Merrick Bank is a financial institution that has been around since 1997. They specialize in providing credit cards and personal loans to customers across the United States. In this review, we’ll take a deep dive into all aspects of Merrick Bank, from its history to its current offerings to its customer service and more. Whether you’re considering opening an account with Merrick Bank or simply want to learn more about this financial institution, this article will provide you with all the information you need to make an informed decision. So, let’s get started!
History and Background
- Merrick Bank was founded in 1997, with headquarters in Draper, Utah.
- The bank started with a focus on credit products for people with subprime credit ratings.
- Over the years, Merrick Bank has expanded its services to include loans, mortgages, and credit reporting.
- The bank has an A+ rating from the Better Business Bureau.
Merrick Bank has grown significantly since its founding over 20 years ago. Today, it offers a broad range of financial products, including credit cards and personal loans, to its customers. The bank started with a focus on subprime credit products, but it has expanded over the years to include a more extensive range of credit products.
What is the history of Merrick Bank?
Merrick Bank is a Utah-based bank established in 1997. It predominantly serves customers with less than perfect credit histories. Here is a quick overview of its history:
- 1997 – Merrick Bank founded.
- 1998 – Merrick Bank introduces the first nationwide secured Visa credit card.
- 2000 – Launches Platinum Visa Credit Card.
- 2003 – Receives a rating of “Outstanding” from the FDIC.
- 2012 – Merrick Bank becomes an employee-owned company.
- 2020 – Merrick Bank continues to expand and serves more than three million cardholders across the United States.
For more information about Merrick Bank, you can visit their website at www.merrickbank.com.
Merrick Bank Credit Cards
If you’re looking for a credit card, Merrick Bank has several options to choose from. Here are some of the key features of their credit cards:
| Credit Card | Annual Fee | Credit Limit | Interest Rate | Rewards |
|---|---|---|---|---|
| Platinum Visa | $0 – $72 | $550 – $3,000 | 17.45% – 26.95% | None |
| Double Your Line Visa | $0 – $72 | $550 – $5,000 | 20.45% – 29.95% | Opportunity to double credit limit |
| Secured Visa | $36 – $3,000 | Equal to security deposit | 17.45% | None |
- The Platinum Visa is a good option if you want a credit card with no annual fee and a low credit limit.
- The Double Your Line Visa is a good option if you want to increase your credit limit quickly.
- The Secured Visa is a good option if you have poor or no credit since it requires a security deposit rather than a credit check.
Overall, Merrick Bank’s credit cards offer a range of features and options to fit your financial needs. It’s important to note that the interest rates on these cards can be high, so it’s essential to use them responsibly to avoid accruing debt. If you want to learn more about Merrick Bank Review, you can visit their website here.
What credit cards does Merrick Bank offer?
Merrick Bank offers a range of credit cards that cater to different needs and credit histories. Below are some of the credit cards that Merrick Bank offers:
- Secured Visa Card
- Platinum Visa Card
- Double Your Line Visa Card
- Minimum Security Visa Card
Each of these credit cards comes with its own benefits and features which you can explore on the Merrick Bank website.
Interest Rates and Fees
When it comes to credit cards, it’s crucial to pay attention to interest rates and fees. Here’s what you need to know about Merrick Bank’s rates and fees:
- The Platinum Visa has an APR that ranges from 17.45% to 26.95%.
- The Double Your Line Visa has an APR that ranges from 20.45% to 29.95%.
- The Secured Visa has an APR of 17.45%.
- Annual fees for these cards range from $0 to $72, depending on the card and credit score.
- Late fees are up to $40, and returned payment fees are up to $38.
Merrick Bank’s fees and rates are comparable to other credit card companies. However, they do offer a range of APRs and credit limits, making it possible for people with less-than-perfect credit to get approved for a card. As with any credit card, it’s important to be mindful of interest rates and fees and use the card responsibly to avoid unnecessary charges.
What is the APR on a Visa card?
The APR on a Visa card, like any credit card, varies based on several factors like the card issuer, cardholder credit history, and economic conditions. Different types of Visa cards, such as a Visa Signature or Visa Platinum, can also offer different APR rates.
Visa provides a tool on their website where you can search for card offers from different issuers and compare APR rates. Additionally, some credit card comparison websites like Bankrate and NerdWallet offer searchable databases of Visa card offers with APR rates.
