Merrick Bank is a financial institution founded in 1997 as a subsidiary of the New York-based financial services firm CardWorks. The bank is not the usual bank that performs services such as savings, money market account, or checking.
Rather it’s an online-only bank that is made for individuals seeking a way to build or rebuild their credit history, It operates on credit cards, loans, and Certificate of Deposit (CDs) and it places much emphasis on customers with lower credit scores.
Credit Cards issued by Merrick Bank
The Merrick Bank offers three different types of credit cards namely:
- Platinum Visa® Credit Card
- Secured Visa® Credit Card
- Double Your Line® Secured Visa® Credit Card
Below contains further analysis of each of the Merrick Bank credit cards and how it is functioned or serviced by individuals:
Platinum Visa® Credit Card
Some individual prefers to own Capital One Platinum Secured Credit Card, as it offers the same opportunity for building credit without any setup or annual fee. Furthermore, $49 is all you need to get a $200 initial credit line, which is less than the minimum deposit required to get the Merrick Bank Secured Visa® Credit Card. Additionally, Capital One will increase your credit limit after you make five on-time minimum monthly payments. That’s two fewer months than required with the Merrick Bank Double Your Line™ Platinum Visa® Credit Card.
Secured Visa® Credit Card
Merrick Bank Secured Visa® Credit Card stands out to be one of the most secured credit cards, and people tend to consider the Secured Visa® Credit Card because of its annual fee of $36 for the first year. Billed $3 per month thereafter. There’s not much reason to get the Merrick Bank Secured Visa® Credit Card when there are other secured cards with no annual fee that is available to people with Limited/Bad/Poor credit history.
Double Your Line® Secured Visa® Credit Card
The Merrick Bank Double Your Line™ Platinum Visa® Credit Card’s distinguishing features, true to its name is that its credit line will double if you make at least your minimum payment for the first seven months your account is open. For example, if you start with an initial credit line of $500 and you make seven on-time minimum payments, then your credit line may increase to $1,000. This can lower your credit utilization, which has a positive effect on your credit score.
The fee charges that come alongside with this credit card include:
- A one-time setup fee of up to $75
- An annual fee of up to $0 – $72 for the first year, and up to $8 per month thereafter
- Up to $12 per additional card
How to Bank With Merrick Bank
Potential credit card customers can easily access if they are prequalified for the Platinum Visa online. If you are not, you can apply for the Secured Visa online.
Borrowers can apply for a loan online, and customers who wish to purchase a CD can do so online as well. Customers looking for a boat, an RV, or a horse trailer loan may see if they qualify and apply at one of the thousands of participating dealers across the country.
Once you have set up your credit card, loan, or CD, you can access information about your account either online or through the smartphone app.
Merrick Bank is one of the easy to access banks that offers good and premium credit facilities to individuals seeking a standard credit loan, also Merrick Bank aims to improve the lives of its customers as well as the workers by creating a good working environment that empowers our associates to grow, learn, and reach their potential.