Merrick Bank Credit Card Reviews: Is It Worth It? (2024)Reviews, rates, fees, and customer service info for The Merrick Bank Credit Card. Compare to other cards and apply online in secondsJohn KiernanWalletHubQualify with limited or no credit historyDoes not require security depositMembership feesHigh regular APRForeign fee
This card has been scored using WalletHub’s proprietary credit card rating system. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is "Improve Credit by Paying in Full Each Month." A score of 5 is the best a card can receive, and the rating for the card may vary on different pages where it is compared to other cards for different needs.
The Merrick Bank Credit Card is a pretty good unsecured credit card for people with bad credit. You can get a credit limit of $300 to $1,350 to start, without placing a security deposit and with the potential for credit limit increases to reward consistently on-time payments. It’s probably going to cost you, though. Info about the Merrick Bank Credit Card has been collected by WalletHub to help consumers better compare cards. The financial institution did not provide the details.
WalletHub Rating Breakdown
User Reviews
3.3/5
38 reviewsRead and write reviews
Editor’s Review
2.0/5
John Kiernan, Credit Card EditorRead full review
Market Comparison
Market Comparison
2.3
The Market Comparison is a key component of the WalletHub Rating, as it measures how appealing the terms of a card are compared to a pool of over 1,500 credit card offers monitored by WalletHub. To ensure cards are evaluated for their most relevant purpose, we score each card across various cardholder needs and select the rating for the need with the highest score, which is “Improve Credit by Paying in Full Each Month” for this card.
Fees
1.9
Rewards
0.0
Cost
2.6
Other Features
4.5
2.3/5
Compared against 1,500+ credit cards
KEY TERMS
Accepted Credit Scores
Accepted Credit Scores
Fair Credit, Limited History, No Credit, Bad Credit
Annual Fee
$0 - $72 1st yr, $0 after
APR on Purchases
24.7% - 29.7% (V)
Balance Transfer
Balance Transfers Not Allowed
Merrick Bank Credit Card's Additional Info
Double Your Line™ - During the first 7 months your account is open, all you need to do is use your card and make at least your minimum payment on time every month. After that, your double credit line increase is automatic.
Activity on your account is reported to all three major credit bureaus. Consistent reports of a positive payment history can help improve your credit rating.
The Merrick Bank Credit Card is a pretty good unsecured credit card for people with bad credit. You can get a credit limit of $300 to $1,350 to start, without placing a security deposit and with the potential for credit limit increases to reward consistently on-time payments. It’s probably going to cost you, though.
You might have to pay a one-time fee of up to $75 before even opening an account, for one thing. In addition, the annual fee you have to pay the first year your account is open will be $0 - $72, depending on the specifics of your credit history, how much debt you already have, your income and other factors. Similarly, if you carry a balance from month to month, you will have to pay interest at a high rate, with exactly how high depending on your overall creditworthiness. And if you keep your account open for longer than a year, you’ll face a $0 1st yr, $0 - $6 after monthly fee.
A lot depends on the specific offer you receive. You have to receive an offer to be able to apply.
What I Like About the Merrick Bank Credit Card
No Security Deposit
If you have bad credit and need to borrow money for an emergency expense, a card with a security deposit won’t help make ends meet. With a so-called secured credit card, your spending limit equals the amount of your deposit, so you can’t borrow more money than you have to start.
The Merrick Bank Credit Card has no such requirement. Instead, you could borrow $300 to $1,350 to begin with. That’s not the largest amount, but it could be a big help in the right situation.
On-Time Payments Lead to Higher Limits
If you’re approved for the Merrick Bank Credit Card and you pay the bill on time for the first seven months, you can get a credit limit increase that doubles your initial spending limit. If you start with a $300 limit, for example, you could get bumped up to $600.
Not all credit card companies are so transparent about their credit-limit-increase policies, but you really should pay at least the minimum amount required by the due date every month regardless. Otherwise, you’ll hurt your credit score even more. Ideally, you should also pay in full monthly in order to avoid interest charges.
Reports to All 3 Major Credit Bureaus
Using the Merrick Bank Credit Card responsibly can help improve your credit score. After all, credit scores reflect what’s in our major credit reports, and Merrick Bank relays information about this card to all three major credit-reporting companies each month. To benefit, you need to pay the bills on time and try to avoid using too much of your credit line.
You can use WalletHub’s credit score simulator to see how much a new credit card can improve your score.
$0 Fraud Liability & Other Basic Benefits
Like with other major credit cards, you won’t have to pay for unauthorized charges made with your Merrick Bank Credit Card, as long as you report them in a timely manner. In addition, you can benefit from other standard perks such as identity theft protection.
What I Don’t Like About the Merrick Bank Credit Card
Potential for an Initial Fee
You might have to pay a one-time fee as high as $75 to set up your account. It depends on how risky Merrick Bank thinks you are as a borrower.
