Merrick Bank Secured Visa

Picture of Merrick Bank Secured Visa® Card
11 Reviews
Consumer Rating:

Apply Here 3.8
Average Score:

Card Details
Card Details

Annual Fee: $36 for 1st year, then $3 a month thereafter (still $36 a year in total)
APR: 19.2%*Variable
Deposit Amount: $200-$3,000
Pros and Cons
Pros and Cons


  • Allows you to increase deposits in $50 increments


  • Charges annual fee when many others do not
  • No reward program
  • Does not graduate to unsecured

Our Take
Our Take

The Merrick Bank Secured Visa Card is a decent secured credit card with a reasonable annual fee. Consumers have reported that they do allow you to increase your deposits in $50 increments. However, there are many better cards out there (see our list of secured credit cards. For example, most of the mainstream banks have no annual fee cards. Examples include Capital One secured and Discover it secured card. If you are looking for a card that does not check credit and is almost a guaranteed approval, then Opensky is the card to look at.

So while this is a decent card, you should research other secured credit cards first before pulling the trigger.

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Credit Score: 490 Credit Limit: 300 Age: 25-34
Posted 01/26 2018
Overall Rating:
I successfully applied for this card and the Opensky credit card after being rejected by Capital One (which some suggest is due to my low income). I deposited $300 and that is my limit. I have been using it and the Opensky for about 7 months now. I try to keep my utilization low and PIF every month. My scores have risen from 490 to 550 on EX. So far, this card is ok.
Credit Score: 505 Credit Limit: 200 Age: 25-34
Posted 11/02 2017
Overall Rating:
I have had this card for close to 2 years. Along the way I also got the Capital One and Opensky secured card. Over the last 2 years, my score has increased from 505 to 690 now. During the last 3 months, I applied for and was approved for Chase Slate and Capital One Quicksilver.

So from my point of view, this card has served it's purpose. My scores have improved because they helped me rebuild my credit history. The only negative about Merrick Bank is that though they say you can get an update on your FICO score every month, mine never appears on the website. Also, the card does not graduate. You have to wait for them to invite you to their unsecured credit card. I am about to cancel mine soon.

If you are thinking about getting a secured card, this one is ok.
Credit Score: 555 Credit Limit: 800 Age: 35-44
Posted 08/23 2017
Overall Rating:
I got the Merrick Bank secured credit card to rebuild my credit. I deposited $800. After 15 months of paying on time and using way below my credit limit, they increase it to $1500 (yay). But there are a couple of things that you should be aware of. Firstly, they report as secured. Secondly, you cannot graduate. When I called the rep, they said you needed an invitation for their unsecured credit card. I have just canceled my card and waiting for the refund of my $800 deposit since I have already gotten 3 unsecured cards with decent limits. This card has served it's purpose.
Credit Score: 538 Credit Limit: 200 Age: 25-34
Posted 07/12 2017
Overall Rating:
I have this card for 14 months. It has helped improve my credit score. But in my opinion, it is clearly not the best secured credit card out there. There are better ones like Opensky and even Cap One. You have to be aware of the following

1. They report as secured.
2. you cannot pay with a debit card (which opensky allows you). For those of you with no checking account, forget about this card.
3. I called CSR and you definitely do not graduate. Not a big deal for some and maybe a big deal for others.

It is a decent card. But nothing special.
Credit Score: 602 Credit Limit: 500 Age: 25-34
Posted 04/04 2017
Overall Rating:
Merrick Bank secured has been good to me. I started off with a $500 deposit. I barely use more than $100 of my credit limit each month and I always pay it off in full every month. I got a $200 credit limit increase after 9 months.

The one thing I like about this card is the free FICO score. I do not know which bureau they take from but from what I understand, it is the actual FICO score they use. The card does not graduate and they also report as secured but I am not fussed over those things. My score has improved from low 600 to 695 now. And I already have two unsecured credit cards. Once I get a couple more, I will just cancel this card.
Credit Score: 580 Credit Limit: 1000 Age: 35-44
Posted 12/12 2016
Overall Rating:
I was fortunate enough to have a decent savings in my checking account even though my credit score went south. I decided to deposit $1000 since available credit lines and utilization is so important. I have no regrets on putting on such a large amount because a year after I opened the card, my credit limit was increased to $2000 without me having to put more deposit.

I am only giving this card a 4-star because even though they give credit limit increases, they do not graduate you. I am happy to keep the card but I still will have to pay the annual fee and eventually, I am sure that I will be able to get unsecured cards with no annual fee and a much larger credit line. I will eventually have to cancel this card anyway. They also report as secured. I first saw it appeared in Equifax after the first billing statement, then Experian.
Credit Score: 485 Credit Limit: 400 Age: 25-34
Posted 10/07 2016
Overall Rating:
This is actually a very decent card that I have had for 2 years and it certainly helped me to build my credit. I like that I can check my FICO score on their website (which is quite easy to use). I only wish they would accept debit cards for payment (which my Opensky does). I have mainly used this card and Opensky to rebuild my credit and my scores have went from 485 to 670 in 2 years. Hopefully, I will reach the 700 mark in about 6 months.
Credit Score: 560 Credit Limit: 300 Age: 25-34
Posted 08/19 2016
Overall Rating:
I have Cap One, Merrick and Opensky secured cards so I can do some comparison. Of the lot, I think Cap One is the best. I only had to put down $99 to get a $200 CL with Cap One. Opensky was good because there was no hard pull and I ended up funding the card with my debit card (which this card does not allow). Having said that, after one year, both cap one and merrick gave me credit line increases without any need for more deposits from me. I am hopeful that Cap One will graduate me but after calling Merrick, reps seems positively sure that I cannot be graduated and that I need to receive a mail offer from Merrick for one of their unsecured credit cards.
Credit Score: 539 Credit Limit: 200 Age: 35-44
Posted 05/15 2016
Overall Rating:
Have had this card for 5 months. So far so good. I got approved when my TU score was 539. It is now 580. The one things to take note of is that your annual fee will be billed on your first statement. I also checked and they first reported to EQ and they reported as secured. I have not called or use customer service yet so cannot really comment on it.
Credit Score: 605 Credit Limit: 500 Age: 25-34
Posted 01/23 2016
Overall Rating:
Before I got Merrick Bank, I was denied by US Bank and Wells Fargo. After several applications, I got approved for Merrick, Opensky, Cap One and Discover it. I was not too sure why I was denied by USB and Wells. I suspect it was negatives on my report even though my score is slightly over 600. Among the four that I have, I really like Discover and Cap One, followed by Merrick and Opensky. All are actually ok but I give Cap One and Discover better score because I would have a chance to graduate. One thing I like about Merrick is that I can check my FICO score (same as Cap One and Discover). I have not gotten to the details as to which bureau does each one use but it is good to get a few snap shots of my score from three different issuers.
Credit Score: 600 Credit Limit: 200 Age: 25-34
Posted 11/28 2015
Overall Rating:
My scores were around 600 when I applied for this card. I decided to deposit $200 to start. About 9 months in, I got a small credit limit increase to $300 without having to deposit more money. It's been 2 years and I have not had other increases. Card is ok, customer service is ok and you get a free FICO score as well. I would suggest getting a couple of other secured cards as well if you are rebuilding.