What you should know about Merrick credit card options
July 22, 2022
Merrick credit card – If you are looking to build or rebuild your credit, Merrick bank has credit card options designed to help you achieve just that.
However, the Merrick credit card comes with fees and terms that may not be ideal for every client compared to other cards in the market, your choice of card is largely dependent on what you want to achieve.
Given this, Merrick bank has three credit card options for you to choose from, secured and unsecured. Let’s run down through each of this cards so you know what is in for you in each package.
1. The Platinum Visa Credit card
Now the Platinum Visa credit card is the Merrick bank’s unsecured credit card that does not offer rewards though charges a high variable APR.
To access the Platinum Visa credit card you will be charged set-up and maintenance fees subject to your creditworthiness.
The account set-up fee stands at $0-$75, while the annual fee stands at $0-$72 for the first active year.
How these fees are deducted: The fees are deductible from your credit limit on approval.
Assuming you received approval for a credit limit of $700.
The annual fee is $72 as well as $75 set-up fee = $700 – $147 = $553; going by this arrangement, your starting credit is $553.
If you wish to increase or double your credit, ensure to pay on time for the first seven months.
Other charges: For every foreign transaction consummated, the card charges 2% USD. Fees apply for additional cards added to your account, late and returned payment fees as well as cash advance.
How to apply for the Platinum Visa credit card
Unlike other cards, the Platinum Visa card application is not done online. You may have to apply for a pre-approval offer received by email better still visit a Merrick bank’s branch to see if you qualify for possible online offer.
2. The Secured Visa and double your line Secured Visa credit card
These are two secured credit cards offered by Merrick bank, interestingly, they both operate on the same terms.
- APR 17.45%
- Annual fee $36, kindly be informed that the annual fee is charged upfront in the first year, thereafter billed at $3 dollars per month.
- To access both cards, you will need a minimum initial deposit of $200 to cushion effect as your credit limit.
Merrick bank reviews your account at interval to ascertain if you are fit for a credit line increase without further deposits.
If you deposit more to a maximum of $3,000 you can have your limit increased without protocols.
Comparing the Merrick credit card features
|Variable APR||Minimum initial deposit||Annual/start-up fee|
|The Platinum Visa||23.45% – 28.45%||n/a||$0-$72 annual fee $0-$75 account set up fee|
|The Secured Visa credit card||17.45%||$200||$36 annual fee|
|The double your line Secured Visa credit card||17.45%||$200||$36 annual fee|
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