This type of fee is fairly common among unsecured credit cards for people with bad credit, but it certainly isn’t standard. You should be able to find a fee-free alternative.
High Annual Fee Possible
If you have bad credit, the annual fee you’re assigned by Merrick Bank is likely to be closer to the $72 maximum possible with the card than its $0 minimum. As a result, you’re likely to pay a lot more than the average credit card applicant. The average annual fee among credit card offers available right now is $22.29.
Monthly Fees Starting the Second Year
After the first year, the card’s annual fee gets replaced by a $0 1st yr, $0 - $6 after monthly fee. Ideally, you will have improved your credit score enough to graduate to a better deal by that point.
High APR
Although it’s not the highest APR among unsecured cards for bad credit, paying interest at an annual rate of 24.7% - 29.7% (V) will cost you a pretty penny. The exact rate you receive depends on factors like your credit history and ability to pay the bills, but it’s likely to be more expensive than average if you have limited or damaged credit. The average APR for a credit card offer right now is 22.89%.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.
This card has been scored using WalletHub’s proprietary credit card rating system. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is "Improve Credit by Paying in Full Each Month." A score of 5 is the best a card can receive, and the rating for the card may vary on different pages where it is compared to other cards for different needs.
Editor’s Rating
2.0
User Reviews
3.3
Market Comparison
2.3
fees: 1.9
rewards: 0.0
cost: 2.6
Other Features: 4.5
5.0WalletHub Rating
WalletHub Rating
5.0
This card has been scored using WalletHub’s proprietary credit card rating system. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is "Improve Credit by Paying in Full Each Month." A score of 5 is the best a card can receive, and the rating for the card may vary on different pages where it is compared to other cards for different needs.
Editor’s Rating
5.0
Market Comparison
5.0
fees: 5.0
rewards: 5.0
cost: 5.0
Other Features: 5.0
3.6WalletHub Rating
WalletHub Rating
3.6
This card has been scored using WalletHub’s proprietary credit card rating system. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is "Improve Credit by Paying in Full Each Month." A score of 5 is the best a card can receive, and the rating for the card may vary on different pages where it is compared to other cards for different needs.
Can't find what you are looking for? Submit your question about Merrick Bank Credit Card to our community. Editorial and user-generated content is not provided, reviewed or endorsed by the issuer of this offer. Please keep in mind that it is not a financial institution’s responsibility to ensure all posts and questions are answered. In addition, WalletHub independently collected information for some of the cards on this page.
The highest credit limit for a Merrick Bank credit card is $3,000. You can get the maximum Merrick Bank credit limit by placing a $3,000 deposit on the Merrick Bank Secured Card or by getting the unsecured Merrick Bank Credit Card and paying the bills on time for several months.
With the unsecured Merrick Bank Credit Card, the initial credit limit could be $300 to $1,350 when you're approved. The information on your application will determine where within the range your exact credit limit will be, and how responsibly you use your account will determine whether you can get a credit limit increase later on.
Fortunately, the initial credit limit you receive with the Merrick Bank Credit Card may only be for the short-term, thanks to the card's “Double Your Line” feature. After you use the Merrick Bank Credit Card and pay at least the minimum amount due on time for the first seven months you have the card, you'll be eligible for the double credit line increase.
The cash advance limit for the Merrick Bank Credit Card is $500 per day. The amount you withdraw, though, cannot exceed your available credit. Please note that cash advances are costly transactions and should be reserved only for emergencies.
When you withdraw cash with your Merrick Bank Credit Card, a cash advance fee of 4% (min $10) and a separate cash advance APR of 29.70% - 34.70% (V) apply immediately. Unlike regular interest, the cash advance APR accrues from the moment of transaction without a grace period. Additionally,...
If you have a pre-approved offer, you can apply for the Merrick Bank Credit Card card online or by filling out and sending back the application form you received with your offer.
Without an offer letter, you can only check if you pre-qualify online. In case you do qualify, you'll be able to apply by following the steps provided.
Approval requirements are quite lenient, as you can apply for the Merrick Bank Credit Card card even with bad. But other...
The Merrick Bank Credit Card card accepts applicants with a credit score of 500. That means people with bad credit have a shot at getting approved for the Merrick Bank Credit Card card. The card also accepts applicants with limited credit.
Like with most credit cards, your credit score is not the only thing that will impact your chances of being approved. Some other key criteria include your income, existing debt and number of open accounts.
You can check your Merrick Bank Credit Card application status by calling (800) 204-5936. When you call, you'll need to provide your Social Security Number so that Merrick Bank can match you to your application. It should only take a few minutes to find out whether your application is approved, denied, or pending. Merrick Bank does not allow you to check your application status online.
You may not like what you learn when you check your application status....
The Merrick Bank Credit Card card's income requirement isn't disclosed. But that doesn't mean you can apply for the card without providing a steady source of income.
