secured credit card

A Secured Credit Card — Your Stepping Stone on the Path to Building Credit

Many people find themselves in need of a credit card but are unable to qualify for one. For younger people without enough credit history, or someone that’s trying to repair bad credit, a secured credit card can be a good option.

Unlike an unsecured credit card, a secured card requires you to make a security deposit that serves as collateral for your credit line when the account is opened. Any deposit in excess of your account balance is refundable once you close the account.  You cannot use your security deposit to pay your monthly bill, otherwise a secured card works like any other credit card and offers significant advantages over a prepaid card, such as the opportunity to build a positive credit history, as payment behavior is reported to the major reporting agencies.

 

Secured card features

As with all credit cards, there are many choices for secured cards and it’s a good idea to do some research on which card fits your needs best.

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Calculate debt solutions with Merrick Bank

Debt Problems? Work With Your Creditors First.

If you’re currently struggling to manage your monthly debt payments, you’re not alone. Financial challenges have continued to plague U.S. households since the financial crisis of 2008. Here are just a few sobering statistics that define the situations facing many of us:

  • An estimated 1.7 million people will file for bankruptcy protection this year.
  • Both in and out of bankruptcy, about 56 million adults will be set back by health care-related bills this year.
  • American student loan debt totals almost $1 trillion and affects more than 38 million Americans.
  • According to Bankrate.com, 45 percent of Americans have more credit card debt than emergency savings.
  • While unemployment has come down to about 7%, it was a staggering 10% between 2009 and 2010. And underemployment numbers are estimated to be in the neighborhood of 14.3% currently.

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Merrick Bank Works to Meet Customer Access Needs With goServices

Merrick Bank online servicesToday 86% of American adults use the Internet, according to Pew Research Institute. The use of mobile phones overall has climbed to 91%, and 55% of all mobile phone users are using smartphones1 in their daily lives. The way that information is now accessed makes it increasingly important that it’s available whenever, wherever. That said, you might have noticed a growing trend with your financial services providers. They have increased their online and mobile banking services to meet your needs for delivering relevant and timely account and financial information.

 

With all that in mind, Merrick now offers a full suite of online services. We developed them to help support our customers’ needs for access to information about their accounts, credit scores and overall financial information.

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