Did you get a letter in the mail from Merrick Bank offering you a pre-approved credit card? This letter will offer you guaranteed approval for a secured Visa credit card. And says you have to go online to enter your acceptance certificate number at http://www.merrickbank.com.
Who is Merrick Bank?
Merrick Bank was originally founded in 1997, and they have over 900,000 card holders. Many of these credit card offers have been designed to give you a tool to building credit and re-establishing your credit history. Merrick Bank offers a variety of other financial products and services and they’re a member of the FDIC, along with the Better Business Bureau.
How Did Merrick Bank Get Your Address?
From our understanding, one of the primary methods Merrick Bank uses to generate business for their credit card offers is by using direct mail. For example, the letter you received.
This Is How It Works:
Merrick Bank buys a list of consumer names and addresses. They will then send this list, you and every individual on that list, a letter with an offer of a guaranteed pre-approved secured credit card.
How Does It Work?
If you are looking for credit cards for rebuilding credit, then the Merrick Bank Secured Visa can potentially help you. This card will report your account information to all three major credit bureaus, every month. If you are able to pay your monthly bill on time, you’ ll start building credit listings with your Merrick Bank Credit Card.
The most popular credit card they offer is a secured Visa card. With this credit card you will have to first make a security deposit. Then, you will be issued your Visa credit card. Your security deposit is what secures your credit line. In case of default or non payment. Your deposit is fully refundable and FDIC insured.
Where Is The Merrick Bank Credit Card Accepted?
The Merrick Bank Credit Card works just like any other Visa credit card. It will be accepted on the internet for purchase and over the phone. You can use it in retail stores where the Visa logo is displayed. And your credit card will be covered under the Visa $0 Liability Policy. This means you will not be held responsible if your card is ever used fraudulently.
How To Apply
If you have gotten a letter from Merrick Bank, then follow the instructions included. If you have not gotten a letter then visit their website and you can apply online. You will be required to fill out all your personal information including:
- Your name
- Phone number
- And more
In the application process you get to choose the amount of your credit line. You can choose anywhere between $200 and up to $3,000. Keep in mind, that you will have to make an equal deposit. In other words, if you want a credit line of $500. You will have to make a deposit of $500 before you are issued your Visa credit card.
Your security deposit is FDIC insured and fully refundable, unless you default on your monthly payments. You will be responsible for an APR of roughly 15% to 20% (see merrickbank.com for full details).
The Merrick Bank Secured Credit Card does carry some fees. However, they also offer easy approval for people with bad credit to get a Visa credit card. If you can live with an upfront security deposit and paying a slightly higher interest rate to get access to a credit card to build credit.
Then you may want to investigate the Merrick Bank Credit Card. It would be smart to compare this secured credit card to at least one other competing secured credit card to see how their fees stack up. Please, before applying double check the fine print. It is common for credit card offers to change small details and sometimes big details.
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