Are you starting your personal credit history or rebuilding a problematic past? Are you familiar with Merrick Bank’s credit card offers? Review information about Merrick Bank below, and find out if there is a card that matches your needs.
About Merrick Bank and Its Credit Cards
Merrick Bank was created in 1997 as an FDIC insured credit card issuer. Over the years, Merrick Bank has risen to become one of the top 25 card issuers in the industry. Merrick Bank currently services approximately 1.5 million customers across the U.S. Merrick provides traditional credit card products through Visa and MasterCard systems, and secured cards through the Secured Visa program.
How to Apply for a Merrick Bank Credit Card at MerrickBank.com
The basic requirements to apply for a credit card are as follows:
- Be a citizen or resident of the U.S.
- A Social Security Number to confirm your I.D.
- At least 18 years of age
- *There are additional requirements for the Secured Visa which are discussed below
Many potential customers of Merrick Bank receive a mailed invitation to apply for an unsecured credit card. You must receive this mailing in order to apply for the Merrick Bank Visa. If you have received such an offer, you can use the invitation code to apply online for faster processing. Those who have not received such an offer are unable to apply for an unsecured Visa or MasterCard through Merrick Bank at this time. However, you may still apply for a secured card. If you would like to see if there is an offer pending for you, you can contact the bank via www.merrickbank.com.
Differences Between Merrick Credit Cards
Visa and MasterCard Lines of Credit
Merrick’s Visa or MasterCard credit cards are traditional credit cards. You will be given an unsecured credit line for an amount appropriate for your credit history. Since this card is offered to people who have less than stellar credit histories, it is possible to be assigned an APR of up to 29.70%. Some accounts may also be subject to an annual fee of up to $75. However, Merrick is known for being generous with credit line increases to reward clients who maintain timely payments and refrain from spending over credit limits.
Visa Secured Credit Card
The secured card differs from a normal credit card in that you must make an initial deposit to use the card. Your credit line will equal the amount on deposit with Merrick Bank. The minimum deposit is $200, and can go up to $3,000. Other than that, the secured card works just like a credit card when making purchases. You will also have an APR for purchases which is currently offered at 17.45%. Cash advances from the Secured Visa will be subject to a 22.45% Annual Percentage Rate. As with any credit card, the APR will vary depending on the market’s prime rate at any given time.
Other costs associated with the secured card include a set-up fee. There is a $36 annual fee which is assessed immediately upon opening the card. Thus, if you open up a Secured Card with $500, your available credit will be reduced to $464. After the first year’s annual fee has been paid, subsequent years will pay the annual fee in payments. An amount of $3 will be billed to the card every month to cover the $36 total.
The secured card is available to anyone, regardless of your credit past. It also helps you to establish a good credit rating by reporting payment history to the three major credit bureaus. It also carries protection for fraud, meaning you will not have to pay for purchases made without your authorization. Additionally, you’re funds are guaranteed by the FDIC and the card can be used worldwide wherever Visa is accepted.
