Q:

Does Merrick Bank charge a reasonable rate of interest on credit cards?

A:

Quick Answer

As of February 2015, Merrick Bank offers a secured credit card at a rate of 17.45% which is reasonable considering that it is available to those that are rebuilding their credit. Comparable card rates vary from 12% to 25% which places Merrick's rate on the low side of average.

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Full Answer

A secured credit card means that the limit is established by a deposit provided by the customer, and is typically utilized by those that have bad, or yet to be established, credit histories. Merrick Bank charges an annual fee which also appears to be reasonable given what comparable credit card companies charge annually.

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