- Free monthly FICO score report
- Online payments and statements available
- Easy approval process
Multiple cardholders complain that customer service is awful compared to other credit card companies. However, some folks defend the company, stating that angry callers are just upset because they failed to use their cards in a responsible manner.
- Unsecured credit line increases - After the first year, your account will be regularly reviewed for credit line increases with no additional security deposit required.
- Monthly FICO® Score for free - get your updated FICO® Score each month when it is provided to us from the credit bureau.
- Build your credit - performance is reported to all three major credit bureaus, unlike a prepaid card.
- Flexible credit line - the amount of your deposit determines your initial credit line - up to $3,000 and increase your credit line anytime with additional deposits.
- Easy funding options – several convenient options to easily fund your security deposit.
- Worldwide acceptance - use it anywhere Visa is accepted.
- Quick, easy application - apply online today!
Application Process: You can apply online for the Merrick secured Visa credit card. Before you apply, make sure you have details about your monthly income and expenses so you can answer the application’s questions accurately. If you have a bankruptcy that hasn’t been discharged yet, wait to apply.
Features: Worried a scammer might hack into your account and rack up charges on your card? If that actually does happen, you can breathe easy knowing that Merrick doesn’t hold cardholders liable for fraudulent charges. We’ve heard complaints that other secured credit cards are too friendly toward scammers, so it’s awesome that Merrick takes fraud seriously.
Aside from $0 liability fraud protection, the Merrick secured Visa offers online account management tools free of charge. You can check your balances, review purchases, and make payments from any Internet-compatible device.
Oh, and we’re psyched that this secured card offers credit limit increases without requiring you to add additional funds. Very few secured credit cards have this feature.
APR: At 18.20%, the APR for this secured Merrick Visa is only slightly higher than the APR for the OpenSky secured Visa. Expect to pay 23.20% APR on cash advances. The good news is that you can bypass the interest on products and services by paying your balance in full before each due date. Unfortunately, you’ll still owe interest on any cash advances you made during the billing period.
Bonus Offers: Merrick doesn’t have any bonus offers for its secured Visa credit card at the moment, but neither do most of the other secured cards we’ve researched.
Annual Fee: You’ll have to dole out $36 for an annual fee the first year you have the card. After that, there’s no annual fee, but you’ll be charged a monthly fee of $3. Either way, you’ll owe $36 every 12 months.
Cash Advance APR23.70%
Annual Fee$36 the first year. Billed $3 per month
- Rated #3 in 4 Best Secured Credit Cards for Building Credit