Annual Fee: $36 for 1st year, then $3 a month thereafter (still $36 a year in total)
APR: 22.70%*Variable
Deposit Amount: $200-$3,000

Pros

• Allows you to increase deposits in $50 increments

Cons

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

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.