How to Apply for a Merrick Bank Credit Card
Merrick Bank is known for one thing: helping people with bad credit get approved. If you've been rejected by mainstream issuers, a Merrick Bank card might be your pathway to rebuilding credit. Here's everything you need to know about applying.
What Is Merrick Bank?
Merrick Bank specializes in lending to people with credit challenges. Their credit cards are designed for folks with poor, fair, or limited credit histories. Unlike big banks that only approve top-tier borrowers, Merrick actively works with people rebuilding from scratch.
The tradeoff? Higher fees and interest rates than premium cards. But if you can't get approved elsewhere, a Merrick Bank card can be your credit-building tool.
Card Options and Features
Merrick Bank offers a few different card options. Their main product is a secured credit card (you put down a cash deposit that becomes your credit limit). Some options include:
- Secured Card: Deposit $500-$2,500, get a credit limit equal to your deposit
- Unsecured Card: Available after you've proven yourself with the secured card
Each comes with different annual fees and interest rates. Merrick reports to all three credit bureaus (Equifax, Experian, and TransUnion), so your on-time payments help build your credit history.
Eligibility Requirements
Merrick Bank has lenient approval criteria. Here's what you typically need:
- Must be a U.S. citizen or permanent resident with a valid SSN (or ITIN in some cases)
- Must be 18 or older
- Must have a verifiable income (job, business, retirement, or disability payments count)
- A Social Security number or ITIN
- A checking or savings account (many lenders require this)
Unlike mainstream credit cards, Merrick doesn't require a good credit score. If you have no credit history or bad credit, you're still in the running.
Step-by-Step Application
1. Check your credit. Use AnnualCreditReport.com (free) or your bank's credit monitoring tool to see where you stand. This isn't required, but it helps you understand what you're working with.
2. Gather documents. You'll need proof of income (recent pay stub or bank statements), ID, and Social Security number.
3. Apply online. Visit Merrick Bank's website and complete their application. It takes about 10 minutes. Be honest about your finances—lenders verify everything.
4. Get approved quickly. Merrick typically approves or denies within minutes. If approved for their secured card, you'll fund your deposit.
5. Receive your card. Your card arrives 5-10 business days after deposit confirmation.
What Merrick Bank Costs
Be aware of the fees:
- Annual fee: Varies, typically $36-$99
- Interest rate (APR): Usually 19-21% (high, but typical for credit-building cards)
- No penalty APR on late payments, but late fees apply
These costs are steep, but necessary to offset the risk Merrick takes with risky borrowers. The key is making small purchases and paying them off monthly to minimize interest charges.
Pros and Cons for Credit Building
Pros:
- Easy to qualify with poor or no credit
- Reports to all three bureaus
- Can graduate to unsecured card after 7-12 months of on-time payments
- Boosts credit mix (adding installment credit to your profile)
Cons:
- High fees and APR
- Requires a deposit (secured cards)
- Limited credit line ($500-$2,500)
- Better alternatives exist if you can qualify elsewhere
Better Alternatives?
If you have fair credit (580+), explore best credit cards for beginners or store credit cards for poor credit. Among the best secured credit cards, you'll find options that may offer better terms. Understanding the difference between secured vs unsecured credit cards can help you choose the right path. If you're focused on building credit, consider credit builder products that are specifically designed to boost your score. Merrick is best when you've been denied everywhere else.
Conclusion
Merrick Bank fills a gap for people mainstream banks won't touch. Yes, fees are high. Yes, interest rates are steep. But if you use the card responsibly—spending small amounts and paying in full monthly—you'll build credit fast. Within 12-18 months of on-time payments, you'll qualify for better cards with lower rates.
Learn more about building credit with Firstcard and discover strategies to accelerate your credit recovery.
Ava Credit Builder Card
Ava Credit Builder Card
Ava gives you access to a suite of credit-building products including Credit Builder Card, Credit Builder Loan, and Rent Reporting. 74% of members seeing an increase in score in the first week.
Fee
$8/mo (annual) or $10/mo (monthly)
APR
0%
Minimum Deposit Amount
$0
Credit Check
No
Cashback
None
Benefit
Ava reports account activity weekly to all three major credit bureaus: Experian, Equifax, and TransUnion
Frequently Asked Questions
Is Merrick Bank a legitimate bank? Yes. Merrick Bank is a legitimate, FDIC-insured bank headquartered in South Jordan, Utah. It's been in operation since 1997 and specializes in credit products for people with challenging credit histories. Your deposits are federally insured.
What is the minimum deposit for a Merrick Bank secured card? Merrick Bank's secured credit card requires a minimum deposit of $200, with a maximum of $3,000. Your deposit amount becomes your credit limit. You can increase your limit by adding to the deposit at any time.
How long does it take to graduate from Merrick Bank's secured card? Merrick Bank typically reviews accounts for graduation to an unsecured card after 7–12 months of on-time payments and responsible account management. Graduation is not guaranteed—it depends on your overall credit profile improvement during that period.
Does Merrick Bank report to all three credit bureaus? Yes. Merrick Bank reports payment activity to Equifax, Experian, and TransUnion each month. Consistent on-time payments will build your credit profile across all three bureaus, which is important for future loan and card applications.
What happens to my deposit when I close or graduate a Merrick Bank secured card? If you graduate to an unsecured card, your security deposit is returned, usually as a statement credit or direct refund. If you close the account in good standing, the deposit is also returned. Allow a few billing cycles for the refund to process.