It’s important to note that APR rates on credit cards are subject to change and may include other fees, like balance transfer or annual fees. Be sure to read the fine print and understand the terms before applying for any credit card.
| Issuer | Card | APR Range |
|---|---|---|
| Chase | Chase Sapphire Preferred | 15.99% – 22.99% |
| Citibank | Citi Double Cash Card | 13.99% – 23.99% |
| Bank of America | BankAmericard Credit Card | 12.99% – 22.99% |
- Visa provides a tool on their website to compare different cards and APR rates.
- Credit card comparison websites like Bankrate and NerdWallet offer searchable databases of Visa card offers.
- APR rates on credit cards are subject to change and may include other fees.
Customer Service and Support
When it comes to banking, customer service is everything. Here’s what you can expect when dealing with Merrick Bank:
- Customer service is available by phone and email.
- Their customer service team is available Monday through Friday from 8 am to 8 pm (ET) and Saturday from 9 am to 2 pm (ET).
- The website offers a list of frequently asked questions.
- Customers can access their account online to view statements and make payments.
- Merrick Bank has a mobile app for both iOS and Android devices.
Overall, Merrick Bank provides good customer service and support options. While some customers have reported long wait times when calling customer service, others have praised the bank’s prompt and helpful responses. The option to manage your account online or through the mobile app is also a convenient feature.
What is the customer service for Merrick Bank?
Merrick Bank has a number of channels available for customers to reach out to them for assistance with their products and services.
- Customer Service Phone Number: You can call their dedicated customer service team at 1-800-204-5936
- Email: You can also email their customer service team at [email protected]
- Live Chat: Merrick Bank offers a live chat feature on their website to assist with any questions or concerns you may have
- Online Resources: Merrick Bank has a comprehensive list of frequently asked questions and resources on their website, including information about their credit cards and online banking.
Overall, Merrick Bank strives to provide top-notch customer service and support to their customers through multiple channels of communication.
Pros and Cons
Like any financial institution, Merrick Bank comes with its own set of strengths and weaknesses. Here’s a quick overview:
Pros:
- Merrick Bank’s credit cards offers rewards and perks that are competitive with other banks.
- The application process for their credit cards is straightforward and can be completed online.
- The bank offers good customer service and support options.
- Customers can access their accounts online or through a mobile app, making managing finances more convenient.
- Grace periods of 25 days for purchases and 0% introductory APR offers for balance transfers for qualified cards.
Cons:
- Some customers have reported long wait times when trying to reach customer service.
- Interest rates and fees associated with their cards may be higher compared to other credit card companies.
- Merrick Bank charges a fee for cardholders who want to increase their credit limits.
Despite the potential downsides, Merrick Bank can be a good option for individuals who are looking for a bank with competitive credit card rewards and perks. Overall, the bank provides good customer service and support, as well as convenient ways to manage accounts. However, those who are looking for the lowest interest rates or fees may want to consider other financial institutions.
Does Merrick Bank credit card have rewards?
Yes, Merrick Bank offers a few credit cards that provide rewards to its users. The rewards program is different for each Merrick Bank credit card. Here’s a quick overview:
| Credit Card | Rewards |
|---|---|
| Merrick Bank Double Your Line Platinum Visa Credit Card | No rewards |
| Merrick Bank Secured Visa Credit Card | No rewards |
| Merrick Bank Platinum Visa Credit Card | Some users may receive personalized offers for cash back rewards |
| Merrick Bank Visa Signature Credit Card | Earn 1% cash back on eligible purchases |
If you’re interested in applying for a Merrick Bank credit card, you can visit their website to view the specific details of each card and compare the rewards they offer.
Conclusion
In summary, Merrick Bank is a solid financial institution that offers competitive credit cards with rewards, perks, and a convenient application process. While there may be some drawbacks, such as higher interest rates and fees, their strong customer service and support, as well as the ability to manage accounts online, make it a viable option for many. Individuals who have been denied credit cards from other major issuers will also benefit from Merrick Bank’s guaranteed approval offer on the Secured Credit Card. Ultimately, consumers should consider their individual needs and lifestyle to decide if Merrick Bank is the right bank for them. With a long history of stability and growth, Merrick Bank is a reliable option for consumers seeking financial services.
