Our two Secured Card products were created with you in mind. Pick the one that fits your needs.
Double Your Line® Secured Credit Card
Deposit $200, which becomes your credit line. Then we'll double your credit line to $400 without another deposit by making at least your minimum payment on time each month for the first 7 months your account is open.
Plus, You'll Get These Perks
Monthly Reporting to the
3 Major Credit Bureaus
FICO® Score for
Free Each Month
Our Lowest
Interest Rates
Not Sure if a Secured Card is Right for You?
Frequently Asked Questions
Am I eligible for a Secured Credit Card?
Secured Credit Cards are great for people looking to build or rebuild credit and are available to people with all kinds of credit backgrounds. You may be eligible if:
- You successfully make your security deposit.
- You’re at least 18 years old.
- You have a verifiable Social Security Number.
- You have a verifiable physical home address in the U.S.
- You don’t have a pending bankruptcy.
- You don’t already have a Merrick Bank Secured Credit Card.
- You don’t have any outstanding tax obligations.
- You meet income/debt affordability and identity verification requirements for all credit card applications.
How does a Secured Credit Card help me reestablish or build credit?
Your Secured Credit Card payment history is reported to the credit bureaus each month. This reporting will help you build a credit history or rebuild your credit with a positive history if you make at least your minimum payments on time each month.
How long will it take for me to receive my Secured Credit Card if I’m approved?
Once your security deposit is received we will review your application. If you’re approved, it could take up to two weeks for you to receive your Secured Credit Card in the mail.
What is a Secured Credit Card?
A Secured Credit Card looks and acts just like any other credit card, but the difference is that you have to make a deposit to get the card, which secures your credit line. The deposit is FDIC insured and the amount of your security deposit will be equal to your initial credit line.
How do I double my credit line?
For the Double Your Line: secured credit card, your $200 credit line will automatically double to $400 if you make at least your minimum payment on time each month for the first 7 months your account is open. You won’t need to deposit any more money to receive the doubled line.
For the Classic secured credit card, your credit line won’t double. Instead, you can start with a credit line of $200-$3,000, depending on your deposit. Your account will then be reviewed periodically after the first year to see if you’re eligible for a credit line increase. If you qualify, your credit line will be increased without the need for an additional deposit.
Do I have to deposit more money to double my credit line?
For the Double Your Line secured credit card, you don’t need to deposit more money to double your credit line. Your credit line of $200 will double to $400 automatically if you make at least your minimum payment on time each month for the first 7 months your account is open.
For the Classic secured credit card, your credit line won’t double. You can increase your credit line at any time by adding additional money to your security deposit, up to $3,000.
How can I increase my credit line?
For the Double Your Line secured credit card, your $200 credit line will double to $400 if you make at least your minimum payment on time each month for the first 7 months your account is open. You can also increase your credit line by adding more money to your security deposit at any time, up to $3,000. However, we will only double the original $200 amount. After you’ve received your $200 increase, your account will be regularly reviewed for credit line increases without the need for an additional deposit.
For the Classic secured credit card, you can increase your credit line at any time by adding additional money to your security deposit, up to $3,000. We will also review your account on a regular basis to see if you’re eligible for additional credit line increases without the need for an additional deposit.
What is a security deposit?
A security deposit acts as collateral on your Secured Credit Card. You make the security deposit and then your credit line equals the amount of that security deposit. All Secured Credit Cards require this security deposit and you won’t qualify for the card if you can’t make the full deposit within 20 days of applying.
When and how do I pay my security deposit?
Once you apply, you will need to make your security deposit within 20 days. You can make your security deposit using your bank’s online payment service, ACH, MoneyGram, Western Union, money order or check.
Can I pay my security deposit over time?
You will need to make at least a $200 security deposit before your application will be reviewed. You can always add more to your initial deposit later if you’d like to increase your credit line.
What happens if I don’t send a security deposit?
If we don’t receive your security deposit within 20 days, your application won’t be reviewed and will be declined.
What happens if I send a deposit but I’m declined?
We will return your security deposit to you within 20 days.
Can I make an additional deposit and increase my credit line?
For the Double Your Line secured credit card, you can deposit additional money to increase your credit line at any time. However, we will only double the original $200 amount.
For the Classic secured credit card, you can increase your credit line at any time by adding additional money to your security deposit, up to $3,000.
Will I ever get my security deposit back?
We will return any security deposit amount remaining after your Secured Credit Card account is closed and paid in full without any outstanding balances.
Is a Secured Credit Card more secure than an Unsecured Credit Card?
No, the “secured” part of the secured credit card means that you put down a security deposit to receive the card. It has just as much protection as any other credit card.
What’s the difference between a Secured and Unsecured Credit Card?
Unsecured Credit Cards don’t require a security deposit, but Secured Credit Cards do.
What’s the difference between a Secured Credit Card and a Debit Card?
Debit Cards pull money directly from your checking account, but Secured Credit Cards allow you to make purchases based on your credit line. Secured Credit Cards function like a credit card and that behavior is reported to the credit bureaus to build or rebuild credit. Debit Cards don’t build or rebuild credit because your debit transactions aren’t reported to the credit bureaus. Learn more here.
What’s the difference between a Secured Credit Card and a Prepaid Card?
Prepaid Cards have a specific amount of money that you deposit to the card and use like cash, but Secured Credit Cards have a credit line that you can use and pay off over and over again. Prepaid Cards don’t report to credit bureaus and don’t help in building or rebuilding credit, but Secure Credit Cards can. Learn more here.
Can I apply for another Secured Credit Card if I already have a Secured Credit Card with Merrick Bank?
No, you aren’t eligible to apply for another Secured Credit Card if you already have one with Merrick Bank.
Will my Secured Credit Card say “secured” on it?
No, your Secured Credit Card won’t have the word “secured” on it. It looks and acts just like any other credit card.