Merrick Bank offers Visa and Mastercard products to customers on an invitation-only basis. A prospective Merrick Bank credit cardholder can apply for credit by visiting the Bank’s web site and filling out an application form online. An Acceptance Certificate Number is required to complete the form.
Merrick Bank also offers a secured Visa card for people who want to rebuild or repair their credit. A secured credit card customer controls the amount of the credit limit because he or she deposits funds with the Bank that are used to provide security in case of default. Compare online credit card offers now!
Customers who accept the invitation to get this card can also protect their credit by purchasing insurance that will make the minimum payment if they become unemployed, disabled or must be hospitalized. This plan also has a life insurance component that pays out on the death of the cardholder.
Merrick Bank Credit Card: Unsecured
With an unsecured Merrick Bank credit card, the Annual Percentage Rate (APR) ranges between 19.45-28.45%. An account set-up fee of $75 is charged to new customers. The annual fee for this card varies, and can be up to $72 for the first year. After that point, up to $6 per month is billed to customers with open accounts. Late payment, over limit and returned payment fees of $35 each are also charged with this type of account.
Merrick Bank Credit Card: Secured
The APR for customers who apply for and get secured credit cards from Merrick Bank is 17.45%. There is no set-up fee for this type of account. The annual fee is $36 for the first year. Cardholders are charged $3 per month after that point.
The credit limit available with a secured card is $300-$3,000. The applicant deposits the amount that he or she chooses with the bank, and once this amount has been verified, a card will be issued with a credit limit equal to the same amount.
Merrick Bank Credit Card: By Invitation Only
A customer who has received an invitation to apply for this card needs to consider whether they are willing to pay the interest charged by the bank for the privilege of getting credit. Get other credit card offers here!