Offer status
The Merrick Bank credit cards are unavailable on The Ascent. All information was collected independently and not reviewed for accuracy or provided by the credit card issuer. Some items may be out of date.
Merrick Bank offers two credit cards for people who are building credit for the first time or rebuilding poor credit. The Merrick Bank Classic Secured Mastercard® is a secured credit card that anyone can apply for. There's also the Merrick Bank Double Your Line® Credit Card, an unsecured card you can only apply for if you received a mail offer. Keep reading our Merrick Bank credit cards review for a detailed look at each card.
- Building credit:Merrick Bank Double Your Line® Credit Card
- Building credit:Merrick Bank Classic Secured Mastercard®
Ratings Methodology
Merrick Bank Double Your Line® Credit Card
Great for: Building credit
Rating image, 3.00 out of 5 stars.
3.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 3.00 out of 5 stars.
3.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Credit Score:Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good (670-850)
Poor
Fair
Good
Excellent
300-579
580-669
670-739
740-850
Credit ScoreFalling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Good (670-850)
Regular APR
24.70%-29.70%
Annual Fee$0 to $72 the first year, billed $0 to $6 per month thereafter.
$0 to $72 the first year
This card can build your credit, but with the fees and lack of benefits, it shouldn't be your first choice.Read Full Review
- Easy to get
- Builds credit
- Free credit score tool
- Fees
- No rewards
- Poor customer service
Merrick Bank Classic Secured Mastercard®
Great for: Building credit
Rating image, 3.00 out of 5 stars.
3.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 3.00 out of 5 stars.
3.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Credit Score:Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good (670-850)
Poor
Fair
Good
Excellent
300-579
580-669
670-739
740-850
Credit ScoreFalling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Good (670-850)
Regular APR
22.70%
Annual Fee$36 the first year, billed $3 dollars per month thereafter
$36
This card can build your credit, but with the fees and lack of benefits, it shouldn't be your first choice.Read Full Review
- Easy to get
- Builds credit
- Free credit score tool
- Fees
- No rewards
- Poor customer service
Credit card comparison
We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.
| Offer | Our Rating | Welcome Offer | Rewards Program | APR | Learn More |
|---|---|---|---|---|---|
Discover it® Cash Back | Rating image, 5.00 out of 5 stars. 5.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Discover will match all the cash back you've earned at the end of your first year.N/A | 1% - 5% CashbackEarn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically. | Intro: Purchases: 0%, 15 months Balance Transfers: 0%, 15 months Regular:18.24% - 28.24% Variable APR | |
Chase Freedom Unlimited® Apply Now for Chase Freedom Unlimited® OnChase'sSecure Website. | Rating image, 5.00 out of 5 stars. 5.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Up to $300 cash backEarn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel℠, 4.5% on dining and drugstores, and 3% on all other purchases. | 1.5% - 5% cash backEnjoy 5% cash back on travel purchased through Chase Travel℠, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases | Intro:0% Intro APR on Purchases and Balance Transfers for 15 months Purchases: 0% Intro APR on Purchases, 15 months Balance Transfers: 0% Intro APR on Balance Transfers, 15 months Regular:20.49% - 29.24% Variable | Apply Now for Chase Freedom Unlimited® OnChase'sSecure Website. |
Capital One Venture Rewards Credit Card | Rating image, 5.00 out of 5 stars. 5.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 75,000 Miles75,000 Miles once you spend $4,000 on purchases within 3 months from account opening | 2X-5X milesEarn unlimited 2X miles on every purchase, every day. Earn 5X miles on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. | Intro: Purchases: N/A Balance Transfers: N/A Regular:19.99% - 29.99% (Variable) |
Full Merrick Bank credit cards review
These credit cards are a good fit for: People who are working on their credit and have gotten denied for other credit cards.
Top perks
The Merrick Bank credit cards are fine for improving credit, but they're light on benefits.
Good for building credit with lenient approval requirements
The biggest perk with Merrick Bank credit cards is that they're easy to get. It's possible to get approved with nearly any type of credit history.
If you have a low credit score because of late payments, charged off accounts, or other issues, you could still qualify for a Merrick Bank card. If you're completely new to credit and don't have any sort of credit history yet, you could qualify for a Merrick Bank card. But in that case, you should keep looking -- there are plenty of better starter credit cards available.
Just to be clear, approval isn't guaranteed. Merrick Bank will review your application to see if you meet its requirements.
Merrick Bank reports your credit card activity to the three major credit bureaus: Equifax, Experian, and TransUnion. This is important because you have a credit score with each bureau, so you need activity reported to all three of them. If you manage your Merrick Bank card well and always pay on time, that positive activity will go on your credit history.
