The Secured Visa® from Merrick Bank Reviews

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3.1 out of 5 stars
9 Reviews

From Cardholders in the last year

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ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL

Application Process

4 out of 5 stars

Customer Service

3.5 out of 5 stars

3 5

Card Details

  • Balance Transfer Intro APR Not Applicable
  • Balance Transfer Regular APR Not Applicable
  • Annual Fee $36 the first year. Billed $3 per month thereafter
  • Purchase Intro APR Not Applicable
  • Purchase Regular APR 19.45%* Variable
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Most Helpful Positive Review

Jan 08, 2018
Great to rebuild credit
RainbowNells72 Cardholder

I had to stop working several years ago because I have MS. When this happened I had to default on my car, mortgage, medical bills and credit cards. I am finally in a position to rebuild my credit. I attempted to open an account with Capital One but was declined. I understand that I had terrible credit but I thought that was the purpose of a secured credit card. I read the reviews from some of the other secured cards and was appalled by some of the other banks derogatory comments. Many said they never received cards or were charged exorbitant upfront startup fees but never got a statement or a card. That’s when I saw a suggestion to try Merrick Bank secured credit cards. The terms are similar to Capital One and I was immediately approved. I would suggest always reading the fine print and most importantly, the reviews of other customers before haphazardly applying for anything. From what I’ve read Capital One and Merrick seem to be the best. Neither of these cards are for irresponsible shopping sprees, but for those who are trying to re-establish good credit. Don’t deposit more than you can afford to pay off in a month or two and always pay extra on all your monthly bills. 

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Most Helpful Negative Review

Sep 18, 2018
Worst!!!
PatrickShelley Cardholder

They will lie to you and tell you that if you make 7 payments in a row that they will double your credit line.  Then the day comes for them to honor it and they will pull the offer.  If you need a secured card, DO NOT use this company

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These reviews were written by current and former cardholders in the last year.

Sep 18, 2018
Worst!!!
PatrickShelley Cardholder

They will lie to you and tell you that if you make 7 payments in a row that they will double your credit line.  Then the day comes for them to honor it and they will pull the offer.  If you need a secured card, DO NOT use this company

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Nov 06, 2018

Mine doubled after 7 on time payments!

 
Nov 10, 2018

Wrong card. This is a secured card not the "Double your line"

 
Dec 05, 2018

Stop complaining You probably missed a payment. Mine doubled.

 
Dec 05, 2018

Unsecured

 
Sep 10, 2018
Bull****
Hublow8394 Cardholder

Explain to me why would I give a company my deposit then off of my deposit I pay interest and fees over 19% and over 24% for cash advances. In actuality you are paying them to report good things on your behalf in order for you to look better on paper. Let me play you 150 bucks and you put in a good word. What a magnificent money system we have in our country. "But" it's "ALL LEGAL".....LMFAO....😂😂😂😂😂

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Oct 11, 2018

What do you think a secured card is? Its not their fault you've got horrific credit and weren't responsible in the past. The bank isn't going to take a risk and extend you unsecured credit when they see that in the past you couldn't be responsible enough to pay back your loans. This just proves you are still a child and not ready to use credit wisely.

 
Oct 13, 2018

Wow Really I was just reading thru but you are not a nice person , maybe they could have been put in the same situation I was husband died suddenly and no help tryed working with credit card people and winded up loosing everything and starting over ! Sometimes you have to understand the circumstances not everybody puts themselves in poor credit rating on purpose SMH unbelievable you would write something like that not know the person circumstances

 
Oct 14, 2018

It’s not always someone’s fault, however unless you were in a deadly horrific car accident, or you have identity theft, 9/10 chance, you are responsible for your own decisions, and your credit is one of them, unless you have no credit history. If you don’t pay things, etc, and use your money irresponsibly, yeah, your gonna have ****ty credit. Your not the only one. Yes there are exceptions, but handling money poorly is not one of them. And no bank is going to slide for you and not the other few thousand that probably bank with them. Welcome to reality. I’m just saying.

 
Nov 15, 2018

I agree for the majority its not someone's fault for there misfortunes,this moneterary system itself isn't built for anyone to succeed but to keep the world in debt.

