If you get offer from Merrick Bank for Credit card product! you must read this! :D Merrick bank, is one of the top 20 Visa issuer! their costumer about 2,4 million people! and already give total loans about 2,5 billions USD for various loan, and not just credit card! so I am sure they not just some credit card company! they also have two type credit card! secured and unsecured! if you have bad credit score or no history at all and want to build your score, they offer secured credit cards! what you only do is only make some deposit to them as warranty! and that deposit is your limit!
for example, if you want to get credit card with $5000 limitation, you have to deposit $5000 to them! after you make deposit, you will get your card, and ca start to use credit card and shop anywhere! the Idea of secured credit card is to build your score! and most of the time, approval for secured credit card are very fast! since they don't have any risk at all! yep! its just like training to manage your own money! 😂
How about their interest rate and Fee ? well, their APR for purchases are about 18% and 23% for cash advances! for annual fee about $36 and penalty fee such as late payment or returned payment about $38. I think their fee same like citi! and the only different between Citibank APR with Merrick bank, is Citi have lower APR range, about 14% to 24% its only different about 4% for purchase and 1% for cash advances!
Most of top credit card company usually have APR about 14-16% meanwhile for second tier company they will charge 2 times APR rates! but with second tier company! they will lower their credit score, and still get approved with them! meanwhile for top player, such as Citibank, Merrick Bank and etc! you only get offer if you have good credit score, or you have to use secured credit cards! and after 1-2 years, and have good score, then you can apply to get unsecured credit cards!
so the conclusion is Merrick Bank Credit cad are one of the best! if you get offer from them via email, I think you should consider their offer! especially if you want secondary Credit cards from different company!