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Merrick Bank Credit Card - Merrick Bank Double Your Line Secured Visa - YouTube
Channel: CreditFast
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today i'm talking about the merrick bank
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credit card the merrick double your line
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secured visa card this secured card is
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ideal for people who have had problems
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getting approved for other credit cards
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even other secured cards
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this card is a low fee option for people
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that don't have the best credit score so
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if you have been denied
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for credit by other banks then this
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merrick bank credit card could be
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exactly what you need
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keep in mind there are different merrick
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bank credit card offers both secured
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and unsecured but i'm focusing today on
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the merrick double your line secured
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visa card i think this is a great option
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to help people rebuild their credit
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you're going to see
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how simple it is how it works and
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whether it could possibly work for you
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many times people receive invitation
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offers in the mail but you don't need to
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wait for a letter to come in the mailbox
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i do have a link telling you more about
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merrick bank in the description below so
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definitely check that out but merrick
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bank allows you to apply for two
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different secured credit cards
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you have the standard secured card and
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then the double your line
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secured credit card i prefer the merrick
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bank double your line because
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when you could make all of your payments
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on time for seven months they're going
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to double your initial
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deposit so start off with just putting a
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small 200 deposit and then in a short
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amount of time you'll have a 400 line of
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credit and periodically they give out
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credit line increases without any
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further deposit as you can imagine as
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with other credit cards for people with
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poor credit this secured card does not
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have
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any rewards with this card there are
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secured cards today that do earn rewards
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not in this particular case you're
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simply going to be using it making small
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purchases every month to help build up
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your credit score your first year's
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annual fee you will be charged 36
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and then after that they will charge you
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monthly three dollars a month which
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equals again to 36 dollars but at this
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point you're going to be charged three
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dollars a month in order to hold this
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card so you can decide up to a certain
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point certain point on how long you want
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to keep this card
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and also when you're thinking of
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canceling this card
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it doesn't hurt to call customer service
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and
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ask them if they could remove the annual
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fee
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and
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then it would be a card that you could
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hold on to longer and keep that on your
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credit history
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so you can see here that this is what
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you need to
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have in order to be eligible for america
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bank secured credit card
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of course you need to be 18 years old
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and you need to make
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a security deposit but here are some of
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the other points
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that you need to meet in order to be
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considered for this application so how
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this works for this merrick bank
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credit card is that you need to fill out
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the application completely and once you
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send in
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that security deposit then your
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application will be reviewed
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now not everybody gets approved for this
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secured credit card a lot of people do
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but by any chance you get denied for
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this secured credit card
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you have made that deposit of a minimum
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of two hundred dollars
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but if you get denied within 30 days
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that
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security deposit will be refunded back
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to you one question you might have is if
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i make my security deposit of 200
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then later i decide to make another
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security deposit maybe say 300
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by the end of seven months will my
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credit line increase to one thousand
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dollars
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no it will not
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that first security deposit you made of
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two hundred dollars will be doubled
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and then you add the additional three
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hundred dollars you made later and your
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credit line will now be seven hundred
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dollars
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you do have the ability to deposit up to
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three thousand dollars
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if you wanted to
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but one of the benefits i told you about
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before with merrick bank is that they
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will automatically increase your
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credit lines without a security deposit
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so
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you can just stay at that initial 200
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security deposit and wait for that
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increase after seven months and after
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that you will receive automatic credit
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line increases depending on what your
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credit score is that is not done with
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every secured credit card
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sometimes they will require that if you
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want a larger credit line
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you need to deposit further funds but
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not with merrick bank
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if you have a friend that is also
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rebuilding their credit score make sure
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you share this video with them if i'm
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helping you with this video i'd
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appreciate it if you could hit like and
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to see any more upcoming videos that i
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will be doing hit subscribe and the bell
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notification
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and if by chance you have the other
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merrick secured credit card if this is a
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question you might be having right now
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will you receive automatic credit line
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increases yes you will it's just like
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the merrick double your line secured
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card the only thing is that after seven
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months you don't get an automatic
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credit line increase of 200
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but down the line you are eligible for
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credit line increases without another
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security deposit
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so the main negative you have with the
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merrick bank secured credit card is that
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when you apply you receive a hard credit
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inquiry in your report just for applying
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and that usually will drop your credit
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score a few points
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i'm not necessarily concerned about that
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because
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if you get approved for this secured
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credit card like most people do you will
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have the opportunity to build up your
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credit score you do want to make sure
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that if you're going through a
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bankruptcy do not apply while you're
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going through a bankruptcy wait till
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that has completed and that'll be
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another factor that can help you get
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approved for merrick bank
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usually if people get denied it's
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because something was left out of their
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application but if you're having trouble
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getting approved for different credit
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offers i'm going to
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leave
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information
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on three different
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secured options
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all of those will help you get credit
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lines
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no matter how poor your credit score is
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so you can get your security deposit
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back with merrick bank but unfortunately
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it will not graduate america bank will
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not go from secured to unsecured you can
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get your security deposit back
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if you cancel your account and then that
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security deposit will be refunded back
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to you
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plus with merrick bank secured cards
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you'll get these perks
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monthly reporting to the three credit
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bureaus fico score for free each month
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and
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their lowest interest rates
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so with merrick bank
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the interest rate can be considered high
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but i would not consider their interest
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rates high for a secured credit card
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this is what their interest rates are at
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the time i'm doing this video
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that can change i don't think it's going
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to change
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much between this range with and you'll
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notice that with other secured cards the
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interest rates could be much higher than
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this
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this mark bank secured visa card works
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very similar to the open sky visa
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secured card so
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if you are looking for another option
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with secured cards definitely take a
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look at open sky last week i uploaded a
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video talking about the open sky secured
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card and
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they now have a open sky unsecured card
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so if you want to learn a little bit
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more about open sky
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i left the link to that video in the
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description below i've done a lot of
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different review videos on secured
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credit cards and if you're not sure if
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merrick is the one you want check out my
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playlist i've linked it in the
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description below you can check out all
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my videos on secured credit cards so if
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you have any of the merrick bank credit
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cards make sure you leave a comment
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below let us know what you like or
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dislike about merrick bank in my opinion
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merrick bank is one of the best secured
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credit cards you can get if you have a
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troubled
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credit history if you have a lot of
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negative marks then america bank is
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probably going to be one of the best
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options you have
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because they have lower fees than other
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secured credit cards
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and they can give you automatic credit
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line increases if you are paying your
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bill on time every month and you are
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increasing your credit score so this is
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one of the best deals out there for
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people with less than perfect credit
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history so for that reason it's
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definitely worth checking out i left
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that link in the description it'll help
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you maybe answer some questions you
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might have
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now if you want to see more videos on
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different credit cards check out these
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over here i hope you don't forget to hit
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that like button it helps me a lot and
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subscribe if you'd like to see more of
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my videos thank you so much and i'll see
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you next time
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