This article is about Merrick Bank Credit Card Application. You will learn how to apply for Merrick Bank Credit Cards, and get detailed review about the different credit cards offered by Merrick Bank.
Merrick Bank credit cards are for people who have bad credit or are trying to establish (or rebuild) their credit records. They do, however, come with too many fees for us to suggest them above alternative cards that are likely to be available to these customers, such as the Capital One Platinum Secured Credit Card. You can read about Self credit builder review here.
Merrick Bank Credit Cards
The Merrick Bank Double Your Line Platinum Visa Credit Card, the Merrick Bank Secured Visa Credit Card, and the Merrick Bank Visa Card are the three credit card options available from Merrick Bank. These cards do not offer any benefits, unlike points or cash back cards.
Instead, they target customers who have limited credit access or who want to repair their credit records. While Merrick Bank does record your payment history to all three credit agencies, which assists cardholders in building credit, the excessive costs for this service are not worth paying. This is especially true when comparing the Merrick Bank cards to other no-fee credit cards for people with terrible credit.
|Merrick Bank Double Your Line™ Platinum Visa® Credit Card||Merrick Bank Secured Visa® Credit Card||Merrick Bank Visa® Card
|Annual Fee||Up to $0 - $72 for the first year, then up to $8 per month||$36 for the first year. Billed $3 per month thereafter.||Up to $96 for the first year, then up to $8 per month
|APR||19.45% to 28.45% *Variable||17.45% Variable variable||20.45%-29.95% Variable
|Setup Fee||Up to $75||None||Up to $75
The Merrick Bank Double Your Line Platinum Visa® Credit Card and the Merrick Bank Visa® Card are only available to people who have received a preapproved postal offer, which sets them apart from other card issuers’ offerings.
If you really want one of these cards, you could sign up for the Merrick Bank Secured Visa® Credit Card first and then seek an upgrade. This is something that card issuers frequently do for their consumers, especially if they’ve always paid their bills on time each month. However, we recommend that most consumers avoid using Merrick Bank credit cards.
Merrick Bank Credit Card Application Details
Before taking a look at the Merrick Bank Credit Card Application, we want to quickly review the details of the different credit cards offered by Merrick Bank.
Merrick Bank Double Your Line Platinum Visa® Credit Card
The Merrick Bank Double Your Line Platinum Visa® Credit Card‘s distinctive feature—true to its name—is that if you make at least your minimum payment for the first seven months your account is open, your credit line will double. For instance, if you start with a $500 credit line and make seven on-time minimum payments, your credit limit could expand to $1,000. This will reduce your credit utilization, which will improve your credit score.
The Merrick Bank Double Your Line Platinum Visa® Credit Card contains a lot of fees for a card that doesn’t do much other than build credit. These are some of them:
- A one-time setup fee of up to $75
- An annual fee from $0 – $72 for the first year, and may get up to $8 per month after then.
- Up to $12 per additional card
The Merrick Bank Double Your Line Platinum Visa® Credit Card falls under the category of “fee harvesters,” which are primarily directed at people with restricted access to credit cards, due to these hefty upfront payments. That’s not to say the Merrick Bank Double Your Line Platinum Visa® Credit Card can’t assist you in establishing credit. However, a secured card with no annual fee, such as the Capital One Platinum Secured Credit Card, is a superior option.
Merrick Bank Secured Visa® Credit Card
The Merrick Bank Secured Visa® Credit Card will be the only Merrick Bank credit card you have access to until you have received a preapproval letter in the mail. Secured credit cards are different from regular credit cards in that they need a security deposit before being accepted. Your credit line will initially be equal to the amount you deposit, which can range from $200 to $3,000.
The Merrick Bank Secured Visa® Credit Card stands out among secured cards because it has a $36 annual charge for the first year. After that, you’ll be charged $3 every month. When there are other secured cards with no annual charge accessible to people with Limited/Bad/Poor credit history, there’s little incentive to receive the Merrick Bank Secured Visa® Credit Card.
Merrick Bank Visa® Card
The Merrick Bank Visa® Card is the least feature-rich of the three Merrick Bank cards. The Merrick Bank Visa® Card has the same cost structure as the Merrick Bank Double Your Line Platinum Visa® Credit Card, but without the benefit of “doubling your line.” This makes the card rather pricey, with an initial cost of up to $171 if the setup fee and yearly fee are added together, which is 4.5 times the $36 for the first year. After that, you’ll be charged $3 every month. The Merrick Bank Secured Visa® Credit Card has a one-time fee.
Merrick Bank Credit Card Application
Merrick Bank Credit Card Application process depends on which of the credit cards you are actually applying for. However they are all very easy to apply for. Just follow the steps below.
If you already have a mail offer from Merrick Bank (Unsecured Credit Cards) visit this link to accept your mail offer and start your application process. If the card you are applying for doesn’t require that you first get a mail offer (the secured credit cards) then click this link and select the card you want to apply for to begin the application process.
Then in the next window, the following information will be required
STEP 4 Summary of Terms
STEP 5 Pay Deposit
STEP 6 Application Summary
Ones you provide the required information, you may submit the form. You should get a response from the bank within a few minutes.
How to Check Merrick Bank Credit Card Application Status
To check the status of your application simply call the customer care line on 1-800-204-5936