There are many credit card that helps you to establish or rebuild your credit score. Some of them come with zero annual fees while some of them charge a fixed annual fee. Today we have come up with such cards that help you rebuild your credit with $0 fraud liability protection.
Yes, we are talking about the Merrick Bank credit cards. In this post, we are going to give you details about Merrick Bank credit card reviews including their benefits, pros and cons, customer experience, and more. So, stay tuned with us to learn more about Merrick credit card reviews.
Introduction to Merrick Bank Credit Cards
Merrick Bank, established in 1997, is one of the top 20 credit card issuers in the United States and is FDIC-insured. They provide credit to approximately 3 million cardholders totaling close to $6 billion. Their fundamental values include treating everyone with kindness and respect, acting courageously, and being honest in whatever they do.
Merrick Bank isn’t like any other financial institution where you can have your checking or savings account. But Merrick Bank provides you with loans and credit card services online. Consumers can access a variety of financial services from Utah-based Merrick Bank, including credit cards.
Credit cards from Merrick Bank are intended for people who wish to establish or repair their credit as well as those who desire a flexible credit card option with benefits. The bank provides a number of various credit card choices, including co-branded, unsecured, and secured cards.
The bank’s credit cards are renowned for their cheap fees and reasonable interest rates, and each card offers a unique combination of features and advantages. We will give a thorough analysis of Merrick Bank credit cards in this blog post, covering their advantages, disadvantages, fees, and customer support.
Also, we’ll offer advice on how to maximize your benefits and establish a positive credit history with your Merrick Bank credit card. Merrick Bank credit card company is one of the top 20 American credit card companies.
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Types of Merrick Bank Credit Cards Available
Merrick Bank provides four main types of credit cards which are-
Let’s have a look on one by one-
Merrick Bank Double Your Line Credit Card
Merrick Bank Double your line credit card gives you easy mobile access to set alerts, check your balance, make a payment, and access more tools for managing your credit card account.
With this card, you have zero liability for fraud, so you may use your credit card without worrying about being held accountable for any fraudulent purchases.
By responding to a few questions, you can pre-qualify for this card in this place. Also, confirming your prequalification has no effect on your credit.
Merrick Bank Double Your Line Credit Card Card Fees and Charges: Double Your Line Credit Card has some fees and charges. Here, you can see all the details of classic secured credit card charges-
Minimum Security Deposit: Double Your Line Credit Card doesn’t require any security money deposit.
Credit limited and credit line increase fee: Here, as per the credit card name, you only need to use your card and make at least your minimum payment on time each month for the first seven months that your account is active. After that, your credit line will automatically double.
APR on Purchases: This card charges an annual percentage rate of 23.70% – 29.95% on all purchases which is variable.
Cash Advance Fee: You are charged a “Cash Advance Charge” each time you use your credit card to make an ATM withdrawal or cash advance. The cash advance fee is stated as “3% (min $10),” which signifies that it will always be 4% of the total amount of the cash advance or never less than $10.
Cash Advance APR: Any cash advances or ATM withdrawals you make with a classic secured credit card will incur a variable interest rate of 28.70% – 34.95%.
Foreign Transaction Fee: When using a classic secured credit card to make purchases outside the U.S. or through businesses there, you will be charged a 2% Foreign Transaction Fee.
Late Fee: You will be charged a late fee if you don’t pay your credit card bill by the due date. The late fee for this card is $40.
Max Overlimit Fee: Max Overlimit Fee is the highest penalty that can be assessed for going above your credit limit. But, there are no fees for going above your credit limit.
Max Penalty APR: There is no penalty fee on this card.
One-Time Fees: There is a $0 – $75 one-time fee on this card.
Annual Fee: As an annual fee for this card, you need to pay $0 – $72 for the first year and then there is no annual fee for this card.
Monthly Fee: For the first year, there is a $0 monthly fee but thereafter you need to pay a $0 – $6 fee per month.
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Pros and cons of Double Your Line Secured Credit Card
Like other credit cards, this card also has some pros and cons. Just have a look at them.