Stay on top of your credit with free FICO® Score monitoring
As a Merrick Bank customer, you get access to goScore, its credit score tool. This provides you with your FICO® Score, the type of credit score that's most widely used by lenders. Some credit score tools provide scores that aren't as popular. Because goScore has your FICO® Score, it gives you a more accurate picture of your credit.
You get your updated score every month, so you can track your progress as you improve your credit. Also, goScore provides information on the factors affecting your credit score, showing you what to work on and what you're doing well.
Opportunity to get a higher credit limit
With credit cards for bad credit, it can be hard to raise your credit limit. That's not the case with Merrick Bank credit cards.
If you have the Merrick Bank Double Your Line® Credit Card, receiving a higher limit is as straightforward as it gets. If you make at least your minimum payment on time for the first seven months, Merrick Bank doubles your credit line. Started out with a $500 credit limit? Make those first seven payments on time, and that will turn into $1,000.
With the Merrick Bank Classic Secured Mastercard®, your starting credit limit is equal to your security deposit. You can deposit between $200 and $3,000. Merrick Bank will also automatically review your account for credit line increases.
What could be improved
Merrick Bank credit cards have some frustrating downsides you should know about before you apply.
Potentially costly fees
When you're building credit, it's important to keep fees to a minimum. And fees are one of the major problems with the Merrick Bank credit cards.
The Merrick Bank Classic Secured Mastercard® has a $36 annual fee. It's charged upfront the first year, and as a $3 monthly fee thereafter. Secured credit cards with no annual fee are a better option, if you can qualify for one. You're already paying a security deposit -- there's no need to add to your costs with an annual fee.
Fees are more complicated, and potentially more expensive, with the Merrick Bank Double Your Line® Credit Card. According to its rate disclosures, it charges:
- Annual fee: $0 to $72 the first year, billed as $0 to $6 per month thereafter
- Account set-up fee: $0 to $75 (one-time fee)
There's never a good reason for a credit card to charge a set-up fee. It's one of those shady fees that card issuers charge to squeeze more money out of you. The fact that Merrick Bank charges this is a giant red flag. The annual fee isn't worth it, either, considering the minimal benefits the card offers.
No rewards
Merrick Bank doesn't offer any kind of rewards program with its credit cards. You won't earn cash back or points when paying with one of them.
This isn't a huge issue, or even out of the ordinary. A lot of credit-builder cards don't earn rewards. These benefits are far more common with the best credit cards.
Still, it's worth pointing out for a couple of reasons. There are secured credit cards that earn cash back, so it's worth seeing if you can qualify for one of them first. The lack of rewards is also more annoying because of the fees that Merrick Bank charges. If you're going to be paying an annual fee for a credit card, you deserve to get your money's worth.
No way to upgrade
There are no upgrade options with Merrick Bank credit cards. If you have the Merrick Bank Classic Secured Mastercard® and want to get your deposit back, you need to close the card. If you have the Merrick Bank Double Your Line® Credit Card and get tired of paying the annual fee, then once again, your only option is to close it.
Poor customer service
Merrick Bank isn't highly regarded for customer service. In the J.D. Power 2023 U.S. Credit Card Satisfaction Study, Merrick Bank received one of the lowest satisfaction ratings. There are also numerous complaints about it online, including many reports of long wait times to speak to a customer service representative.
Suggested credit score
There's no minimum credit score for the Merrick Bank credit cards. You could be eligible with a low credit score or no credit score at all.
Note that you can only apply for the Merrick Bank Double Your Line® Credit Card if you received a mail offer. You must provide an Acceptance Certificate Number to apply for the card, or look up your offer using your personal information. If you haven't received a mail offer from Merrick Bank, then you can only apply for the Merrick Bank Classic Secured Mastercard®.
A Merrick Bank credit card is right for you if:
You've tried applying for other credit cards for bad credit, and your applications have been denied.
Merrick Bank credit cards are better as a backup plan than a first option. Check out more credit card reviews before you commit to see what's out there.
If you've exhausted your options, then you could use a Merrick Bank card for a year or two to work on your credit. But with extra fees and minimal benefits, these aren't cards you should keep longer than necessary.
Our credit card methodology
At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.
We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.
FAQs
Merrick Bank currently offers two credit cards:
- Merrick Bank Double Your Line® Credit Card
- Merrick Bank Classic Secured Mastercard®
Merrick Bank credit cards are legitimate, as Merrick Bank is a licensed credit card issuer and a member of the FDIC.
It's not hard to get approved for a credit card from Merrick Bank. Its credit cards have lenient approval requirements, and it's possible to get approved with a poor credit history.
