Merrick Bank boasts only one physical location in the country, its corporate headquarters in South Jordan, Utah. You also have the option to add to your deposit over time, up to $3,000, thereby giving you more purchasing power. Secured Visa – The secured card only has a $200 minimum deposit, which is similar to other secured cards on the market.This card’s big claim to fame is the fact that Merrick Bank will regularly review your account to increase your credit line. Platinum Visa – The Platinum Visa was created to help you establish or rebuild your credit. And CDs with a term of 1,460 days or more have a penalty of 270 days' interest.Ĭustomers have access to two credit cards through Merrick Bank: the Platinum Visa and the Secured Visa. CDs with a term of 365 days to 1,459 days have an early withdrawal penalty of 180 days' interest. CDs with a term of 364 days or less will pay 90 days of interest. Merrick Bank also levies a fairly stiff penalty for early withdrawal. You can purchase a CD in any one of the following terms: However, the minimum deposit to open a CD is a steep $25,000, which may put this product out of reach for many potential customers. Merrick Bank’s CDs offer a higher-than-usual rate compared with the national average for CDs. This institution only offers a few of the products and services you might expect from a bank. Are comfortable with an online-only banking experience.Do not need to pair their general banking needs with their lender or credit card issuer.It will especially appeal to customers who: Merrick Bank is going to work best for customers who are looking to get a credit card or loan despite a lackluster credit history. This makes Merrick Bank a poor choice for any customer looking for a one-stop shop. No typical deposit accounts – Merrick Bank is not a traditional bank, and you cannot open a checking account, savings account, or money market account with it.Loan rates not listed online – Neither the recreational vehicle loans nor the personal loans have their rates listed on the Merrick Bank website, making it more difficult to do an apples-to-apples comparison with other lenders.Confusing credit card fees – Setup and maintenance fees for the secured credit card are “removed” from your credit limit, which can be somewhat confusing.$25,000 minimum CD deposit – The impressive yields for Merrick Bank CDs come with a cost-you can only open one with a $25,000 minimum deposit, placing it out of reach for the average customer.Focuses on helping customers with lower credit scores – Though Merrick Bank does not accept all comers regardless of credit history, it is very open to helping those with either no credit record or a poor credit record build their credit history.Merrick Bank works with thousands of approved dealers across the United States. This makes it an attractive choice for borrowers who might otherwise have trouble finding a lender, either because of the specificity of their purchase or their credit history. Specializes in boat and RV financing – While Merrick Bank also offers personal loans, the institution is known for its boat, RV, and horse trailer loans.31, 2022), which is above the national average of 18.97% APR on secured credit cards. Lower-than-average APR on secured credit card – The secured credit card, which is Merrick Bank’s most popular product, has an annual percentage rate (APR) of 19.70% for card purchases (as of Oct.These rates outpace the national average, which range from 0.34% for a six-month term to 0.64% for a two-year term (as of Oct.
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