The Merrick Financial institution Secured Visa is not one in every of Investopedia’s prime rated secured playing cards. Please see our listing of the perfect secured bank cards for what we take into account to be higher choices.
Full Evaluation of Merrick Financial institution Secured Visa
desk of contents
- Execs Defined
- Cons Defined
- Who This Card Is Finest For
- Customary Advantages
- Cardholder Expertise
- Safety Options
- Ultimate Verdict
Execs
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Credit score restrict as excessive as $3,000
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Account might qualify for credit score line will increase
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Reviews to the three main credit score bureaus
Cons
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$36 annual charge
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No rewards or bonus affords
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Additional charges
Execs Defined
- Credit score restrict as excessive as $3,000: You’ll be able to put down a safety deposit starting from $200 to $3,000 with the Merrick Financial institution Secured Visa, which then serves as your credit score restrict. Many secured playing cards have a lot decrease limits. A better restrict offers you extra spending energy and also can assist you keep a superb credit score utilization ratio.
- Account might qualify for credit score line will increase: Merrick Financial institution will recurrently overview your account exercise so you could qualify for a credit score line enhance with out having to make a further safety deposit relying in your credit score habits.
- Reviews to the three main credit score bureaus: Merrick Financial institution reviews your account exercise, together with your cost historical past, to the three main credit score bureaus: Equifax, Experian, and TransUnion. Making all of your funds by the due date over time can enhance your credit score rating and assist you qualify for different types of credit score, equivalent to a non-secured card.
Cons Defined
- $36 annual charge: The Merrick Financial institution Secured Visa has a $36 annual charge for the primary 12 months, which is deducted out of your preliminary credit score restrict. Your preliminary accessible credit score restrict can be $164 in case your safety deposit was $200. The charge is $3 per thirty days after the primary 12 months. That’s expensive for a secured card, and there are numerous such playing cards that don’t cost annual charges.
- No rewards or bonus affords: This card doesn’t have a rewards program, nor does it supply any bonuses to new clients. That’s pretty typical for a secured card, however there are some playing cards that do supply rewards.
- Additional charges: The Merrick Financial institution Secured Visa additionally has another charges. You’ll pay a 2% international transaction charge whenever you use the cardboard outdoors of the US. Late funds incur a $40 charge and also you'll should pay a $40 charge if a cost is returned to you on account of inadequate funds.
Who This Card Is Finest For
The Experian credit score bureau signifies that almost all customers have credit score scores between 600 and 750 based mostly on a FICO vary from 300 to 850. A rating of 700 extra is taken into account to be good. It’s possible you’ll wrestle to qualify for bank cards or loans in case your rating falls too far beneath that. Secured bank cards just like the Merrick Financial institution Secured Visa is usually a useful gizmo to enhance your credit score rating with accountable card use.
Merrick Financial institution will report your account exercise to the three main credit score bureaus so utilizing the cardboard responsibly may help you probably qualify for unsecured playing cards, together with ones that supply rewards and advantages like journey insurance coverage.
Customary Advantages
This card has commonplace advantages you’d anticipate of any secured bank card, together with:
- On-line and cell account entry
- Entry to your month-to-month FICO rating
Cardholder Expertise
Merrick Financial institution focuses on applications for people who’re constructing their credit score from scratch or rebuilding it after previous issues. The Utah-based firm was based in 1997 and it serves greater than 3 million cardholders nationwide.
Cardholders could make funds on-line or via the Merrick Financial institution cell app. The customer support division is out there by telephone 24 hours a day, seven days per week at 800-204-5936.
Notice
As a smaller card issuer, Merrick Financial institution isn't rated within the J.D. Energy Credit score Card Satisfaction Research.
Safety Options
This card offers pretty commonplace security measures, together with account alerts and nil legal responsibility for unauthorized use.
Ultimate Verdict
The Merrick Financial institution Secured Visa might assist you get began if you should construct or restore your credit score. It affords the choice of a excessive credit score restrict with an identical safety deposit and it reviews your exercise to all three main credit score bureaus. It may be a sensible selection, particularly when you’ve got hassle qualifying for different playing cards.
However this card does cost an annual charge in addition to international transaction charges and it doesn’t supply any rewards or additional advantages. Contemplate purchasing round for an additional secured card with decrease charges to avoid wasting cash whilst you construct your credit score with accountable card use.
