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Merrick Bank secured card.

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Super Contributor

Merrick Bank secured card.

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 ?

Message 1 of 6
5 REPLIES 5
Community Leader
Mega Contributor

Re: Merrick Bank secured card.


@concorduser 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. 

EX 759 EQ 774 TU 753


Message 2 of 6
Super Contributor

Re: Merrick Bank secured card.

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.

Message 3 of 6
Community Leader
Mega Contributor

Re: Merrick Bank secured card.


@concorduser 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. 

 

 

EX 759 EQ 774 TU 753


Message 4 of 6
Super Contributor

Re: Merrick Bank secured card.

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

Message 5 of 6
Regular Contributor

Re: Merrick Bank secured card.


@Remedios wrote:

@concorduser 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."      

Open Credit Cards:
Green Dot Primor Secured (5/18) - $450 CL
Capital One Platinum (8/18) PC'd to Quicksilver (9/19) - $600 CL
Capital One QuicksilverOne (3/19) - $1500 CL
Merrick Bank DYL VISA (6/19) - $700 CL - (Doubles to $1400 CL 12/19)
Discover it Cash Back (9/19) - $1000 CL

Experian FICO Score - 8/2018: 528
Experian FICO Score - 9/2019: 647
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