The Merrick Bank Secured Visa Card is a real card backed by a cash deposit you control

Merrick Bank offers a secured credit card where you put down a cash deposit — typically between $500 and $2,500 — and that deposit becomes your credit limit. You use the card like any other credit card: make purchases, pay a monthly bill, and the bank reports your payment history to the three major credit bureaus. The deposit stays in a separate account and is not touched unless you stop paying your bill.

The card itself is a Visa, so it works anywhere Visa is accepted. Merrick charges an annual fee (the amount varies and changes periodically, so check their current terms). The main point: this is a tool to build or rebuild credit history, not a way to borrow against your own money. You are paying interest on purchases just like with any credit card, and the deposit is collateral, not a source of funds.

Key Takeaways

  • You deposit $500 to $2,500 of your own money, which becomes your credit limit and stays in a separate account.
  • The card reports to all three credit bureaus each month, so on-time payments build your credit score over time.
  • Merrick charges an annual fee and interest on balances you carry, just like a standard credit card.
  • After 18 months of on-time payments, you can request that Merrick convert the card to an unsecured card and return your deposit.
  • You can open an account online, by phone, or by mail, and the process typically takes a few business days.

What you need before you start

Merrick requires you to be at least 18 years old and a U.S. citizen or permanent resident with a valid Social Security number. You will need a checking or savings account at a bank or credit union — Merrick uses this to verify your identity and set up the deposit transfer. Have your bank account number and routing number ready.

You should also know your credit situation going in. Merrick does a soft credit pull (which does not hurt your credit score) to review your history, but they are more lenient than traditional card issuers. If you have been denied for unsecured cards or have a thin credit file, this card is designed for that situation. If you have recent late payments or collections, Merrick may still approve you, but the terms may be less favorable.

How to open an account online

Visit Merrick Bank's website and look for the secured card product page. Click the button to start the process. You will enter your personal information: full name, date of birth, address, phone number, and email. Then you will provide your Social Security number and employment information (current job title and employer, or if you are not employed, your income source).

Next, you will authorize a soft credit pull. This is not a hard inquiry and will not lower your credit score. Merrick will show you the terms they are offering — the annual fee, interest rate (APR), and any other fees. Read these carefully. If you agree, you will set up the deposit transfer from your bank account. Merrick will ask you to verify your bank account by depositing two small amounts (usually under $1 each) and having you confirm the amounts. This takes one to two business days.

Once your deposit clears, your card will be mailed to you. set up typically happens when you receive it and call the number on the back, or you can set up it online. The whole process from process to receiving your card usually takes 7 to 10 business days.

explore by phone or mail if you prefer

If you do not want to explore online, Merrick accepts phone applications. Call their customer service number (available on their website) and ask to open a secured card account. A representative will walk you through the same questions and process. You will still need to authorize the credit pull and set up the deposit transfer, but the representative can guide you through each step.

You can also request a paper process by mail. This takes longer — typically two to three weeks from request to receiving the form, then another week or two to process once you mail it back. Most people find the online route faster, but the mail option exists if you are not comfortable providing information online.

What happens after approval

Once your card arrives and is activated, you can start using it when ready. Make small purchases and pay your full balance on time each month. This is the core of building credit: the bank reports every payment to Equifax, Experian, and TransUnion. On-time payments are the single biggest factor in your credit score, so consistency matters more than the amount you spend.

After 18 months of on-time payments, you can contact Merrick and request a conversion to an unsecured card. If approved, Merrick will return your deposit to your bank account and remove the deposit requirement. Your credit limit may increase, and your annual fee may change. You are not may provide conversion, but on-time payment history makes it very likely.

Fees and costs to understand

Merrick charges an annual fee for the card. The exact amount varies and is disclosed in the terms before you finish your process. There is also an interest rate (APR) that applies to any balance you carry from month to month. If you pay your full balance each month, you pay no interest. There may be other fees for late payments, returned checks, or cash advances — all of these are listed in the terms and conditions document you receive with your card.

The deposit itself is not a fee. It is your money, held separately, and returned to you when you close the account or convert to an unsecured card. Think of it as collateral, not a cost.

Building credit with the card once you have it

The card only helps your credit if you use it and pay on time. A common mistake is opening the card and never using it — that does not build history. Instead, use it for small, regular purchases: a gas station visit, a coffee, a subscription. Then pay the bill in full before the due date each month. This shows lenders that you can manage credit responsibly.

Keep your balance low relative to your credit limit. If your limit is $1,000, try to keep your balance under $300 before your statement closes. This ratio (called utilization) affects your credit score. Over time, as your credit improves, you may be able to open other cards or take on other types of credit. The Merrick card is a starting point, not your only tool.

Frequently Asked Questions

Can I use the deposit to pay my bill?

No. The deposit is held separately and is not accessible to you. You must pay your monthly bill from your checking or savings account, just like with any credit card. The deposit only comes back to you when you close the account or convert to unsecured.

What if I am denied?

Merrick is more lenient than most issuers, but denial is possible if you have very recent fraud, identity theft, or a pattern of not paying bills. If you are denied, ask why — Merrick will tell you. You can reapply after addressing the issue, or explore other secured card options from different banks.

How long does it take to build credit with this card?

You will see changes in your credit score within 30 to 60 days of your first on-time payment, because the bank reports monthly. Significant improvement typically takes 6 to 12 months of consistent, on-time payments. After 18 months, you are usually may be able to access to convert to an unsecured card.

Can I increase my credit limit?

Yes, but it requires increasing your deposit. If you want a higher limit, you deposit more money into the collateral account, and your limit rises accordingly. You can also request a limit increase after several months of on-time payments, and Merrick may grant it without requiring a larger deposit.

What happens if I miss a payment?

A missed payment will be reported to the credit bureaus and will hurt your credit score. Merrick will charge a late fee and may increase your interest rate. If you miss payments repeatedly, Merrick can close your account and use your deposit to cover the unpaid balance.