The Secured Visa® from Merrick Bank Reviews

The Secured Visa® from Merrick Bank Reviews
2.9 out of 5 stars
14 Reviews

From Cardholders in the last year

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 18.95%* Variable
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Most Helpful Positive Review

Nov 22, 2019
Great for building credit!
qednick Cardholder

This is the first card I got after my disasterous divorce which destroyed my credit. Started with the $200 deposit and made payments on time every time to start building my credit. My credit score did benefit from this almost immediately. However, the bank were very slow to give me any credit line increases. Finally, after what seemed like the longest time I did get a VERY small increase. My wife and I laughed about it but, you know what, it was better than a slap in the face! I perservered with it instead of getting all bent out of shape about it and I continued to just keep making those monthly payments on time. Eventually, I got another increase...then another...then another. Now, it's pretty decent and, if you have the patience to actually rebuild your credit, I would definitely recommend this card. The fees are really not that bad and spread out monthly instead of one big one. So if you need to rebuild your credit, your score should benefit immediately from getting this card. But it WILL take patience to get CL increases and you need to pay on time. Oh, and also, I should mention this.... I've called customer service a few times to put travel advisories on my account. I've gotta tell you... their customer service is BY FAR the friendliest and most pleasant to deal with when compared to other banks I've spoken to. And to me that is HUGE plus!

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Most Helpful Negative Review

Apr 01, 2019
Horrible
LadyAryana Cardholder

Got this card even though I read the reviews.. Wish I had not now.. had a charge right away, so called was told to cut it up and they would send me a new one.. was told not to do anything to the account until they figured out what was going on. So I did not. Went to use the new card denied.. waited a few week and again denied.. Never got to use it so figured it would just close the card .. so never made a payment, didnt have anything to pay so I thought.. turns out they charged me for the annual fee and the start up fee which was a total of 150 then a late fee for no payment.. so in the end 192 for a card I never used. When I called was told different things and finally got to talk to someone who knew what they were doing but couldn't help. So closed the card and now my score dropped 40 points cause of them reporting that I didnt make a payment.. DO NOT get this card. They will screw you over, most do not know what they are doing. And for a 500 limit you have to pay 150 before anything even if you never use the card

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

Dec 21, 2019
Not Bad
Doug732 Cardholder

It took a little while for the card to arrive. However they let you put a deposit of up to $5,000. Downfall is there is no graduation to an unsecured card or a credit increase unless you add to your own deposit.

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1 Reply
Dec 21, 2019

Also if you want to increase your credit limit you have to mail your deposit. Would be nice if you could add to it on their mobile app.

 
Nov 22, 2019
Great for building credit!
qednick Cardholder

This is the first card I got after my disasterous divorce which destroyed my credit. Started with the $200 deposit and made payments on time every time to start building my credit. My credit score did benefit from this almost immediately. However, the bank were very slow to give me any credit line increases. Finally, after what seemed like the longest time I did get a VERY small increase. My wife and I laughed about it but, you know what, it was better than a slap in the face! I perservered with it instead of getting all bent out of shape about it and I continued to just keep making those monthly payments on time. Eventually, I got another increase...then another...then another. Now, it's pretty decent and, if you have the patience to actually rebuild your credit, I would definitely recommend this card. The fees are really not that bad and spread out monthly instead of one big one. So if you need to rebuild your credit, your score should benefit immediately from getting this card. But it WILL take patience to get CL increases and you need to pay on time. Oh, and also, I should mention this.... I've called customer service a few times to put travel advisories on my account. I've gotta tell you... their customer service is BY FAR the friendliest and most pleasant to deal with when compared to other banks I've spoken to. And to me that is HUGE plus!

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Aug 14, 2019
Not Good
jamesjones1974 Cardholder

I've had this car for about 8 months now and I have not received a credit increase I made all my payments on time if I don't see an increase in about three more months I am going to close this card supposed to be good for building credit but I don't see any difference

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Dec 08, 2019

You’re better off keeping it considering the damage a closed card could do to your credit, especially if you originally got this card to rebuild your credit.

 
Dec 21, 2019

If you close it will hurt your credit. I just spoke to customer service. They DO NOT give increses and they dont allow you to graduate to an unsecured card.

 
Jan 06, 2020

This is a secured card there's no credit increases fyi

 
Jul 06, 2019
I
Edwin3257 Cardholder

this company gave me a chance when no other company would . The interest rate is high but after 6 months they increased my credit like they would after on time payment ty again 

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1 Reply
Oct 01, 2019

What was your credit score when approved?

