Secured Credit Card Frequently Asked Questions

Q. What is a secured card?
A. A secured card is just like any other credit card except that you have a security deposit which is collateral for your account.
Q. How do I get started?
A. To get started, simply do the following: 1. Apply online; 2. Review and accept the Terms and Conditions; 3. Send in your security deposit so that we can continue processing your application; and 4. After approval, we’ll send you your Merrick Bank Secured Visa Card! It's that simple! Apply for our Secured Card today!
Q. How long do I have to send in my security deposit?
A. You have up to 80 days from the date of your application to send us your Security Deposit. The minimum security deposit to open a Merrick Bank Visa Secured card is $200 and the maximum deposit is $3,000.
Q. Can I get my security deposit back if I am declined?
A. Yes, if your application is declined, your full security deposit will be returned to you in four to six weeks.
Q. Do I really get my FICO® Score at no charge every month?
A. Yes, upon enrolling in the Cardholder Center, you will get the same FICO® Score that we use to manage your account.
Q. What do you mean you report my performance to the credit bureaus?
A. As a valued cardholder, we report your performance to the three credit bureaus. By doing this, you are establishing a credit history which can help you in the future.
Q. What is my credit line?
A. Your credit line with a Secured Account is your security deposit. Thus, if you send in $200, you have a $200 credit line. You can send up to $3,000 as a deposit and have a $3,000 credit line.
Q. What benefit is there to having a secured card?
A. A secured card provides you with a line of credit so that you can make purchases when cash or other forms of payment are not accepted. Plus, you can manage your account online at our cardholder center.
Q. Are my payments different with a secured card?
A. Your minimum monthly payment works just like a credit card. You will have a minimum payment due each month there is a balance, you can pay a little more, or you can pay your entire balance off each month. Also, please remember, not making your minimum monthly payments can damage your credit.
Q. How is a secured card different than a prepaid card?
A. With a prepaid card, your payment activity is not reported to the three major credit bureaus. Thus, you do not have the opportunity to build your credit. With a secured card, your payment activity is reported to the three major bureaus and you can help build your credit. Also, you have more purchase protection with a secured card!
Q. How does a secured card help me build my credit?
A. Showing that you know how to use credit—making purchases and repaying them on-time helps you establish your credit rating. Conversely, making late payments, not paying your bills can negatively impact your credit.
Q. How else can I rebuild my credit?
A. We are pleased to provide other financial educational resources. Simply go to: to learn more.
Q. What other products does Merrick Bank offer?
A. We are pleased to offer unsecured credit cards, recreational vehicle loans, as well as merchant bankcard services.