Pros
- Accepts limited or no credit history
- Does not require a security deposit
Cons
- Membership fees
- High regular APR
- Foreign fee
- No reward program
Orlando Magic City Edition Credit Card
Orlando Magic City Edition Credit Card provides you with rich rewards on your different purchases. Here, you can check all your valid rewards-
Upon using your Orlando Magic Credit Card in the Team Shop inside the Amway Center, you will receive a 10% discount on all Orlando Magic products. Please keep in mind that this 10% off deal is subject to change.
Moreover, your 10% Discount is automatically applied when you pay with your Orlando Magic credit card at the checkout.
The amount of your cash-back rewards is also unlimited. You will receive 1.5% cashback on all qualified net purchases made during each billing cycle, which will be applied to your account at the conclusion of the cycle.
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Double Your Line Secured Card
This is a secured credit card that requires a deposit of $200. And then they will increase your credit limit as well.
By making at least your minimum payment on time each month for the first seven months your account is active, they will then quadruple your credit limit to $400 without requiring an additional deposit.
Due to their monthly reporting to three major credit bureaus, this card aids in credit repair. Also, you receive the lowest interest rates a free FICO score every month, and $0 fraud liability.
Merrick Bank Double Your Line Secured Credit Card Fees and Charges
Double Your Line Secured Credit Card has some fees and charges. Here, you can see all the details of classic secured credit card charges-
Minimum Security Deposit: Double Your Line Secured Credit Card charges a minimum security deposit of $200. And based on your deposit, your credit line will be decided. And after one year, they will review your profile and if you are eligible then your credit line will be increased automatically.
APR on Purchases: This card charges an annual percentage rate of 21.70% on all purchases which is variable.
Cash Advance Fee: You are charged a “Cash Advance Charge” each time you use your credit card to make an ATM withdrawal or cash advance. The cash advance fee is stated as “3% (min $10),” which signifies that it will always be 4% of the total amount of the cash advance or never less than $10.
Cash Advance APR: Any cash advances or ATM withdrawals you make with a classic secured credit card will incur a variable interest rate of 26.70%.
Foreign Transaction Fee: When using a classic secured credit card to make purchases outside the U.S. or through businesses there, you will be charged a 2% Foreign Transaction Fee.
Late Fee: You will be charged a late fee if you don’t pay your credit card bill by the due date. The late fee for this card is $40.
Max Overlimit Fee: Max Overlimit Fee is the highest penalty that can be assessed for going above your credit limit. But, there are no fees for going above your credit limit.
Max Penalty APR: There is no penalty fee on this card.
One-Time Fees: There is a $0 one-time fee on this card.
Annual Fee: As an annual fee for this card, you need to pay $36 for the first year and then there is no annual fee for this card.
Monthly Fee: For the first year, there is a $0 monthly fee but thereafter you need to pay a $3 fee per month.
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Pros and cons of Double Your Line Secured Credit Card
Like other credit cards, this card also has some pros and cons. Just have a look at them.
Pros
- Accepts bad credit as well
- Increase your credit line limit after one year( If you are eligible)
- Comes with smart chip technology
- Helps you to build your credit ( reports to 3 major credit bureaus monthly)
Cons
- Requires a membership fees
- High regular APR
- Foreign fee charges are available
- Requires a $200 security deposit
Classic Secured Card
Classic Secured Card and Double Your Line Secured Credit Card are identical. Each of them is a secured credit card. But, with a classic secured credit card, you have the option of choosing your credit limit based on the amount of the security deposit you wish to make.
Initial deposits in this case range from $200 to $3,000. Here, you get additional benefits which are the same as double your line credit card-
After the first year, your account will then be periodically examined to determine your eligibility for a credit line increase. If you meet the requirements, your credit limit will be raised without requiring you to make another deposit.
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Merrick Bank Classic Secured Credit Card Fees and Charges
Classic secured credit cards have some fees and charges. Here, you can see all the details of classic secured credit card charges-
Minimum Security Deposit: Classic secured credit cards charge a minimum security deposit of $200 and it can be up to $3,000. But you have to pay the minimum security deposit.
APR on Purchases: This card charges an annual percentage rate of 21.70% on all purchases which is variable.
