 $0
Regular APR
17.70% Variable 23.24% Variable APR 17.64% (variable) Variable APR between 13.24% - 27.24%
Welcome Offer
N/A Discover will match all the cash back you’ve earned at the end of your first year. N/A N/A
Rewards Rate
N/A 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 None Earn 1% cash back on eligible purchases right away, and 2% to 10% cash back at select merchants
Recommended Credit
limited-bad-poor limited-bad-poor limited-bad-poor limited-average-good
Card Details
Merrick Bank Secured Visa® Discover it® Secured Credit Card OpenSky® Secured Visa® Credit Card Petal® 2 Cash Back, No Fees Visa® Credit Card

Is the Merrick Bank Secured Visa® right for you?

As far as secured cards go, the Merrick Bank Secured Visa® is not a bad deal. The annual fee and APR are reasonable, plus you can secure a larger credit line, which can allow you to use the card for more expensive purchases.

It does report activity to all three credit bureaus, which is very important when trying to build or rebuild your credit profile. Just be sure to keep your balances low and pay on time every time to add positive information to your credit reports.

Know that your security deposit is refundable once you close the card, minus any fees or balance owed.

 

Apply Now
on Merrick Bank's secure site