Secured Credit Cards FAQS

May 16, 2023
If you applied for the Merrick Bank Double Your Line® Secured Credit Card, your $200 credit line will automatically double to $400 if you make at least your minimum payment on time each month for the first 7 months your account is open. You won't need to deposit any more money to receive the doubled line. For the Merrick Bank Secured Credit Card, your credit line won't double. Instead, you can start with a credit line of $200-$3,000, depending on your deposit. Your account will then be reviewed periodically after the first year to see if you're eligible for a credit line increase. If you qualify, your credit line will be increased without the need for an additional...
February 06, 2023
A secured card may be a great option though for getting a credit card and rebuilding your credit as secured cards are usually reported to the credit bureaus – Experian, TransUnion or Equifax. The credit limit on a secured credit card is established by the security deposit an applicant pays. Your initial deposit is usually refundable, and there are secured cards with fair fee schedules and good customer service. It means that secured credit cards work like unsecured credit cards: a cardholder will receive statements every month and will be required to make card payments monthly. The security deposit will stay intact while a cardholder makes all due payments on time and the deposit will be...
January 12, 2022
Secured cards require an upfront security deposit to be paid. The credit limit on a secured credit card will be equal to the deposit you pay. The deposit is usually fully refundable. The issuers of secured credit cards can report them to credit bureaus as unsecured credit accounts. The unsecured credit cards do not require a security deposit, but may charge application and activation fees. The credit limit is determined based on applicant’s creditworthiness.
April 07, 2020
Merrick Bank offers two secured credit card options – the Merrick Bank Secured Credit Card and the . Both credit cards may help you build your credit because they report to all three major credit bureaus. Secured credit cards, like the Double Your Line® Secured Credit Card, are one of the best ways to quickly establish or rebuild credit. When using a secured card for purchases and then paying the full balance each month, your FICO Score can increase over time. Moreover, you will be able to get your updated FICO® Score each month for free to track your score changes. The highest credit limit for Merrick Bank secured offers is $3,000. For the Classic...
July 05, 2019
Prepaid cards do not help your credit because the activity on the card is not reported to the credit bureaus. But secured cards are a good option if you want to improve your credit history. The issuers of secured credit cards report the credit performance to the major credit bureaus. So if you want to improve your credit, consider a secured credit card.
February 23, 2019
To start with, it is very important to note that secured credit cards may come with no application or processing fee but most of them do offer an annual fee. In addition, secured credit cards typically do not offer competitive interest rates and that's because of the risk of payment default. Please see a list of the best secured credit cards on offer here, look over the terms and conditions for the secured credit card of your choice and apply online.
July 03, 2018
First of all, make sure your credit score is high enough to qualify. As a rule, airline co-branded credit cards are for people with good or excellent credit. Those whose credit is close to good credit, may also qualify for such card. Then, if your primary goal is credit building only, or even if you want to earn some points, Interjet Platinum credit card may not be as good. The card's rewards program is not one of the rewarding, and if you are planning to carry a balance, your points may be eaten by interest. When applying for a rewards credit card, it is recommended to pay off the card balance in full each month to get the most out of the rewards.
Do you have a million questions jumbled up in your mind regarding credit cards and the credit card application process? Don't worry, you are not alone! Our site has been designed to be simple to use and navigate in order to eliminate any potential hassles and frustrations surrounding the credit card application process. Our experts have already taken it upon themselves to thoroughly analyze and evaluate all of the popular credit card available on the market today and have laid them out in an easy-to-understand format, touting the best features of each.

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