topic Re: Merrick Bank secured card. in Rebuilding Your Credit

Merrick Bank secured card.

Red1Blue — Sat, 15 Jun 2019 18:06:28 GMT

I have few questions. I understand we can get upto $3000 credit secured by deposit. If I start out with min deposit $200 or $300 can we add more funds later and increase the credit limit? Is there any waiting period before we can add additional deposit ? Will it ever graduate and become unsecure. If so when will it become unsecured ?

Re: Merrick Bank secured card.

Remedios — Sun, 16 Jun 2019 02:00:31 GMT

@Red1Blue wrote:
I have few questions. I understand we can get upto $3000 credit secured by deposit. If I start out with min deposit $200 or $300 can we add more funds later and increase the credit limit? Is there any waiting period before we can add additional deposit ? Will it ever graduate and become unsecure. If so when will it become unsecured ?

Yes, you can add up the max at any time. There is annual fee for the first year. After the first year, AF is replaced with a monthly fee. Card does not graduate.

Re: Merrick Bank secured card.

Red1Blue — Sun, 16 Jun 2019 15:38:44 GMT

Thanks for the reply to my message. In some places on the Web it says we have to wait 6 months before we add additional funds. I was not sure. I am still waiting to receive my card. Once I get it, i'll give them a call and confirm details.

Re: Merrick Bank secured card.

Remedios — Sun, 16 Jun 2019 18:11:03 GMT

@Red1Blue wrote:
Thanks for the reply to my message. In some places on the Web it says we have to wait 6 months before we add additional funds. I was not sure. I am still waiting to receive my card. Once I get it, i'll give them a call and confirm details.

I did not see that on their website. It would be for the best if you confirm it with them, small print can be pretty pesky.

Re: Merrick Bank secured card.

Red1Blue — Sun, 16 Jun 2019 18:12:04 GMT

Yes. That is what I am going to do. Wait till I get the card and then call them over the phone and confirm the details

Re: Merrick Bank secured card.

Jannelo — Sun, 16 Jun 2019 18:44:05 GMT

@Remedios wrote:
@Red1Blue wrote:
I have few questions. I understand we can get upto $3000 credit secured by deposit. If I start out with min deposit $200 or $300 can we add more funds later and increase the credit limit? Is there any waiting period before we can add additional deposit ? Will it ever graduate and become unsecure. If so when will it become unsecured ?

Yes, you can add up the max at any time. There is annual fee for the first year. After the first year, AF is replaced with a monthly fee. Card does not graduate.

I just received an unsecured Merrick Card (Double Your Visa) with $700 CL, with a CLI to $1,400 in seven months.. I had previously gone online to see if I qualified before and saw the AF fee and I believe even a set up fee. I wasn't interested. But then I received in the mail the offer with zero fees, no AF, no admin set-up fee. So I applied and got it. I thought they had changed to no AF, but maybe it was just a specific offer I received. I don't know. I checked when I got it to make sure, and no AF fee.

As far as the secured, it may not graduate, but it does say this on their website about their secured card: "No need to call. Your account will be regularly reviewed for credit line increases that do not require additional security deposit."