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Merrick Bank Credit Cards Review: No-Frills Options to Build Your Credit

Review Updated
Lyle Daly
Lyle Daly
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Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Offer status

The Merrick Bank credit cards are unavailable on Motley Fool Money. All information was collected independently and not reviewed for accuracy or provided by the credit card issuer. Some items may be out of date.

Merrick Bank offers two credit cards for people who are building credit for the first time or rebuilding poor credit. The Merrick Bank Classic Secured Mastercard® is a secured credit card that anyone can apply for. There's also the Merrick Bank Double Your Line® Credit Card, an unsecured card you can only apply for if you received a mail offer. Keep reading our Merrick Bank credit cards review for a detailed look at each card.

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Ratings Methodology

Merrick Bank Double Your Line® Credit Card

Great for: Building credit

Merrick Bank Double Your Line® Credit Card
Rating image, 3.00 out of 5 stars.
3.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 3.00 out of 5 stars.
3.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Credit Score: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good (670-850)
Credit Score Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Good (670-850)

Regular APR

24.70%-29.70%

Annual Fee Circle with letter I in it. $0 to $72 the first year, billed $0 to $6 per month thereafter.

$0 to $72 the first year

  • This card can build your credit, but with the fees and lack of benefits, it shouldn't be your first choice.

    Read Full Review
    • Easy to get
    • Builds credit
    • Free credit score tool
    • Fees
    • No rewards
    • Poor customer service

Merrick Bank Classic Secured Mastercard®

Great for: Building credit

Merrick Bank Classic Secured Mastercard®
Rating image, 3.00 out of 5 stars.
3.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 3.00 out of 5 stars.
3.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Credit Score: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good (670-850)
Credit Score Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Good (670-850)

Regular APR

22.70%

Annual Fee Circle with letter I in it. $36 the first year, billed $3 dollars per month thereafter

$36

  • This card can build your credit, but with the fees and lack of benefits, it shouldn't be your first choice.

    Read Full Review
    • Easy to get
    • Builds credit
    • Free credit score tool
    • Fees
    • No rewards
    • Poor customer service

Credit card comparison

We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.

Offer Our Rating Welcome Offer Rewards Program APR Learn More
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for cash back on rotating categories 		Discover will match all the cash back you’ve earned at the end of your first year. 1% - 5% Cashback Circle with letter I in it. Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases.

Intro:

Purchases: 0%, 15 months

Balance Transfers: 0%, 15 months

Regular: 18.24% - 27.24% Variable APR

Apply Now for Discover it® Cash Back

On Discover's Secure Website.

Rates & Fees External Link Icon

Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for cash rewards on everyday spending 		$200 cash rewards Circle with letter I in it. Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. 2% cash rewards Circle with letter I in it. Earn unlimited 2% cash rewards on purchases.

Intro: Circle with letter I in it. 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers

Purchases: 0% intro APR, 12 months from account opening

Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers

Regular: 19.24%, 24.24%, or 29.24% Variable APR

Apply Now for Wells Fargo Active Cash® Card

On Wells Fargo's Secure Website.

Rates & Fees External Link Icon

Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for unlimited rewards on purchases 		25,000 points Circle with letter I in it. 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases 1.5-3 points per dollar Circle with letter I in it. Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees, and your points don't expire as long as your account remains open. Earn 3 points per $1 spent on travel purchases booked through the Bank of America Travel Center.

Intro: Circle with letter I in it. 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers. Balance transfers may not be used to pay any account provided by Bank of America.

Purchases: 0% Intro APR for 15 billing cycles for purchases

Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days

Regular: 18.24% - 28.24% (Variable)

Apply Now for Bank of America® Travel Rewards credit card

On Bank of America's Secure Website.

Full Merrick Bank credit cards review

These credit cards are a good fit for: People who are working on their credit and have gotten denied for other credit cards.

Top perks

The Merrick Bank credit cards are fine for improving credit, but they're light on benefits.

Good for building credit with lenient approval requirements

The biggest perk with Merrick Bank credit cards is that they're easy to get. It's possible to get approved with nearly any type of credit history.

If you have a low credit score because of late payments, charged off accounts, or other issues, you could still qualify for a Merrick Bank card. If you're completely new to credit and don't have any sort of credit history yet, you could qualify for a Merrick Bank card. But in that case, you should keep looking -- there are plenty of better starter credit cards available.

Just to be clear, approval isn't guaranteed. Merrick Bank will review your application to see if you meet its requirements.

Merrick Bank reports your credit card activity to the three major credit bureaus: Equifax, Experian, and TransUnion. This is important because you have a credit score with each bureau, so you need activity reported to all three of them. If you manage your Merrick Bank card well and always pay on time, that positive activity will go on your credit history.

