This card reports your activity to all three major credit bureaus (Equifax, Experian and TransUnion). Learn all about it in this Merrick Bank Classic Secured Mastercard® card review.

If you have no credit history or a poor one, this secured card will help you build or rebuild your credit. It offers credit lines starting at $200 which can go as high as $3,000.

Keep in mind, however, that the card carries a number of fees and requires a security deposit.

The Merrick Bank Classic Secured Mastercard® card is a secured card. This means it requires you to put down a security deposit.

This deposit can range from $200 to $3,000, which will then serve as your credit limit. Secured cards usually have a much lower credit limit than this.

A higher credit limit allows you to reduce your credit utilization ratio, which is the amount of credit you use versus the amount of credit you have available.

Merrick Bank regularly reviews your account activity so that, if you manage to maintain healthy spending habits and make regular on-time payments, you may qualify for a credit line increase.

If you qualify for a credit line increase, the bank will not require you to make any additional security deposit.

Merrick Bank also reports your account activity to all three major credit bureaus.

This means that, over time, if you make all of your payments by the due date, your credit card activity will help you improve your credit score and qualify for even better credit offers.

Some of the card’s downsides is that it does not offer a welcome bonus or ongoing rewards. Also, it charges a $36 annual fee which is deducted from your overall credit limit.

There are also a number of fees you may incur such as a $40 late payment fee, a $40 returned payment fee, a 2% foreign transaction fee, and other extra fees.

Now that you have become familiar with the card, it is time to compare its pros and cons. Our Merrick Bank Classic Secured Mastercard® card review would not be complete without it.

Have a look at the list of benefits and disadvantages we have prepared below.

The Merrick Bank Classic Secured Mastercard® card is intended for individuals who would like to build or repair their credit score. As such, it does not require applicants to have good credit.

If you like what you have seen in this Merrick Bank Classic Secured Mastercard® card review, you might want to take the next step and apply for this card.

If that is the case, hit the link below and we are going to show you how to do it.