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Secured Visa® from Merrick Bank Icon

Secured Visa® from Merrick Bank Review

By offering Zero Fraud Liability and monthly reporting to all three major credit bureaus, the Secured Visa® from Merrick Bank can offer you a solid option to start rebuilding your credit. However, with high interest rates and multiple hidden fees, this card may not be for everyone. Apply Here

Cliff Brody

Cliff Brody

Secured Credit Cards Expert

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Updated: May 21, 2014

The Good

Zero Fraud Liability:

Most credit card companies will offer you various benefits regarding your security and privacy. Merrick Bank offers a Zero Fraud Liability policy to protect consumers from identity theft at no extra cost to you. Included in the price of admission is this added layer of security that will help you if you are ever a victim of identity theft.

Credit reporting:

If you are looking to rebuild your credit history, the Secured Visa® from Merrick Bank could be a good opportunity as they directly report to the three major credit bureaus on a monthly basis. Monthly reporting can positively and dramatically affect your credit, giving you the ability to explore other credit options in the future.

Reasonable annual fee:

At $3 a month, Merrick Bank offers an alternative to simply charging you a one-time fee for membership by allowing you to split the annual fee into monthly payments. Most other debit accounts in comparison will charge more for monthly maintenance fees.

Credit limit increases:

With the Secured Visa® from Merrick Bank, it is pretty easy to get your credit limit increased. As we are still recuperating from the effects of the recession, it is increasingly more difficult to be rewarded for your financial responsibility. Merrick Bank recognizes financial responsibility and will increase your spending limit accordingly.

The Bad

High interest rates:

One area of concern regarding the Secured Visa® from Merrick Bank is its relatively high interest rates compared to competing cards. For starters, the APR for purchases starts at 17.45% and will vary with the market based on the Prime Rate. APR for cash advances is high as well, sitting at 22.45%. If you plan on carrying a balance, perhaps this card would not be the best option as there are others out there with lower percentage rates.

Substantial penalty fees:

If you are often late on payments and overdraw your account, each transaction will cost you up to $35. This could be tough to cope with for some customers as other cards we reviewed charge lesser fees and some even omit overdrawn fees.

Additional card fee:

While most other card providers will allow you to add multiple names to a single card account at no additional cost, you are out of luck with the Secured Visa® from Merrick Bank as they charge $12 per additional card issued per year. Such hidden fees could be a burden to add on to the already steady $36 per year you fork over for the annual fee.

The Details

Deposit and Limits
Maximum Credit Limit $3,000
Minimum Credit Limit $200
Minimum Security Deposit $200
Rates
Cash Advance Rate (APR) 22.45%* Variable
Grace Period 25 Days
Standard Balance Transfer Rate (APR) N/A
Standard Rate (APR) 17.45%* Variable
Fees
Annual Fee $36
Balance Transfer Fee N/A
Cash Advance Fee $10 or 4% per advance
Foreign Currency Transaction Fee 2% per transaction
Late Payment Fee Up to $35
Minimum Interest Charge $1
Over-Limit Fee Up to $35
Returned Payment Fee Up to $35
Set-up Fee $0

Features

Credit Limit

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  • Fund Account Online - You can fund your account online.
  • Increase Credit Limit with Additional Security Deposit - You can increase your credit limit by depositing more money.
  • No Approval Required for Credit Limit Increase - You do not need additional approval for credit limit increases.
  • Increase Credit Limit with Good Payment History - You can earn credit limit increases based on your credit and payment history.

Benefits

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Penalty Fees

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Rates and Fees

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Security Deposit

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Application

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Balance Transfers

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