Best for: Rebuilding your credit without paying a security deposit. Use this card and make on-time monthly payments and you’ll be on your way toward improving your credit score. The card_name is a good choice if you have poor credit and the funds to make the necessary security deposit. As you make payments, your account will be reviewed for credit line increase eligibility. Your credit limit may also be increased without requiring you to put up additional security deposits. Like other Merrick Bank credit cards, the card_name comes with all the benefits and features available through Mastercard, plus your updated monthly FICO Score. Your monthly payments will be reported to all three major credit bureaus. You can use the card to make purchases up to that limit and, as you make payments, your credit line will be restored. For example, with a $1,000 security deposit, your card will have a credit limit of $1,000. That limit/deposit can be anywhere from $200 to as much as $3,000.Įven though the credit line is secured, you can use this credit card the same way you would a traditional credit card. The card_name is a fully secured credit card, which means your credit limit will be determined by the amount of your security deposit. Best for: Having a secured credit card with a relatively low annual percentage rate (APR).When it does, your card will have $200 in unsecured credit. The card_name is a good choice if you have a small initial deposit since it will automatically double after seven on-time payments. In addition, your updated FICO Score will be available each month. That includes $0 fraud liability to protect you against unauthorized charges, as well as exclusive monthly benefits. The card_name comes with all the benefits and features available through Mastercard®. Those payments will be reported to all three major credit bureaus: Experian, Equifax, and TransUnion. You’ll use the card to make purchases, then make regular monthly payments. Though it’s a secured credit card, it will work just like a traditional credit card. However, if you do, the doubling of your credit limit won’t exceed $200. You can also make a larger security deposit-upfront or at any time thereafter-to increase your credit limit. Best of all, you won’t need to make an additional security deposit to double the credit limit. You’ll start with a security deposit/credit limit of $200, but the line will automatically be doubled to $400 once you’ve made seven on-time monthly payments. The card_name works much like the card_name (described below), but it has a twist. Best for: Doubling your credit line if, for the first seven months, you make at least the minimum payments.Other fees: Cash advance, 4% ($10 minimum) foreign transactions, 2% late fee, up to $40.
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