Merrick Bank is a Utah-based national bank in the United States. Like any other Pan-American bank, it provides a host of banking and commercial services to its customers. The bank serves individual customers, small, mid, and large-scale businesses and clients, and other commercial operations and undertakings. It has millions of customers whom it serves faithfully every day. Let’s Know More About What Credit Bureau Does Merrick Bank Use.
For inquiries on credit scores and reports, Merrick bank relies on all three major credit bureaus. Merrick bank pulls credit reports and scores from TransUnion, Experian, and Equifax when evaluating applications for new credit cards. They also report to these bureaus about their customers’ monthly credit card usage. Merrick bank typically does hard inquiries on the applicants’ past credit histories. However, it should be noted that it is not difficult to avail of a Merrick bank credit card despite them doing hard inquiries. They offer credit cards that are good for building credit scores and customers with low or poor credit scores can apply for them.
In this article, we will go through the requirements for a Merrick Bank credit card and its benefits and demerits. We will also go through the type of cards they offer and the evaluation process for a new Merrick credit card. Finally, we will go through some questions asked frequently by customers.
Documents Needed for a Merrick Bank Credit Card
Customers must provide the following documents online or offline at a physical Merrick Bank location:
- A valid photo ID is issued by the state where the applicant resides.
- A valid social security number or ITN.
- Proof of annual income along with tax computation sheets (if any).
- Previous reports of good credit score (if any).
Benefits of Merrick Bank Credit Card
Customers who own Merrick Bank cards can expect the following benefits:
- They generally do not require good or high credit scores.
- Cardholders get free monthly FICO scores.
- They charge low annual percentage rates.
- They also do not need liabilities for unauthorized usage.
- Customers get personalized alerts about their credit cards.
Other benefits to the cards can be discovered at the time of shopping or by inquiring online at their official website.
Demerits of Merrick Bank Credit Cards
The Merrick Bank cards also have some demerits which are worth noting. The following are some disadvantages of using Merrick Bank cards:
- Generally, they require annual fees.
- They do not carry special rewards or sign-up bonuses. Even when some purchases carry special rewards, they are not very significant.
- They have limited spending limits.
- They also do not offer bank transfers.
Credit Cards Offered by Merrick Bank
The cards that Merrick Bank offers to its customers are mentioned below:
- Platinum Visa Credit Card: This card has a $0-$72 annual fee and a $0-$75 setup fee. This card has no penalty interest rate or limited credit line. It also offers flexibility in payment options. The APR, however, is quite high (23.45% to 28.45%).
- Secured Visa Credit Card: This card has an annual fee of $36 and an APR of around 17.45%. It is good for customers looking to improve their credit scores.
- Double Your Line Secured Credit Card: This card has the same fees as the previous card. Its APR is also similar to the previously mentioned card. However, this card lets the customer double their credit line to $400 without paying an initial fee.
Credit Evaluation Process of Merrick Bank
For evaluating applications for new credit cards, Merrick Bank pulls credit reports and scores from all three major credit bureaus. However, it generally tends to give priority to Experian. The reports are made by considering a lot of factors. Some factors that affect the customer’s credit score and report are: customer’s card usage, spending limit, amount of money in the customer’s account, billing history, dues left, and payment history. After compiling the reports, the data is conveyed back to the bank
The bank then updates the customer’s credit cards following the new credit reports. New customers who availed their cards recently would not see any updates on their cards. Merrick Bank also reports its customers’ credit card usage details to TransUnion, Experian, and Equifax. This is done to ensure that their customers’ credit information stays up to date.
Approval Time
Merrick Bank credit cards are usually approved or denied instantly if the applications are made online. The physical credit cards are shipped to the customers within 10 working days or less.
Some Alternatives to Merrick Bank Credit Cards
While Merrick bank credit cards are good for building credit for customers with poor or bad credit scores, it is not recommended for customers with fair or good credit scores to avail these cards. This is because their benefits are quite limited in comparison to other credit cards. The following is a list of alternatives to Merrick bank cards:
- Discover’s Secured Credit Card
- Surge Mastercard
- First Access Visa Solid Black Credit Card
There are many other alternatives and customers can find them by browsing the internet.
Conclusion
Merrick Bank offers 3 different credit cards to their customers and these cards are great for building credit scores for customers with bad credits. These cards offer the standard credit card services, but they offer fewer benefits than other credit cards. It is recommended that customers with bad credit scores get these cards and improve their credit scores. After improving their credit scores, they may apply for other cards that offer more benefits.
FAQs
Q1. What is the credit score needed for a Merrick bank credit card?
The credit score requirement for Merrick bank cards is usually around 300.
Q2. Does Merrick bank report to TransUnion?
Yes, Merrick bank reports to all the major credit bureaus including TransUnion.
