Merrick Bank offers secured and unsecured credit cards for people trying to improve their credit. The bank also provides loans for RVs and business services. You can use both secured and unsecured Visa Cards at any ATM, website or retailer that accepts Visa Cards. Certificates of deposits are also available.
Merrick Bank helps people build or rebuild credit by issuing secured and unsecured credit cards. They also provide institutional CDs (certificates of deposit) and financing for RV, and marine dealers.
This bank has a division for Merchant Acquiring Services, and it supports traditional and offbeat businesses. The Merchant Department also provides multinational currency, day-to-day reconciliation and next-day funds for businesses.
If you are a young person just starting to build your credit or want to boost your credit score after a bankruptcy or unemployment, using a credit card from Merrick may be easier than dealing with Wells, Fargo, Bank of America, or another big-name financial institution.
Merrick Credit Cards
Merrick has the Platinum Visa Card, which is offered to people with good credit. You’ll get free access online and on your phone, flexible payment options (phone, check or online) and no liability for unauthorized charges. There are automatic credit line reviews, so you won’t need to contact Merrick for an increase in your credit limit.
The bank often sends out application requests to consumers with excellent credit, so you won’t necessarily have to initiate correspondence with Merrick.
Merrick also offers a secured Visa card, for people who need extra help rebuilding their credit score. You need to deposit cash to cover your credit limit. Deposit $200 to $3000 to secure your card, and charge goods and services up to that amount.
Your credit score is reported to the three major credit agencies (Equifax, TransUnion, and Experian) to help you improve your credit standing and eventually move up to an unsecured card.
Anyone can be approved for this Merrick card, as long as they;
You'll get account alerts to keep track of changes, and you can receive statements online or by mail whether you have a secured or unsecured card.
According to the website Consumer Affairs.com, Merrick Credit Cards and their customer service department have received 99 five-star reviews. One customer wrote that the secured Merrick credit card helped him earned a 700 FICO score after being heavily in debt.
Another satisfied account holder complimented the bank's customer service and wrote that he received an increase to his credit limit without asking for one. Not all reviews for Merrick are positive. The Consumer Affairs site also has 64 one-star reviews and 12 two-star reviews.
You can use a Merrick Credit Card at any ATM that accepts Visa cards, but be aware that you may be charged a fee if you withdraw cash.
FDIC-insured Merrick Bank issues Visa cards and serves three million customers/cardholders. The bank was founded in 1997, and it has provided people with around 5.3 billion dollars in credit.
Merrick is an online bank, not a brick and mortar one. You can contact the bank via email, by phone Monday through Friday from 8 a.m. to 6 p.m. Central Standard time except for holidays, and by logging in to your account through the bank website.
The bank’s corporate headquarters is listed as 10705 South Jordan Gateway, Suite 200 South Jordan, Utah 84095. As of 2016, the bank held over $2 billion in assets and had issued over 1,500,000 credit cards.
Maneuvering the Website
You'll need to create an online account to do banking with Merrick. Click "Enroll" at the top of the screen. Enter your account number, date of birth and the last four digits of your social security number. Then choose a username and password. Follow the steps to confirm the information you've entered. Now you're ready to do online banking,
Check your credit card balance, make payments and check the status of your CDs. There are separate login pages for credits cards and CDs, though you don't necessarily have to have different login information for both products.
The Merrick website is straightforward, and it doesn’t have any automatic play videos or too many graphics to clutter up your user experience.
The Merrick website also has a financial resources section and a blog that is often updated.
Surprisingly, most people choose simple, easily decipherable passwords, even for information as personal as a Merrick Bank login. Avoid choosing passwords like “abc123” or anything with your birthdate or other information that can easily be tied to you.
Be vigilant when logging in to your account, especially when are using public Wi-Fi or your cell phone. It is preferable that you do all your online banking at home for safety reasons, but that’s not always practical.
Here are some safety tips for banking and using passwords on your cell phone:
Mobile Phone Banking and Other Perks
Download the Merrick Bank goMobile app on your iPhone or Android to check your FICO Score for free. You can make recurring payments or send a one-time payment by tapping your screen.
The bank’s Visa Card also occasionally extends offers with partner stores and services, such as National Rent-A-Car, General Nutrition Centers, and Krispy Kreme.
Certificates of Deposit
You’ll need a minimum of $25,000 to open a certificate of deposit with Merrick Bank. Interest transfers to your account on the same day every month. You can elect to have the interest paid to you by ACH transfer every month.
Joint, individual and payable-upon-death CD accounts are available.
You'll need your funding bank account and routing number, birthdate, Social Security number, email address and street address to apply for a certificate of deposit online or over the phone. Merrick CDs have a term of 12 months. The interest rate is 2.43 percent and the APY is 2.45 percent as of August 2018.
CD account holders receive a Truth-in-Savings disclosure instead of a paper certificate.
Merrick’s Merchant Acquiring Services personally assists your business and customizes solutions for your payment processing. They provide BIN solutions and multiple platforms to increase your revenue.
You will have your own ICA and BIN when you do business with Merrick. This service gives you more control than companies that share their ICA/BIN with other agents and ISOs. You'll deal with your sponsor bank directly instead of through a second party.
Merricks gives you the choice of four payment processors so you can find the best fit for your business.
Value Added Resellers
Merchants will see more of their payments taken care of in one place with the help of Merrick’s VARs (value-added resellers).
If you have previous credit problems and want to buy a boat or RV, Merrick provides credit services even if you have a bankruptcy or credit score as low as 550. RV, boat and horse trailer dealers will receive fast funding, competitive terms, and no fees or costs.
Merrick doesn’t accept application directly from the individual borrower. The request must come from the dealership or a financial service company. The recreational lending program is not available in Alaska or Hawaii.
Horse trailers can be new or used, and up to 12 years old. The maximum lending limit for trailers is $60,000. Boats and RVs also have a maximum loan amount of $60,000 and can be up to 12 years old. All vehicles must be used for recreational purposes, not for commercial use. RVs can't be used as a residence.
You can take out a loan on a traditional boat, not on small personal crafts, yachts, houseboats or sailboats.