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Our take
The Merrick Bank Secured Visa® Card provides all the opportunities for successful credit rebuilding. Even if you have a recent bankruptcy, you may qualify for this card and start working towards a better credit score right away. All you need is to deposit at least $200 and make your payments on time.
Details
- Upon approval, you’ll have an initial credit line based on your $200 -$3,000 deposit - It’s up to you!
- Your account information is reported to the three major credit bureaus. You can reestablish and build your credit with your performance.
- $0 fraud liability for unauthorized charges.
- Your security deposit funds are FDIC Insured!
- Based on an initial credit limit of $200, the initial available credit will be about $164 (based on a $36 annual fee).
- Worldwide acceptance – Use it anywhere Visa is accepted.
Pros
Report to the three major credit bureaus monthly
Credit limit increase option with no additional funds
Cons
No rewards available
Recomended Credit score
Poor
300
Fair
630
Good
690
Excellent
720
850
Rates and fees
Purchase regular apr
19.2%
variable
Cash advance apr
24.20%
variable
Regular annual fee
$36
Cash advance fee
4%
min $10
Foreign transaction fee
2%
Late payment fee
up to
$38
Return payment fee
up to
$38
Secured card details
Posting to credit bureau
Secured deposit
$200
- $3,000
Credit Limit
Equal to deposit
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