Cash Advance Fee: You are charged a “Cash Advance Charge” each time you use your credit card to make an ATM withdrawal or cash advance. The cash advance fee is stated as “3% (min $10),” which signifies that it will always be 3% of the total amount of the cash advance or never the less $10.
Cash Advance APR: Any cash advances or ATM withdrawals you make with a classic secured credit card will incur a variable interest rate of 26.70%.
Foreign Transaction Fee: When using a classic secured credit card to make purchases outside the U.S. or through businesses there, you will be charged a 2% Foreign Transaction Fee.
Late Fee: You will be charged a late fee if you don’t pay your credit card bill by the due date. The late fee for this card is $40.
Max Overlimit Fee: Max Overlimit Fee is the highest penalty that can be assessed for going above your credit limit. But, there are no fees for going above your credit limit.
Max Penalty APR: There is no penalty fee on this card.
One-Time Fees: There is a $0 one-time fee on this card.
Annual Fee: As an annual fee for this card, you need to pay $36 for the first year and then there is no annual fee for this card.
Monthly Fee: For the first year, there is a $0 monthly fee but thereafter you need to pay a $3 fee per month.
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Pros and cons of Merrick Bank Classic Secured Credit Card
Like other credit cards, this card also has some pros and cons. Just have a look at them.
Pros
- Accepts bad credit as well
- Increase your credit line limit after one year( If you are eligible)
- Comes with smart chip technology
- Helps you to build your credit ( reports to 3 major credit bureaus monthly)
Cons
- Membership fees required
- High regular APR (variable)
- A foreign fee of 2%
- Minimum security deposit required
What are the eligibility criteria for Merrick Bank credit cards?
There are some eligibility criteria that you need to fulfill to get Merrick bank credit cards which are-
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Comparison of all Merrick Bank Credit Card Fees and Charges
Merrick Bank provides four credit cards. And each one has different fees and charges rates for many things. For your better understanding, we have created a table where you can easily understand Merrick bank credit card charges. Look at the table below.
| Fees & Charges | Double Your Line Credit Card | Double Your Line Secured Card | Classic Secured Card |
|---|---|---|---|
| Security Deposit | None | $200- $3,000 | $200 |
| One-Time Fees | $0 – $75 | $0 | $0 |
| Annual Fee | $0 – $72 1st year, $0 after | $36 1st year, $0 after | $36 1st year, $0 after |
| Monthly Fee | $0 1st year, $0 – $6 after | $0 1st year, $3 after | $0 1st year, $3 after |
| APR on Purchases | 23.70% – 29.95% (variable) | 21.70% (variable) | 21.70% (variable) |
| Cash Advance Fee | 4% (min $10) | 4% (min $10) | 4% (min $10) |
| Cash Advance APR | 28.70% – 34.95% (variable) | 26.70% (variable) | 26.70% (variable) |
| Foreign Transaction Fee | 2% | 2% | 2% |
| Max Late Fee | $40 | $40 | $40 |
| Max Overlimit Fee | $0 | $0 | $0 |
| Max Penalty APR | None | None | None |
Now I hope all your doubts regarding Merrick bank credit cards are solved. And now you can make a better decision about which one to choose for your financial needs.
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How to Apply for a Merrick Bank Credit Card?
For Merrick Bank credit card applications, first, you need to visit their credit card page. Here, on this page, you will see all the Merrick bank credit cards listed. So, choose any one of them as per your requirements.
Then click on the learn more button. For example, I am taking the Double Your Line Secured Card example.
It will open up a new page. Here, you need to click on the Apply Now button.
It will open a new window where you will be asked about your information. This application process includes 6 steps.
Here, you need to pick any color for your credit card, provide personal, and financial information E-sign your documents, Terms, and conditions, and then pay your deposit. Now your application is submitted and you will receive your card within 2 business weeks.
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How do Merrick bank credit cards help to build credit?
Merrick Bank continually reports your payment history to three major credit bureaus. Once, you repay your bill payment on time then slowly your credit score will slowly improve. Merrick reports to these three credit bureaus-
What are the benefits of Using a Merrick Bank Credit Card?
