Merrick Bank doesn't issue debit cards, but the bank does issue secured credit cards to consumers, which are activated by sending the bank a security deposit payment. After payment is received, Merrick Bank finishes processing the credit card application and mails the card to the consumer.
Consumers need to submit an online application for a Merrick Bank secured credit card and are given 80 days to send the deposit payment required to activate the secured card. Merrick Bank requires a minimum payment of $200, as of 2015, and secured cards are able to be funded up to $3,000. Spending limits on Merrick Bank secured credit cards are equal to the deposit amount. A $500 payment equals $500 in available credit, and deposits are used as collateral by the bank. If an applicant is declined, the bank refunds the deposit payment within six weeks.
Merrick Bank secured credit cards function the same as unsecured cards when consumers make purchases. Cardholders have the choice of paying the entire balance off each month or opting for monthly payments. Consumers using prepaid credit cards must keep up with payments and pay on time, which leads to improved credit scores. Secured card use is reported to credit-monitoring companies that issue updated credit reports, and late or missed payments often negatively impact individual credit ratings.