 
Jun 11, 2019
The worse card ever.
Walker0409 Cardholder

I don’t recommend this card for anyone not even for improving credit scores. I’ve had this card since 2014. Never missed any payments and credit limit still the same. I called customer service to see why I never received a credit increase due to the length of time having the card and never missed any payments even she couldn’t answer the question. This left me very puzzled about how their services work. I have other MAJOR credit cards in which I have received credit increases if not once but twice. Paid the card off bc all its adding unwanted debt. DO NOT APPLY FOR CARD. You’ll thank me later!!

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1 Reply
Nov 04, 2019

I'll thank you now because I'm no longer interested in that card.

 
Jun 09, 2019
You will only get one CLI
Aquagurl Cardholder

I’ve had this card for 2 years and I’ve only seen my CLI increase after 6 months. Called customer service and rep says you cannot request CLI it’s left up to them when they review your account and will notify you via email or mail.

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May 06, 2019
False advertising
Danjay777 Cardholder

Merrick Bank is a complete waste of time and money . They advertise as doubling your line of credit , that is a complete lie. After 18 months of positive credit score improvements, never missing a payment all other cards have doubled except MERRICK after speaking with Merrick Bank customer service, they informed me MERRICK BANK DOES NOT GIVE SECURED CARDS CREDIT INCREASES YOU MUST ADD MORE TO YOUR ACCOUNT FOR AN INCREASE .
This card charges you a fee to hold your money even with a 0 balance due theres a $3-7 charge monthly . Customer service was rude and of no help at all .
Capital One cards actually help your credit and increase your credit line regularly

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1 Reply
May 13, 2019

They mislead me also. When I first became a Merrick Bank secured customer, there was a message under my account that stated if I made 7 months of on time payments they would double my credit line. Then when it did not happen I called only to be told it was an error in their system and I should have never seen that message on my account. Plus they say they don’t do unsecured credit line increases on secured cards, but I have received a few even though they did not return my deposit, they just added to it. Their customer service representative need retraining because many don’t know the company policies and procedures like they should. They confused customers give false information.

 
Apr 14, 2019
Won’t work with you
Grimmeute Cardholder

My bank thought payment to Merrick was fraudulent and declined a $500 payment.  Merrick immediately closed account and sent to collections. They will not make it right. And there collection company they send it to is just as bad. Tried to schedule payment with them on certain date and they tried pulling the money same day upon making arrangement which money was not available yet. 

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1 Reply
Jul 18, 2019

And that's why I have 2 Capital One Credit Cards I've read enough negative comments to know to stay away from this bank thanks for the heads up and good luck!!!

 
Apr 01, 2019
Horrible
LadyAryana Cardholder

Got this card even though I read the reviews.. Wish I had not now.. had a charge right away, so called was told to cut it up and they would send me a new one.. was told not to do anything to the account until they figured out what was going on. So I did not. Went to use the new card denied.. waited a few week and again denied.. Never got to use it so figured it would just close the card .. so never made a payment, didnt have anything to pay so I thought.. turns out they charged me for the annual fee and the start up fee which was a total of 150 then a late fee for no payment.. so in the end 192 for a card I never used. When I called was told different things and finally got to talk to someone who knew what they were doing but couldn't help. So closed the card and now my score dropped 40 points cause of them reporting that I didnt make a payment.. DO NOT get this card. They will screw you over, most do not know what they are doing. And for a 500 limit you have to pay 150 before anything even if you never use the card

more ...
Mar 26, 2019
Card boosted my score up 107 points
djpdub Cardholder

Card boost my score up 107 points before i even received it in the mail

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Mar 30, 2019

What was your credit score when you started and after the 107 points what is it. When did it boost it

 
Apr 02, 2019

How did it boost your score 107 points before you got it in mail? I was just approved and currently waiting for mine in mail.

 
Apr 07, 2019

That happened for me with another card because they reported that I had opened a card and was carrying a zero balance. I went up 60 points

 
Jun 24, 2019

you **** liar. no way in hell that happened

 
Oct 01, 2019

There's no way! What was your credit score at the time of the approval? I highly doubt you're telling the truth!

 
Nov 02, 2019

Here also thinks this fool work for the bank ? Credit Karma should remove these offers because it make them look bad

 
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The Secured Visa® from Merrick Bank Reviews

The Secured Visa® from Merrick Bank