Spending via a secured credit card can be good way of taking control of your finances. Whether you want to build up your credit or improve your credit score, Merrick Bank’s secured visa card can be a good choice.
They are ideal for customers who have no credit history or are suffering from adverse credit. A secured credit card requires you to pay a security deposit in the form of a collateral. With Merrick Bank secured credit card, you can have an initial credit line based on your $200 -$3,000 deposit.
Let us look at some of the advantages of using a Merrick Bank Secured Visa Card.
- Account Information is Reported – Merrick Bank reports each and every account information to three main credit bureaus. This gives a chance to re-establish and build a good credit.
- Online Management – Your account can be managed online that too for free. Whether it is paying your bills, or checking the balance in your account, you can carry out all banking transactions sitting at the comfort of your home.
- Worldwide Acceptance – Merrick Bank credit card is accepted wherever there is a Visa acceptance. So, you can now shop your groceries, plan a vacation or even pay your other bills with the help of this card.
- Quick and Easy Application – The application process is simple. You can apply online for a credit card. If approved, you will receive an offer in your email. It is safe and also convenient to accept the offer online.
- Low Fees and Other Charges – Merrick Bank offers an intro APR of 0% for the first year after which the regular APR is 18.20%. It charges an annual fee of as low as $36. It also has a $0 fraud liability for unauthorized charges.
Merrick Bank ranks in the top 20 providers of financial card products. They have several programs that suit the needs of customers worldwide. You can apply online for a credit card.
You have to fill up your personal information online, after which you are free to choose a card design as per your tastes. Once you submit your application, the bank assesses your profile and determines whether you are eligible for a credit card or not.
Customers Take on Merrick Bank Secured Visa Card
Merrick Bank targets customers with bad credit. As per their website, they claim to have a million card members. It seems that it is one the easiest card to obtain. However, they are not the only ones around. There are other banks that do provide similar offers.
The annual fee charged by Merrick Bank is quite less as compared to other financial institutions, however, customers claim that they have seen a sudden increase in their annual fee without any prior notice.
Another customer alleges that the bank closed his account without any intimidation as he had crossed his total limit. In this case, we expect that the bank should issue a formal communication before taking such a drastic step.
In order to be fair, we can say that many customer complaints can be compared to other card issuers around. Some banks increase the APR, whereas the others have a high annual fee. More or less, all the banks function using a set pattern, which works out to be the same directly or indirectly.
As a credit card holder, you should remember that you are liable to pay your bills on time. It is a good practice to make your monthly payments before due date. Doing so will not only keep you in good credit but might also reduce your interest rate.