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3. Merrick Bank Secured Credit Card

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226 reviews from Intuit Credit Karma members

2.6

Rating: 2.6 out of 5.

Great for access to credit

Annual Fee: $36 the first year. Billed $3 per month thereafter

This content is curated by Intuit Credit Karma’s Editorial team using data from members who were approved for this card or similar cards, or who self-matched this card or similar cards. Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse this content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

Here’s the average credit limit of members who matched their Merrick Bank Secured Credit Card or similar cards.

% of members by credit limit range

The average credit limit for members who have matched with this card or similar cards is $2,312, with $300 being the most common.

Here’s the average credit score of members who matched their Merrick Bank Secured Credit Card or similar cards.

% of members by credit score range

The average credit score for members who have matched with this card or similar cards is 612, with 567 being the most common. Note this is just one of the deciding factors when it comes to getting approved.

Member stats

Updated daily

50.1%

Average credit utilization (or what percent of the card’s credit limit is being used) of members who matched with this card or similar cards.

40 years

Average age of members who matched this card or similar cards.

$70,561

Average annual income of members who matched this card or similar cards. Note: Income may be estimated for some members by Credit Karma and may differ from members’ actual incomes.

Pros and cons

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Considers applicants from a range of credit backgrounds

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Reports to all 3 major credit bureaus

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Initial credit limit of up to $3,000 in the amount of your security deposit

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Minimum security deposit of $200 required

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Variable APR on purchases isn’t low

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$36 annual fee billed upfront the first year, then $3 per month after first year

What you need to know about the Merrick Bank Secured Credit Card

If you’re thinking about applying for the Merrick Bank Secured Credit Card, here’s what you need to know about this secured credit card and the benefits it offers.

Considers applicants with a range of credit

Merrick Bank says on its website that it considers people from a range of credit backgrounds for the Merrick Bank Secured Credit Card.

To apply, you’ll need to …

• Pay a security deposit
• Be at least 18 years old
• Have a valid Social Security number
• Have a verifiable physical U.S. home address

Merrick notes that you may not be approved for the card if you have a pending bankruptcy or if you owe any outstanding taxes.

Reports to all three major credit bureaus

The Merrick Bank Secured Credit Card may help you build your credit because it reports to all three major credit bureaus.

Making on-time payments can help you build a strong credit history, which could increase your chances of upgrading to an unsecured credit card down the road.

Purchase APR isn’t great

This card has a 22.95% variable APR for purchases. That’s not much higher than the average credit card APR of 21.51.%, according to Federal Reserve data from May 2024 — but it’s not low by any stretch. Some secured credit cards may come with higher or lower APRs than the Merrick Bank Secured Credit Card offers, so you’ll want to consider your options carefully. 

And if you don’t want to pay interest on your purchases, you can take advantage of the card’s grace period by paying off your statement balance, which Merrick Bank calls your “New Balance,” in full by the payment due date each month.

Annual fee

When you get the Merrick Bank Secured Credit Card, you’ll pay the first year’s annual fee of $36 right away. After the first year, you’ll be billed $3 per month for the annual fee.

One thing to keep in mind: Your first-year annual fee is taken out of your initial credit limit, so this fee can eat into a significant portion of your available credit. For example, if you make an initial security deposit of $200, you’ll have an available credit line of only $164 until you pay your balance.

Minimum security deposit required

If you’re approved for the Merrick Bank Secured Credit Card, you’ll have to put down a security deposit of at least $200. Your initial credit line will be equal to your security deposit, and you can put down up to $3,000.

Coming up with $200 or more may seem like a big task when you’re trying to build your credit. But a larger credit limit gives you more room to make purchases without negatively affecting your credit utilization rate. Ideally, you’d want to keep your utilization rate below 30%.

Other factors to consider

Here are a few other things you may want to consider before applying for the Merrick Bank Secured Credit Card.

• This card doesn’t come with any rewards.
• You’ll have no fraud liability for unauthorized charges.
• You may be charged a returned- or late-payment fee of up to $40.

Who the Merrick Bank Secured Credit Card is good for

The Merrick Bank Secured Credit Card may be a good fit if you want to establish your credit history. While the card’s 22.95% variable APR on purchases isn’t great, it might be in the same ballpark APR-wise as some other secured credit cards. Just remember that the card comes with a $36 annual fee (which is billed upfront when you get the card, then $3 per month after the first year).

If you don’t plan to carry a balance, other secured credit cards may be a better fit for your situation.

Not sure this is the card for you? Consider these alternatives.

If the Merrick Bank Secured Credit Card isn’t the best fit for your particular situation, consider these other options instead.

• Capital One Platinum Secured Credit Card:
Consider this card if you don’t want to pay an annual fee.
• OpenSky® Secured Credit Visa® Card:
If you want to avoid an inquiry on your credit reports, this card doesn’t require a credit check when you apply.