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Merrick Bank review: is it trustworthy?

Check out the Merrick Bank review and learn all about its financial products and costs, so you can decide if it fulfills your needs and goals for a brighter future!

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by Aline Augusto

Published on 01/18/2022

Merrick Bank: cards, loans, and more! 

In this Merrick Bank review, learn more about this bank. Source: Facebook Merrick Bank.
In this Merrick Bank review, learn more about this bank. Source: Facebook Merrick Bank.

Merrick Bank is an FDIC member founded in 1997 and you’ll learn all about it in this review! It serves over 2.4 million cardholders and $5.3 billion in assets.

Also, it specializes in credit programs that help people with poor credit history restore it and get back on track.

Furthermore, it offers Certificates of Deposit, unsecured and secured cards, finance options to Marine and RV Dealers, personal and recreation loans.

Keep reading to get an inside look at this banking service!

Financial products offeredUnsecured and secured cards, recreation and personal loans, Certificates of deposit, Acquiring Services
FeesFees apply to all financial products described. See terms and conditions.
Minimum balanceMinimum $25,000 for CDs;
Secured cards require a minimum initial deposit
Logo Merrick Bank fundo com pessoas em filmagem

How to start banking with Merrick Bank?

You can apply for Merrick Bank's financial products and services without a perfect credit score.

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How to start banking with Merrick Bank?

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How is banking with Merrick Bank?

Get an inside look at the Merrick Bank! Source: Indeed Merrick Bank.
Get an inside look at the Merrick Bank! Source: Indeed Merrick Bank.

Merrick Bank is FDIC insured, so you know it is trustworthy. It offers many financial products specialized in helping people build and rebuild credit.

So, let’s take an inside look at the products offered by this Bank.

First of all, it features unsecured and secured Visa credit cards, so you can choose which fits your reality better.

The unsecured cards don’t require a minimum security deposit, but it charges an annual fee in the first year and a monthly fee after that.

On the other hand, secured cards require an initial deposit but charge fewer fees and interest rates. 

Both types of cards are Visa-branded, report to all major credit bureaus, and let you access your FICO® Score for free every month.

That’s how you can work on your credit-building or rebuilding. In addition, as a cardholder, you can enjoy peace of mind knowing that you get worldwide acceptance and convenience.

Also, Merrick offers Certificates of Deposit. You can earn up to 0.80% APY on a 24-month term CD. Note that it requires a minimum deposit of $25,000.

Moreover, it provides loans for recreation and personal purposes, like RV, boat, trailer, and off-road vehicle loans to outdoor activities. And up to $12,500 with fair rates for home improvement, vacations, weddings, funeral expenses, medical or dental bills, and more.

Finally, it also offers acquiring services, which means that it helps you develop your business no matter if you have a small one or a big one.

Merrick Bank experience

See what are the benefits of the Merrick Bank. Source: Pexels.
See what are the benefits of the Merrick Bank. Source: Pexels.

The benefit of banking with Merrick is that you don’t need a perfect credit history to apply for its products. In fact, it helps you build or rebuild your credit.

Although it charges fees, the rates are low, and the APY is high compared to the national average rates.

Pros

  • Merrick offers a range of financial products designed for those who need to improve credit;
  • It provides a high yield rate;
  • It helps you build or rebuild credit score;
  • APRs are lower than the national average on secured cards.

Cons

  • Fees may apply to certain products;
  • It requires a minimum deposit for CDs and a security deposit for the secured cards.

Why should I choose Merrick Bank?

Not all banks accept poor credit history for application. If you need a financial institution that will help you get back on track, Merrick is a great option.

How to start banking with Merrick Bank?

Whether you need a loan to do some home improvements or a credit card that helps you build your credit history, or a hand to make your business grow, Merrick is there for you. Then, check out how to apply for its financial products!

Logo Merrick Bank fundo com pessoas em filmagem

How to start banking with Merrick Bank?

You can apply for Merrick Bank's financial products and services without a perfect credit score.

Keep Reading
card

How to start banking with Merrick Bank?

You will remain in the same website

About the author

Aline Augusto

My name is Aline Mesquita; I'm a writer here on the blog, where I write about finance in general and other subjects. I have been working with content creation for ten years. Also, I'm post-graduated in Project Management, with expertise in SEO practices. Currently, I am studying finance, market trends, and cryptocurrencies.

Reviewed by

Aline Barbosa

Senior Editor

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Advertiser Disclosure

We are an independent, objective, advertising-supported content publisher website. In order to support our ability to provide free content to our users, the recommendations that appear on our site might be from companies from which we receive affiliate compensation. Such compensation may impact how, where and in which order offers appear on our site. Other factors such as our own proprietary algorithms and first party data may also affect how and where products/offers are placed. We do not include all currently available financial or credit offers in the market in our website.

Editorial Note

Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included within the post. That said, the compensation we receive from our affiliate partners does not influence the recommendations or advice our team of writers provides in our articles or otherwise impact any of the content on this website. While we work hard to provide accurate and up to date information that we believe our users will find relevant, we cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.

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