In order to approve you, the issuer needs to make sure that you have enough disposable income to pay for your monthly bills.
Share your insights and review for the Merrick Bank Credit Card
5
45%
4
13%
3
8%
2
5%
1
29%
3.3
38 reviews
38 reviews
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Sue Long @mailforclong
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2 Star Rating
Verified Customer
I opened my account two months ago and at the beginning of March, my online account showed my payment due as zero. I entered that in my bill spreadsheet for tracking and went on about my business. Looking at April's bill, I now see a late fee and missed payment claimed by this company for the month of March. I called customer service to inquire about what had happened and was told, "because your account was in collections, you would have to talk to that department about your questions." Wait, what? My first and only payment, which was made this morning before the call and only 11 days late at this point, put my account into collections? I dispute this claim, folks. I closed this account after that unsatisfactory statement by their customer service representative and won't miss the $72 annual fee either. They can keep their subpar customer service and their questionable billing practices. There are too many credit card companies out there with better offerings to waste time with this one.
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Comment
0
0
Jennifer Fussell @raje12raje
Sounds like you missed the billing cycle date. Check your statement that was mailed for the billing cycle date.
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Comment
2
1
W-M Private @gt500_cobra
Eleven days late is the beginning of your problem and it all went down the tubes from there.
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Comment
18
6
Traci Fannin @chewtraci
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1 Star Rating
This card has undermined the good work I did on my credit. I haven't had a late payment in years on a card despite a busy life. Their online login and app keep locking me out, so I have to call to gain access nearly every month. It takes a very long time to receive phone service. My balance is at zero, but the $6+ monthly charge for the privilege of being their customer has put me behind, especially during this hectic holiday season. I've had trouble finding over an hour of quiet downtime just to access my zero balance account and pay any fees that may arise. They immediately reported it to my credit agency.
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Comment
0
0
SALLY BOLEYJACK @BOLEYJACK7
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1 Star Rating
MERRICK BANK REFUSED TO PUT MY MONEY BACK ON MY CARD. I FILED A DISPUTE CLAIM 10/27/23 FOR 922.00. I DO NOT HAVE THE MONEY NOR PRODUCT.
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Comment
1
0
Mercy Teffy @LolaMercy
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1 Star Rating
THERE ARE WAY BETTER OPTIONS OUT THERE! IF YOU DO NOT NEED TO BUILD YOUR CREDIT, DO NOT DO IT. ALSO, IF YOU HAVE DECENT CREDIT, GO APPLY FOR THE APPLE CARD. 2 PERCENT TO 3 PERCENT CASH BACK ON ALMOST EVERYTHING. PLUS IT BUILDS YOUR CREDIT. NOW THATS A REAL ROCK STAR! Anyways,, here is the back story of my opinion on this matter. IF i COULD- I would give it a half-star. I have had this card for years. I mean almost ten years now. When I first got it, it was to build my credit. Now that I have done that, I am still paying monthly fees, and interest charges on purchases, and to be honest, it's really pointless. I pay monthly fees if I USE the card or NOT. The credit limit isn't much. there are no perks. Now I can't close it really because who would close ten years of a relationship right lol So now I am unhappily married to Merrick Bank, paying fees for having the account and getting nothing in return but more monthly charges. SO AM I TRYING TO HELP WHOEVER NEEDS IT. - D O N' T D O I T !
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Comment
2
0
Bigtideman @Bigtideman
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5 Star Rating
I read some of the reviews and just don't understand why anyone would give less than 4 stars. All fees, lare charges, etc are clearly identified BEFORE you you accept the offer. Their app is super easy to use to check your balances, payments, charges. You can pay your bill easily on the app. They back up what they say they're going to do!!! Received my credit limit on time without having to say a word! Customer services are professional and prompt. As long as you do what you agree to do, this is an excellent choice!
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0
2
Darrell @Calmcoolbrother
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5 Star Rating
Verified Customer
great card, love the service, have had the card for some time now. love using it. always pay balance in full many credit increases, i intend to keep it with some luch
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1
0
alysha @em_amsc8
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4 Star Rating
Verified Customer
They doubled my $1K limit after 6 months in f on time payments. My mom also has this card and she said they did the same with her account but never gave another increase. Great starter card
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1
0
Wendy @wendys_74
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4 Star Rating
Verified Customer
I enjoy this card but wish it has more perks I use it every where I have never had issues with it and I like the cash out portion
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0
0
Robert Samuel @wallethub_com_5
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1 Star Rating
Verified Customer
It's great when you're rebuilding your credit, but once you've done that, it's terrible. You'll end up paying a monthly fee for years just so you don't have to close it and the credit limits are downright paltry, even when you have excellent credit. I haven't made a purchase on this card in half a decade!
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4
0
Anna F @annafinn64
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5 Star Rating
Verified Customer
Great card awesome customer service .started as secured now turned into No secured limit went up to 400.00 and 6 goes up to 600.00
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