Every Merrick Bank credit card holder receives the following standard benefits from the Merrick bank:
Wide range of credit acceptance- The Merrick Bank accepts credit scores in all ranges. Whether you have a strong credit score or a bad one, Merrick Bank offers both unsecured and secured credit cards.
Helps to build credit- Your payment history is reported by Merrick Bank to the three main credit bureaus each month. Your credit score will be rebuilt if you make all of your outstanding payments on schedule.
Zero fraud liability- Merrick Bank assures that you won’t be held liable for unauthorized charges made using your card or account information provided by Visa’s Zero Liability policy.
Free FICO Score Monthly- Each and every Merrick Bank customer has access to a free goScore benefit online. After Merrick Bank receives your updated FICO Score from the credit bureau, you can retrieve it for free each month using goScore.
Free online mobile access- You may simply access your account online whenever it’s convenient for you with Merrick Bank’s goMobile app. It’s always accessible.
Flexible payment options- To help you pay your payments on time, Merrick Bank offers a straightforward payment option. You have a selection of payment methods from Merrick Bank, including check, phone, and online, so you may choose the one that’s most convenient for you.
Automatic credit line review- Your account is periodically reviewed by Merrick Bank. You won’t need to call them because your credit limit will be raised immediately as soon as you are eligible.
Account alerts- You can set up Account Alerts on the Merrick Bank goMobile App to be notified of important changes to your account.
Paperless statement- You can receive paperless statements from Merrick Bank. Also, you can easily view your online statements with a mouse click. You don’t have to worry about them being lost or stolen through paper distribution systems, and it’s easy, environmentally friendly, and clutter-free.
Free financial education may find the most recent information on credit-building, budgeting, and money management in Merrick Bank’s dedicated Learn section.
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How to get connected with Merrick Bank credit card customer service?
To get connected Merrick bank team either you can visit their Contact Us page or you can call them at 1-800-204-5936. You can also send your mail to their address which is- Merrick Bank, Customer Service, P.O. Box 9201, Old Bethpage, NY 11804-9001.
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Merrick Bank credit card reviews
There are many third-party websites where you can find the actual Merrick bank credit card reviews like Trustpilot, and the BBB. We will look at the Merrick bank credit card reviews on both platforms along with our own Facebook page where we get valuable insights from one of our readers.
Real insights about Merrick bank credit card from our reader: One of our readers, Concetta Reese shared their own experience with Merrick bank credit card: Worst credit card paid $54 and $34 is interest called to lower it but they can’t ???. Here, in the image below you can see also.
Merrick Bank credit card reviews on Trustpilot: On Trustpilot, there are more than 14k Merrick Bank credit card reviews with excellent scores. You can read Merrick Bank reviews on Trustpilot.
Merrick Bank credit card reviews on BBB: On BBB, there are only 330 Merrick Bank credit card reviews with 1 star and a B rating. There are approximately 694 Merrick Bank credit card complaints registered in the last 12 months.
Here, you can clearly see how many percentages of people have given 5 stars, 4 stars, 3 stars, and below. Apart from that, Merrick Bank is a member of FDIC also.
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Comparing Merrick Bank Credit Cards to Other Credit Card Options
Merrick provides unsecured and secured credit cards which help you to establish your credit score. But there are other credits also which provide you the same benefits like the best egg credit card, milestone credit card, and best western credit card. You can consider them as well.
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Conclusion:
If you are looking for a solution to rebuild your credit then Merrick bank credit cards can help you with this. They provide both secured and unsecured credit cards. You can choose at your convenience.
They also provide financial education to their cardholder and for that, they have a specific learning section as well. So, they help you with each condition like rebuilding your credit, giving you financial education, and more.
That was our whole Merrick credit card review post. I hope it will help you to make a better decision about Merrick credit cards and their solution.
Is Merrick Bank’s credit card legit?
Yes, Merrick Bank credit cards are legit and safe to use. Merrick Bank provides both secured and unsecured credit cards to all credit ranges.
What is the highest credit limit for Merrick Bank?
The highest limit of your Merrick bank card depends on your type of card. If you have classic secured credit then your credit limit will be based on your deposited security money. And for double your online secured credit card it is $400 which will be reviewed and increased automatically.