 
Jul 21, 2018
LHpr2 Cardholder

I have the card for over a year now, even though I got behind on monthly payment once but still they gave me credit increase twice, 200$ each time every 5 months, great customer service. I disputed a fraud once, it was quick n they credited me the amount. 

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Apr 28, 2018
Anonymous Cardholder

It is à very good card and if you get behind they Will work with you

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May 16, 2018

I'd like to try to apply . Do you know if they report this card to the credit bureau as unsecured or as a secured card ?

 
Aug 22, 2018

Secured card or unsecured, they all just report as a credit card

 
Mar 27, 2018
Good card to raise credit score
Nikkishelonne Cardholder

I applied for this card because the offer was $700 limit for 6 months or so then it would double and it did just that. I was at $1400 for a few months until they raised it to $1600 which is where I am currently. Just pay your bill on time and this card will work for you.

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Aug 30, 2018

How did you get a offer?

 
Sep 02, 2018

This is the secured card. You are reviewing the double your limit card. You don't have to get an offer. You can go to their1website and try to pre-qualify,no impact on your score

 
Mar 13, 2018
Don’t do it

It’s fixed

no room to grow really 

I cancelled it quickly and I’m just making payments 

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Aug 06, 2018

If your not paying on time and you and always over the limit, of course your not going to have room to grow. Don't give a negative review because your you were not responsible with paying on time or constantly over the limit. I started out with a $500 limit and for paying on time, and now my credit limit is at $1600. Merrick bank is a excellent way to improve your credit score.

 
Aug 22, 2018

I agree 100%. If your credit line hasn't increased it's because YOU screwed up

 
Feb 07, 2018
Trident113E9 Cardholder

Great for rebuilding

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1 Reply
Apr 09, 2018

If you don’t mind me asking what was your score when you applied to rebuild your credit

 
Jan 24, 2018
I want to apply . But .....
Anonymous Cardholder

Does  anyone know which bureau this bank pulls from?y Equifax is my strongest score and TU is my weakest .. someone please fillet me know . 

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Jan 30, 2018

Mine hit Equifax today. Just opening the account bumped my score up 78 points although I did send in a high security deposit. It may also hit transunioknon the coming days, but it hasn't yet.

 
Feb 01, 2018

How much was your security deposit? I'm trying to boost my score 85 points.

 
May 23, 2018

they checked both on mine...

 
Aug 07, 2018

If anyone has the Capital one card, use the creditwise app they give you for your scores...use the credit simulator. It will tell you exactly what you need to jump your score up, and by how much each item helps your score improve. It is a completely free app to use. I jumped 102 points by following the simulators advice in 2 months.

 
Nov 10, 2018

Why would you leave this has a review.....??? And score them badly...just to ask a question. Stupid.

 
Jan 08, 2018
Great to rebuild credit
RainbowNells72 Cardholder

I had to stop working several years ago because I have MS. When this happened I had to default on my car, mortgage, medical bills and credit cards. I am finally in a position to rebuild my credit. I attempted to open an account with Capital One but was declined. I understand that I had terrible credit but I thought that was the purpose of a secured credit card. I read the reviews from some of the other secured cards and was appalled by some of the other banks derogatory comments. Many said they never received cards or were charged exorbitant upfront startup fees but never got a statement or a card. That’s when I saw a suggestion to try Merrick Bank secured credit cards. The terms are similar to Capital One and I was immediately approved. I would suggest always reading the fine print and most importantly, the reviews of other customers before haphazardly applying for anything. From what I’ve read Capital One and Merrick seem to be the best. Neither of these cards are for irresponsible shopping sprees, but for those who are trying to re-establish good credit. Don’t deposit more than you can afford to pay off in a month or two and always pay extra on all your monthly bills. 

more ...
Jan 20, 2018

I never had a secured card and I want to apply for one. If I pay them $200 I get to spend $200 correct? THe website said: Approved applicants will not be allowed to make transactions using the security deposit account. What does that mean ?

 
Mar 20, 2018

Yes, your security deposit is your credit limit.

 
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The Secured Visa® from Merrick Bank