Will the Merrick Bank secured card help me build credit?

Answered on April 07, 2020
Updated on June 27, 2022
The content is accurate at the time of publication and is subject to change.
Amy Miller Amy Miller
Merrick Bank offers two secured credit card options – the Merrick Bank Secured Credit Card and the Merrick Bank Double Your Line® Secured Credit Card.

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 secured credit card, the actual credit limit is determined by the amount a cardholder puts down for the card's required security deposit, which starts at $200.

But the Merrick Bank Double Your Line® Credit Card may automatically double your credit line with a credit limit increase after you make your first seven payments on time (paying at least the minimum amount due each month), which is another way to lower your credit utilization ratio and potentially boost your scores.

The best way to achieve and keep an excellent score is to develop good long-term credit habits. Pay your balances on time, keep a low utilization rate, and apply for credit only when you need it. If you follow these rules, your score should improve over time.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

User Comments about This Question


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...
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.
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.

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