How to use the card
This Merrick card is 100% secured. The deposit you pay is the credit line you get. It may vary within the range of $200-$3,000. Note that you have to pay a deposit to complete the application process – before you get approved or denied.
Some cardholders see secured credit cards ‘unfair’, as if you pay fees for using your own money. But it makes sense since the primary purpose of such cards is rebuilding your credit history and improving your credit score, not just consuming.
Here are some tips for you to make full use of this card:
- Make all the payments on time. This is the most significant factor in credit rebuilding.
- Do your best to use up to a third of your credit limit. For example, only $70 out of $200. Don’t carry your balance as it may lead to a higher utilization rate.
The Merrick bank reports on your credit activities to all three national credit bureaus. So make sure these reports make a positive contribution to your credit history and increase your credit score.
The Merrick bank claims that regardless of your bad credit history or poor credit score, you may qualify for this card. However, the bank doesn’t tolerate pending bankruptcies and outstanding tax obligations.
How much it costs
For the first year the Merrick bank charges a $36 annual fee for using their secured credit card. Starting from the second year the annual fee is replaced with a $3 monthly fee. Note that the annual fee is deducted automatically from your deposit lowering your credit availability.
The bottom lineThe Merrick Bank Secured Visa® Card provides all the opportunities for successful credit rebuilding. Even if you have a recent bankruptcy, you may qualify for this card and start working towards a better credit score right away. All you need is to deposit at least $200 and make your payments on time.
If you are struggling to recover from bankruptcy or start your credit history from scratch, this no credit check card is your option.