Best Merrick Bank Credit Cards 2024 (2024)

If you have damaged, fair, or even poor credit, you may be able to improve it using one of Merrick Bank’s credit cards. The bank offers three bad-credit credit cards specifically designed to help consumers rebuild credit and increase their credit scores.

Merrick Bank specializes in cards to build credit, and its cards come with plenty of features and tools to help you get a credit card you can use while also raising your credit score. The bank has already provided credit cards to nearly 3 million consumers.

Merrick Bank credit cards: Summary

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In depth review of Merrick cards

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• Other fees: Cash advance, 4% ($10 minimum); foreign transactions, 2%; late fee, up to $40.
• Rewards and bonuses: None.
• Best for: Doubling your credit line if, for the first seven months, you make at least the minimum payments.

The card_name works much like the card_name (described below), but it has a twist. You’ll start with a security deposit/credit limit of $200, but the line will automatically be doubled to $400 once you’ve made seven on-time monthly payments. Best of all, you won’t need to make an additional security deposit to double the credit limit.

You can also make a larger security deposit—upfront or at any time thereafter—to increase your credit limit. However, if you do, the doubling of your credit limit won’t exceed $200.

Though it’s a secured credit card, it will work just like a traditional credit card. You’ll use the card to make purchases, then make regular monthly payments. Those payments will be reported to all three major credit bureaus: Experian, Equifax, and TransUnion.

The card_name comes with all the benefits and features available through Mastercard®. That includes $0 fraud liability to protect you against unauthorized charges, as well as exclusive monthly benefits. In addition, your updated FICO Score will be available each month.

The card_name is a good choice if you have a small initial deposit since it will automatically double after seven on-time payments. When it does, your card will have $200 in unsecured credit.

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• Other fees: Cash advance, 4% ($10 minimum); foreign transactions, 2%; late fee, up to $40.
• Rewards and bonuses: None.
• Best for: Having a secured credit card with a relatively low annual percentage rate (APR).

The card_name is a fully secured credit card, which means your credit limit will be determined by the amount of your security deposit. That limit/deposit can be anywhere from $200 to as much as $3,000.

Even though the credit line is secured, you can use this credit card the same way you would a traditional credit card. For example, with a $1,000 security deposit, your card will have a credit limit of $1,000. You can use the card to make purchases up to that limit and, as you make payments, your credit line will be restored. Your monthly payments will be reported to all three major credit bureaus.

Like other Merrick Bank credit cards, the card_name comes with all the benefits and features available through Mastercard, plus your updated monthly FICO Score.

Your credit limit may also be increased without requiring you to put up additional security deposits. As you make payments, your account will be reviewed for credit line increase eligibility.

The card_name is a good choice if you have poor credit and the funds to make the necessary security deposit. Use this card and make on-time monthly payments and you’ll be on your way toward improving your credit score.

Best Merrick Bank Credit Cards Comparison Chart

Merrick Bank credit cards: Who is eligible?

Merrick Bank credit cards are for consumers who are unable to get traditional credit cards due to bad or limited credit. You will be eligible for a card if you meet the criteria below.

If you are applying for a secured credit card, you’ll also be required to provide funds for the minimum security deposit. However, this may be the best option for consumers with especially bad credit, since the security deposit is the main basis for card approval.

Credit score

Merrick Bank doesn’t disclose a minimum credit score requirement. But the cards it issues are specifically designed for people with bad or limited credit. That could mean having a very low credit score or no credit score at all.

Specific derogatory credit items

Even if you qualify for a Merrick Bank credit card based on your credit score, you may still be declined if your credit report reveals certain derogatory items.

You will not be eligible for a card if you have a pending bankruptcy or any outstanding tax obligations.

Income/debt affordability

You must demonstrate sufficient income to be able to make the payments on your new credit card, in addition to other debt obligations you have.

Other eligibility criteria

You must be at least 18 years of age at the time of application and have a verifiable Social Security number. Merrick Bank also requires that you have a verifiable physical home address, which must be located in the U.S.

You may also be deemed ineligible if you already have a Merrick Bank credit card.

Pros & Cons of Merrick Bank Credit Cards

Alternatives

TIME Stamp: Merrick Bank Credit Cards may be the best option for bad credit

Merrick Bank Credit Cards are fairly basic, even in the bad credit card space. Compared with competing credit cards for bad credit, they offer low credit limits, no rewards, and do not easily or automatically convert into unsecured credit cards.

Even with those limitations, Merrick Bank Credit Cards may be the best option for you if you have bad credit. They approve most applicants, report to all three credit bureaus, and have lower annual fees than competing cards. Since the primary purpose of credit cards for bad credit is to build or improve your credit score, Merrick Bank Credit Cards can certainly get the job done.

Frequently Asked Questions (FAQs)

Are Merrick Bank credit cards legit?

Merrick Bank has been in business since 1997 and has provided more than $6 billion in credit to nearly 3 million cardholders. The bank has a Better Business Bureau (BBB) rating of “B” (on a scale of A+ to F) and has been accredited by the BBB since 2012.

Are Merrick Bank credit cards easy to get?

Merrick Bank credit cards are designed specifically for consumers with bad credit or limited credit and, therefore, can be easier to be approved for than other cards.

Are Merrick Bank cards good credit cards overall?

Merrick Bank credit cards are designed for individuals with bad credit. That means credit line amounts are limited and the reward structures found on traditional credit cards aren’t available. Though we don't recommend them as being one of the best credit cards on the market, they’re designed specifically to help consumers build or rebuild their credit, which can improve approval odds for traditional credit cards at a later date.