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Merrick Bank is an FDIC-insured bank specializing in credit cards and loans. If you have little or no credit, one of the two Merrick Bank credit cards can help bump your credit score to the next level. See what fees you might pay and if a Merrick Bank credit card is worth it.
The information for the Merrick Bank Platinum Visa Card has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
This review covers the Merrick Bank Platinum Visa® and The Secured Visa® from Merrick Bank. The first product is an unsecured credit card and doesn’t have an annual fee. However, the Secured Visa requires an upfront refundable security deposit to activate your card.
Standard benefits for both cards include monthly FICO credit score updates, automatic credit line reviews, and check, phone, or online payments.
Merrick Bank Platinum Visa
The Merrick Bank Platinum Visa doesn’t require a security deposit because it’s an unsecured credit card. This is an exclusive credit card, but probably not in the way most people expect. You see, you can only apply for the Merrick Bank Platinum Visa if you receive an invitation. But you won’t earn rewards on any purchase.
You will most likely qualify for this card if you have a credit score in the high-500s or low-600s. Many consider this credit score range (fair credit).
Perhaps you have a Merrick Bank offer. Before responding, it’s worth taking a closer look at the Platinum Visa.
No Purchase Rewards
This card doesn’t earn any rewards points on purchases nor is there a signup bonus.
You can still improve your credit score through on-time payments. Striving to keep a credit utilization ratio below 30% of the card’s credit limit can also help.
The purpose of this card is to continue building credit so you can one day qualify for an instant approval rewards credit card.
Additional Benefits
This card comes with a few standard benefits from Visa. These include secondary rental car insurance and zero liability for fraudulent purchases.
Merrick Bank’s most valuable add-on benefits are automatic credit line reviews. Usually, after 6 consecutive months of on-time payments, you might qualify for a higher credit limit. Because Merrick Bank initiates the credit limit increase, a hard credit inquiry doesn’t happen like when you request an increase.
Merrick doesn’t state how soon you may get a credit limit increase so it can be longer than 6 months.
Your monthly FICO credit score updates come through Merrick Banks goScore credit score monitoring tool. The score will come from TransUnion and/or Experian.
Fees
The credit card fees section is probably the most important part of this Merrick Bank Platinum Visa review. This card can be expensive to own compared to its benefits. Below are the current fees for this card:
- Annual fee: $0 to $72 the first year
- Account setup fee: $0 and $75 (one-time fee)
- Additional cards: $0 to $12 per card
This may not be a bad card if you don’t have to pay any fees. But you will need to verify what fees you will pay before accepting Merrick’s offer.
Capital One Platinum Credit Card vs. Merrick Bank Platinum Visa
To avoid all annual fees and account setup fees, you should consider the Capital One Platinum Credit Card instead.
Like the Merrick Bank Platinum Visa, you won’t earn rewards on purchases. But, you can qualify for a credit line increase after your first 6 on-time payments. Check out our in-depth Capital One Platinum Credit Card review for more information.
Secured Visa from Merrick Bank
The Secured Visa® from Merrick Bank doesn’t require a special invitation to apply. Your approval odds are high as long as you meet these four conditions:
- Do not have a pending bankruptcy not discharged by the court
- Do not have outstanding federal, state, or local tax obligations
- Can successfully fund your security deposit
- Are at least 18 years old
Merrick Bank reports your on-time payments to all three credit bureaus. If you qualify for an automatic credit line increase, the higher credit limit can also raise your credit score. You can track your FICO credit score progress with Merrick’s monthly updates.
Learn more: Visa Credit Cards
Refundable Security Deposit
Similar to most secured cards, this card requires an upfront security deposit between $200 and $3,000. Your security deposit amount is equal to your initial credit limit. If you qualify for a higher card limit in the future, Merrick Bank may not require you to make a matching security deposit.
No Purchase Rewards
Like the unsecured Platinum Visa, this secured credit card doesn’t earn rewards on any purchase. The best way to use this card is to only use up to 30% of the credit limit to maintain a healthy credit utilization ratio. Then, you can make on-time monthly payments.
Card Fees
This card has fewer fees than the unsecured Platinum Visa. For instance, the annual fee is only $36 (instead of up to $72) and there is no account setup fee. If you are comfortable making a security deposit, this can be the better of the two Merrick Bank credit card options solely based on price.
Capital One Secured Mastercard vs Merrick Bank Secured Visa
The Secured Mastercard® from Capital One doesn’t charge an annual fee. After 6 months of on-time payments, you may qualify for an automatic credit line increase with no additional deposit needed. All payment activity reports to the three credit bureaus.
Compared to the Merrick Bank Secured Visa, the Capital One security deposit can be more flexible. You will qualify for an initial $200 credit limit if you can make the minimum required security deposit. Access to an authorized bank is required to make your $49, $99, or $200 refundable security deposit.
If you want a higher initial limit, you can make a larger deposit. All Capital One security deposits are refundable.
Other banks offer secured credit cards that you may qualify for that offer purchase rewards.
Summary
Both Merrick Bank credit cards can help you build credit. However, neither card earns purchase rewards and will most likely charge an annual fee. Before applying, you should see if you can request credit card pre-approval for one that has no fees or earns purchase rewards.
