hi i'm adam jusko from creditcardcatalog.com and today i am doing a quick overview/review of merrick bank credit cards. merrick bank specializes in the poor credit market. they offer two
Walmart Credit Card Bill Pay, types of cards: unsecured credit cards which are pretty much like the regular credit cards that you think of when you hear that term "credit card" and secured
credit cards which require a security deposit in order to get the card. so the first type of card is the unsecured credit card and merrick bank only offers these by invitation, so you're only going to get one of these if you have gotten a invitation in your mailbox. you're not going to be able to jump on to the merrick bank website and apply. however, if
you have gotten an invitation, you can go onto the site, and you'll also see this in the packet that you've gotten in the mail, that will show you what the terms and conditions are of these cards. and generally they're not very good. if you are a poor credit customer, that's kind of how it goes, because you are not going to get the best terms on your
credit cards. and in many cases, you know, you're just going to get turned down flat. which is why banks like merrick bank exist. so, if you go on the merrickbank.com website you can look at the bottom of the homepage and you'll see a link for "agreements," and those agreements will show you what the potential interest rates and fees are. now there
are different credit cards, and you may get a different offer, but the example that merrick bank use in the agreements that we looked at shows a $500 credit line but a setup fee of $75 and an annual fee of 48 dollars. they use that as the example themselves so we assume that that is the offer that many of their potential customers are getting. so what
that means is you're getting a $500 credit line but you're getting $123 in fees taken out immediately, which means you end up with only three $370 of available credit to start with. so a pretty small credit line to deal with, and, you know,
even in the future, once you've paid it off, you're only going to be at the $500 mark for the most part. but again you're trying to improve your credit so it's going to be tough for you to get a card, and if you really need to sort of get back in the credit game then this is one option for you. now the second option that merrick bank offers
is a secured credit card, and this is actually a better option for many people. the only sort of downside that you have to consider is the fact that you have to put down a deposit, which means you have to come up with money to put down as a deposit in order to get the card. now a security deposit in this case works just like a security deposit if you had an
apartment: you put down money but that does not pay your rent, that money goes off to the side and then when you move out you get it back assuming you haven't, you know, torn up your apartment. same thing sort of with the merrick bank secured card. you put down a security deposit and that is refunded to you when you no longer want
the card. but it doesn't pay your bills off every month, so you need to make sure you understand that. you put down a deposit anywhere from two hundred to three thousand in the case of merrick and you get a credit line that is equal to that. again, your payments don't come out of that but that is the credit line that you get. if you don't pay, they will
take it out of that. the terms for the merrick bank secured card are actually pretty good for the secured card market. today is may 4th of 2017 and as of today we looked at the numbers and it showed a 36 dollar annual fee, which is outside of the security deposit, and an interest rate of 18.2%. those are pretty decent compared to
other secured credit cards on the market. we actually are a fan of secured credit cards for people that don't have good credit because they sort of give you a way to get back in the credit game without paying a ton of fees. and hopefully over time your credit improves and you can move on to a better credit card, assuming you make
your payments on time. so merrick bank is one card to consider. if you look on the secured credit cards page on creditcardcatalog.com you'll see some other options - some of which we like better but the merrick bank offering is not bad. so that's it. that was the review of merrick bank cards---you've got unsecured cards and secured cards to consider,
especially if you have gotten the unsecured offer in the mail. we hope you will go to creditcardcatalog.com for other credit card comparisons and news and other good stuff too. thanks a lot.
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