Merrick Classic Secured Visa: Tranquility meets Style

Are you someone who has a poor credit score? Don’t worry, at least 16% of Americans are on the same boat and have trouble getting access to financial services of all types. Merrick Bank is a financial company that specializes in services for poor credit score holders. That’s why this product, the Merrick Classic Secured Visa, is such a great idea. 

Using this credit card you have the chance to rebuild your credit over time. It all depends on responsible use, of course, but you’ll have access to the tools to do it. With a bit of patience, you’ll soon be eligible for an unsecured option through Merrick Bank or other financial institutions. 

If you’re looking for a secured credit card that accepts people with any score, this is your chance. Keep reading to understand how the Merrick Classic Secured works, main benefits as well as fees and APRs. 

How does Merrick Classic Secured Visa work?

Don’t be fooled, this is a conventional secured credit card. You’ll have to make a $200 minimum deposit to be eligible for any Merrick Bank credit cards and submit an application. At the same time, it is quite the flexible service since you can get a limit increase whenever you want, as long as you add more funds to your deposit. 

This means that you can use Merrick Classic Secured as a way to avoid reaching a high utilization ratio. When your credit use is close to your limit, your scores are affected as well. Keeping a higher limit combined with smaller purchases is a great way to avoid this trap. 

While you purchase, the Merrick Classic Secured will report your credit use and history to all three major bureaus. It’s one of the best ways to improve a credit score that we can mention. 

Another great reason to use the Merrick Classic Secured is the fact that it is accepted worldwide. You can use it on any store that accepts Visa, one of the most prominent payment methods around. 

Find out more about Merrick Bank

We mentioned that Merrick Bank works mainly with solutions for people with poor credit scores. It started operations back in 1997 as a FDIC insured financial company. Today, it’s part of the 20 top credit card issuers in the country. 

With over 3 million cardholders, you can be sure this is a company you can trust. We know your financial life is way too important to leave in the hands of strangers. That’s why we researched Merrick Bank’s security policy to make sure this is a good choice for you. 

Main benefits for Merrick Classic Secured Visa

The Merrick Classic Secured Visa, as is the case with most secured cards, doesn’t offer many rewards. The main advantage we can mention here is being able to rebuild credit. After all, Merrick Bank reports to all three reporting bureaus. So your score should eventually get better in Experian, TransUnion and Equifax. 

Other advantages you’ll have access to include: 

• Increase your limit quickly by adding money to your security deposit; 
• Up to $3.000 starting limit according to your deposit; 
• Automatic limit reviews with timely payments every month; 
• Refundable security deposit; 
• Zero liability policy that should protect you from identity theft and fraud;
• Go Mobile App offers easy mobile access to your account. 

As we said before, the Merrick Classic Secured allows you to keep control of your finances. You’ll be able to check your spending in real time through the mobile app to avoid reaching your limit. 

Another advantage is the quick limit increase. You’ll be eligible for a limit review within the first few months of holding this card if you keep your monthly payments on time.

Cons for this credit card

Every credit card has its bad sides. When it comes to secured products, the main problems have to do with fees and the interest rates that apply. You won’t have any rewards or intro offers either. So it isn’t a good choice if you were looking for advantages when transferring a balance or getting better interest rates for a few months. 

The annual fee can be quite the turn off as well. The $36 annual fee is discounted from your limit. So if you start with the minimum deposit you’ll only have $164 left to spend, remember that you shouldn’t get too close to that limit since it’ll be a problem for your utilization ratio and credit score. 

After the first year things get a little better. You’ll just have to pay $3 monthly, which won’t be such a huge problem for your limit. 

We also don’t recommend you hold a balance on this credit card. Since it’s a secured credit card the interest rates aren’t the best in the market. After a while, a balance could turn into quite the expensive affair for your finances. 

How to use this credit card responsibly?

The best way to use the Merrick Classic Secured is to make purchases that you can pay off in full and on time. Otherwise you’ll end up holding a balance with a 17,45% variable APR or, the worst option, paying a late payment fee. 

As you buy and pay monthly you’ll build a positive credit history. This is one of the main components of your FICO score, so we strongly recommend you avoid late payments at all costs. 

One important tip to be able to do this is imagine your credit card is cash. Unless there’s money in your bank account to pay off your debt today, you shouldn’t buy it. Remember that Merrick Bank offers you online tools to keep track of your spending. This guarantees you won’t go overboard and buy more than you can pay for without noticing (a common problem with credit cards). 

APRs and fees

There are some important fees you should watch out for: 

• 17,45% variable APR; 
• $36 annual fee for the first year, $3 monthly fee afterwards;
• 2% foreign transaction fee;
• $40 late payment fee. 

Do you want to get access to a Merrick Classic Secured card? All you have to do is check out Merrick Bank’s official website. You’ll just have to fill out a form with personal details to allow the bank to check your financial information, earning potential and possible problems.

Conclusion

The Merrick Classic Secured Visa is a solid option for individuals looking to rebuild their credit, especially if they have a poor credit score. It offers the key benefit of helping you improve your credit history through responsible use and timely payments, with the added flexibility of increasing your credit limit by depositing additional funds.

However, the card does come with some downsides, such as an annual fee for the first year, a relatively high APR, and foreign transaction fees. The initial annual fee is deducted from your credit limit, which may reduce the amount of available credit you have.

To make the most of the Merrick Classic Secured Visa:

• Pay off your balance in full each month to avoid interest charges and build a positive credit history.
• Keep your credit utilization low to maintain a healthy credit score.
• Monitor your spending using the mobile app to stay within your budget and avoid late payment fees.

Overall, if you are committed to improving your credit score and can manage the associated fees and interest rates, the Merrick Classic Secured Visa could be a valuable tool in your financial recovery journey.