So, what follows if I attempt to use my credit card to make an overdraft? This is explained in greater detail in the following text.
Furthermore, Merrick Bank credit cards are created for people with bad credit or who are seeking to establish or rebuild their credit.
What will happen when I attempt to overdraft my credit card?
Transactions that have been rejected if a purchase will take beyond the credit limit, your card transaction will most likely be declined, and you won’t have to deal with any additional charges or balance overruns.
This is the case, owing to the Credit CARD Act of 2009. This rule specifies that card issuers cannot charge consumers over-the-limit fees unless you have given your express approval to transactions that will take you over your limit ahead of time.
Is Merrick Bank Credit Card good choice?
Merrick Bank Credit cards are for people who have bad credits or are trying to establish (or rebuild) their credit records. However, they come with too many fees for us to suggest them above alternative cards that are likely to be available to these customers, such as the Capital One Platinum Secured Credit Card.
We take a close look at all of Merrick Bank’s credit card options below
What you should know about Credit Cards
As explained in the above paragraph, Merrick Credit Cards are for people that are earnestly looking to build or rebuild their credit. Merrick bank specializes in credit card options.
The highest credit limit a consumer can get on Merrick secured card is $3000. The quantity a cardholder puts down for the card’s mandatory security deposit, which begins at $200, determines the actual credit limit for this card. The card, however, appears to be more expensive than other credit-building choices on the market due to its excessive fees and harsh restrictions.
Merrick Bank credit card and details
We must know many details on the types of cards Merrick bank provides as this would enable us to know which of the cards to opt-in for. But before we go into the details, there is a need for us to know that Merrick bank has three credit card offerings which are:
The following is a list of the cards:
• The Platinum visa credit card
• The secured visa credit card
• The double your line secured visa credit card
Note: Only other banks disclose Merrick card payment history to the three credit agencies. Merrick Bank’s credit cards are explained as follows: We take a close look at all of Merrick Bank’s credit card options below:
- The Platinum Visa Credit Card
The platinum visa credit card is the only unsecured Merrick bank credit card. There are no perks included, and the variable APR for cards with no benefits ranges from 23.45 percent to 28.45 percent.
When using this card, it is important to know that you are subject to set-up and maintenance fees that are determined based on your credit rating.
These rates include:
• Annual fee of $0-$72 charged from $ 0 to $ 6 monthly for the first few years.
• Account setup fees range from $0 to $75.
The costs will be subtracted from your credit limit after it has been confirmed. For example, if a $500 annual credit limit is approved with an annual membership fee of $ 72 and a setup fee of $75, the actual starting credit line is only $353.
However, if you make the first seven months on time, there is a way to automatically double your credit limit. But if your credit is low in the first place, you may start by lowering your credit line and increasing your fees.
- The Secured Visa Credit Card and the Double Your Line Secured Visa Credit Card
It’s important to mention that both card products have the same requirements. When using the above card, you’ll be charged a variable 17.5% APR and a $36 annual fee. The annual price is paid in full the first year, then invoiced at $3 per month thereafter.
With both cards, your account will be checked from time to time.
Also, Merrick Bank doesn’t check if you are eligible for the offer to increase your credit line without making deposits. Nevertheless, you can increase your limit by depositing up to $ 3,000. In addition, both cards require an early minimum deposit of $200, which is the credit limit.
More information can be found in the table below: Merrick Bank Double Your Line Master cardMerrick Bank Secured Visa Merck Bank Visa Card Annual FeeUp to $0-$72 for the first year, then up to $8 monthly $36 for the first year. Billed $3 monthly Up to $96 for the first year, then up to $8 monthlyAPR19.70% to 29.95% variable 17.70 variable 20.45%-29.95% variableSetup Fee Up to $75None Up to $75
Merrick Bank Credit Cards Review Summary VARIABLE APRMINIMUM INITIAL DEPOSITANNUAL/INITIAL FEESThe Platinum Visa 23.45%-28.45%N/A0$-$72 annual fee $0-$75 account set-up feeThe secured Visa Credit Card17.45%$200$36 annual feeThe Doable Your Line Secured Visa Credit Card 17.45%$200$36 annual fee
Conclusion
Merrick Bank is one of the banks that charge higher fees than many other credit-building options and provides few benefits. Therefore, it should be noted that before requesting approval from Merrick, you need to compare other card options that are cheaper and help you reach your credit target faster.
When is my payment considered late?
To avoid late billing, if the consumer’s payment is not received by the due date when Merrick bank needs to receive payment, such payment is considered late. Your minimum payment must be received by due date to avoid a late payment charges fees.
How do I pay my invoice?
We provide some suitable options:
Pay online from your mobile, tablet, or desktop cardholder center
Use the goMobile app
Send a check or money order (access the contact page for your payment address)
Set up payment over the phone via an automated system or talk to your customer service representative (charges may apply)
What is the best way to acquire a copy of my credit report?
Be informed that every credit reporting agency is required by federal law to provide you with a free copy of your credit report every twelve months. There is a provision to order them online at AnnualCreditReport.com or you can as well call the credit reporting bureaus at the following phone numbers:
1-800-685-1111 www.equifax.com
1-800-888-4213 TransUnion.com
1-888-397-3742 Experian.com