Stay on top of your credit with free FICO® Score monitoring

As a Merrick Bank customer, you get access to goScore, its credit score tool. This provides you with your FICO® Score, the type of credit score that's most widely used by lenders. Some credit score tools provide scores that aren't as popular. Because goScore has your FICO® Score, it gives you a more accurate picture of your credit.

You get your updated score every month, so you can track your progress as you improve your credit. Also, goScore provides information on the factors affecting your credit score, showing you what to work on and what you're doing well.

Opportunity to get a higher credit limit

With credit cards for bad credit, it can be hard to raise your credit limit. That's not the case with Merrick Bank credit cards.

If you have the Merrick Bank Double Your Line® Credit Card, receiving a higher limit is as straightforward as it gets. If you make at least your minimum payment on time for the first seven months, Merrick Bank doubles your credit line. Started out with a $500 credit limit? Make those first seven payments on time, and that will turn into $1,000.

With the Merrick Bank Classic Secured Mastercard®, your starting credit limit is equal to your security deposit. You can deposit between $200 and $3,000. Merrick Bank will also automatically review your account for credit line increases.

What could be improved

Merrick Bank credit cards have some frustrating downsides you should know about before you apply.

Potentially costly fees

When you're building credit, it's important to keep fees to a minimum. And fees are one of the major problems with the Merrick Bank credit cards.

The Merrick Bank Classic Secured Mastercard® has a $36 annual fee. It's charged upfront the first year, and as a $3 monthly fee thereafter. Secured credit cards with no annual fee are a better option, if you can qualify for one. You're already paying a security deposit -- there's no need to add to your costs with an annual fee.

Fees are more complicated, and potentially more expensive, with the Merrick Bank Double Your Line® Credit Card. According to its rate disclosures, it charges:

  • Annual fee: $0 to $72 the first year, billed as $0 to $6 per month thereafter
  • Account set-up fee: $0 to $75 (one-time fee)

There's never a good reason for a credit card to charge a set-up fee. It's one of those shady fees that card issuers charge to squeeze more money out of you. The fact that Merrick Bank charges this is a giant red flag. The annual fee isn't worth it, either, considering the minimal benefits the card offers.

No rewards

Merrick Bank doesn't offer any kind of rewards program with its credit cards. You won't earn cash back or points when paying with one of them.

This isn't a huge issue, or even out of the ordinary. A lot of credit-builder cards don't earn rewards. These benefits are far more common with the best credit cards.

Still, it's worth pointing out for a couple of reasons. There are secured credit cards that earn cash back, so it's worth seeing if you can qualify for one of them first. The lack of rewards is also more annoying because of the fees that Merrick Bank charges. If you're going to be paying an annual fee for a credit card, you deserve to get your money's worth.

No way to upgrade

There are no upgrade options with Merrick Bank credit cards. If you have the Merrick Bank Classic Secured Mastercard® and want to get your deposit back, you need to close the card. If you have the Merrick Bank Double Your Line® Credit Card and get tired of paying the annual fee, then once again, your only option is to close it.

Poor customer service

Merrick Bank isn't highly regarded for customer service. In the J.D. Power 2023 U.S. Credit Card Satisfaction Study, Merrick Bank received one of the lowest satisfaction ratings. There are also numerous complaints about it online, including many reports of long wait times to speak to a customer service representative.

Suggested credit score

There's no minimum credit score for the Merrick Bank credit cards. You could be eligible with a low credit score or no credit score at all.

Note that you can only apply for the Merrick Bank Double Your Line® Credit Card if you received a mail offer. You must provide an Acceptance Certificate Number to apply for the card, or look up your offer using your personal information. If you haven't received a mail offer from Merrick Bank, then you can only apply for the Merrick Bank Classic Secured Mastercard®.

A Merrick Bank credit card is right for you if:

You've tried applying for other credit cards for bad credit, and your applications have been denied.

Merrick Bank credit cards are better as a backup plan than a first option. Check out more credit card reviews before you commit to see what's out there.

If you've exhausted your options, then you could use a Merrick Bank card for a year or two to work on your credit. But with extra fees and minimal benefits, these aren't cards you should keep longer than necessary.

Our credit card methodology

At Motley Fool Money, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.

We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how Motley Fool Money rates credit cards.

FAQs

  • Merrick Bank currently offers two credit cards:

    • Merrick Bank Double Your Line® Credit Card
    • Merrick Bank Classic Secured Mastercard®

  • Merrick Bank credit cards are legitimate, as Merrick Bank is a licensed credit card issuer and a member of the FDIC.

  • It's not hard to get approved for a credit card from Merrick Bank. Its credit cards have lenient approval requirements, and it's possible to get approved with a poor credit history.