Merrick Bank secured card.

[Red1Blue]

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 ?

[Remedios]

---

@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. 

[Red1Blue]

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.

[Remedios]

---

@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. 

[Red1Blue]

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

[Jannelo]

---

@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."