5 Things to Know About the Merrick Bank Credit Card

Merrick Bank issues credit cards designed for consumers who are building credit. Payment activity on the cards is reported to the three major credit bureaus, meaning careful card use can help you establish your credit over time.

Indeed, credit-building is the main benefit of the Merrick Bank credit cards. There are no other perks, like a 0% interest promotion or cash-back rewards. Plus, you may be on the hook for a few pricey fees, making other starter credit cards or cards for bad credit more appealing options to consider.

Here are five things to know about the Merrick Bank credit cards.

1. There are two Merrick Bank credit cards

Merrick Bank issues two credit cards:

• The Merrick Bank Classic Secured Credit Card, which requires a security deposit of $200 to $3,000.

• The Merrick Bank Double Your Line Credit Card, an unsecured card that automatically doubles your credit limit after the first seven months if you make at least the minimum payment on time each month. 

2. You may need an offer by mail to apply

The Merrick Bank Double Your Line Credit Card requires a mailed offer before you can apply. Enter the certificate number that appears in the offer to start the application. You can also search for your certificate number by entering your last name, last four digits of your Social Security number and ZIP code on the card’s website.

You can apply for the Merrick Bank Classic Secured Credit Card online without a mail offer.

3. Get ready to pay some fees

For the Merrick Bank Classic Secured Credit Card, the annual fee is $36 for the first year, after which the fee is still $36, but it’s charged in monthly increments of $3. As of this writing, the APR is more than 22%.

Things get a little pricier with the Merrick Bank Double Your Line Credit Card. It charges high interest rates — as of this writing, the variable APR tops out at nearly 31%. Plus, there are a couple of potential fees you may have to pay depending on what Merrick Bank determines: a one-time account setup fee of $0 to $75, and an annual fee of $0 to $72 (billed at up to $6 monthly after the first year).

High interest rates and fees are common for unsecured credit cards for bad credit. However, depending on what you can qualify for, you may find other cards’ fees to be more affordable.

4. Neither card offers perks

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The main benefit of both of these cards is access to credit and the ability to build credit through careful use. And the Merrick Bank Double Your Line Credit Card will, as its name implies, bump up your credit limit after a few months. Otherwise, there are no cash-back rewards or sign-up bonuses to sweeten the deal.

There are alternatives that offer more extras, even for those who are newer to credit-building. The Capital One Quicksilver Secured Cash Rewards Credit Card has a $0 annual fee and earns 1.5% cash back on all purchases. It has a $200 minimum deposit, and you can be automatically considered for a credit limit increase after six months.

The Discover it® Secured Credit Card also has a $0 annual fee and $200 minimum deposit. It earns 2% cash back at gas stations and restaurants on up to $1,000 in combined spending per quarter (then 1% back), and 1% cash back on everything else. New cardholders can also get this sign-up bonus: INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.

5. There are no other Merrick Bank credit cards to graduate to

As you more firmly establish your credit history, you’ll potentially become eligible for a greater variety of credit cards, including rewards cards with more appealing benefits. However, you won’t be able to stick with Merrick Bank credit cards if you eventually want those extras. And even though unsecured cards are the typical next step after secured cards, the Merrick Bank Double Your Line Credit Card faces some serious competition from lower-fee cards with more to offer.

Many consumers use a debit card for online purchases to avoid accumulating credit card debt, but, is it safe to use a debit card online?

Payments with a debit card are taken instantly from your checking account and shopping online comes with the added risk that your information may be stolen. Using a debit card opens up the possibility that the thief will gain access to the funds in your checking account.

Protections are in place if a debit card has been lost or stolen and used fraudulently, but only if you notify your banking institution. When considering if it is safe to use a debit card online or for in-person purchases, follow these eight rules to protect your transactions.

Key Takeaways

• Check your bank statements regularly and report any suspected fraudulent activity to the bank immediately.
• Only utilize ATMs associated with a bank; stay away from potential “skimming” locations such as gas stations and deli kiosks.
• Report a lost or stolen debit card immediately to your bank and cancel the missing card.
• Change your identification number (PIN) and password every few months. 

1. Check Your Bank Statements Often

As time is of the essence to receive full fraud protection from your bank, make it a habit to review your bank account online at least once a week or even daily.

2. Protect Your PIN Number

Don’t give your personal identification number (PIN) to anyone who asks, and don’t keep it written down anywhere in your purse or wallet. Don’t use your PIN at the gas pump. Instead, use your card in the credit purchase function to avoid someone seeing it. In fact, using your debit card in credit card mode may offer you extra liability protection, depending on your bank.

3. Consider Using a Credit Card Online

Some consumers choose to use only credit cards online since a fraudulent credit card transaction takes more time for your bank to process and can become an item of dispute rather than an instant removal of cash from your checking account. The Federal Reserve Bank of San Francisco recommends checking for a security symbol, such as an unbroken key or a padlock, on each website to ensure encryption. While a credit card may create debt, it doesn’t deplete the cash in your checking account and if your credit card is used fraudulently, you may be protected under the Fair Credit Billing Act.

4. Only Use ATMs at a Bank

Automated teller machines (ATMs) located in convenience stores, subway stations, airports, and other places have a greater risk of having a “skimming” device attached by a thief, which could intercept and store your debit card data. This sometimes happens at banks, too, but it is easier to do in a place without surveillance cameras.

5. Avoid Public Wireless Access for Financial Transactions

Make sure you are using a password-protected wireless signal to check your bank account balance, pay bills, and shop, so that hackers have less chance to capture your password and account information.

6. Report Problems Immediately

While you would certainly report it right away if your wallet were stolen and your credit and debit cards were missing, you should also report any unauthorized transactions immediately.

7. Consider Filing a Police Report

If your debit card is stolen and used, you may want to contact the police and keep a copy of the police report, so that you have extra support when you want your bank to reimburse the charges. 

8. Create Your Own Security Profile

Along with a strong password, security questions and a mobile phone backup provide extra security for your debit card. As long as you remember the answers, you can make up anything you want for your security questions.

Experts advise debit card holders not to make a financial transaction on an e-commerce site that doesn’t have the “s” following HTTP, as in HTTP://. This symbol is an indication of a higher level of security.

Unauthorized Charges on Your Debit Card

According to the National Consumer Law Center, if a consumer’s debit card has not been lost or stolen but there are unauthorized charges on the account, the consumer will be protected if they report those charges within 60 days of when the statement was sent.

When a physical card goes missing or is stolen, consumers have just two business days to notify the card issuer after learning about the loss. Those who do so will limit their losses to $50. Otherwise, they could lose up to $500. If they take months to notify the bank, they may not recoup any money.

Many banks have improved their debit card protections for their customers and will go beyond the above rules and not make consumers responsible for any charges deemed fraudulent. This is especially true if consumers report unauthorized transactions as soon as possible.

The Bottom Line

While you may find constantly using a debit card to be a great convenience, it won’t be so convenient if someone manages to drain your checking account. A little vigilance and some new habits can go a long way toward preventing a damaging debit card experience.