For many consumers, accessing credit can be challenging when they’re just trying to rebuild their credit after a financial setback, or working to establish a stronger financial future.
That’s why we’re excited about Merrick Bank’s recent launch of the Everpath™ Platinum Mastercard® credit card, designed to help more consumers gain access to credit while providing tools that support responsible financial habits.
From going through a divorce, losing a job, experiencing a medical crisis or natural disaster, Merrick Bank understands that life happens and it’s rarely in a straight line.
We sat down with Scott Bourdreau, executive vice president and head of credit card solutions at Merrick Bank to discuss the strategy behind Everpath, who it serves, and how it can help customers in their financial journey.
For people who are not familiar with the bank, could you first tell us about Merrick Bank’s unique mission?
SB: Merrick Bank has been serving customers for nearly 30 years, since 1997, and we’re a leader in non-prime and near-prime lending. Our focus has been providing access to credit to consumers who are traditionally overlooked and underserved by larger financial institutions because of low credit scores. We know that responsible use of credit opens doors – to economic opportunities like accessing home mortgages, larger lines of credit and to eventual lower interest rates. Access to credit along with responsible use of credit matters and Merrick Bank is committed to inclusive lending.
Why did we decide to launch the Everpath™ Platinum Mastercard® credit card?
SB: Merrick Bank has long understood that financial setbacks don’t define a person’s future. As we looked across our card portfolio, we saw an opportunity to introduce a product designed specifically for consumers who are ready to rebuild their credit and move forward with confidence. The Everpath™ Platinum Mastercard® is rooted in our belief that responsible access to credit can help open doors and create a pathway to greater financial opportunities.
Who is this card designed for?
SB: Everpath™ Platinum is for consumers who might struggle to obtain traditional credit cards from larger financial institutions because of a low credit score.
This is a card for someone looking to rebuild their credit. They’ve gone through financial setbacks and are ready to begin their financial comeback. Everpath provides them with access to credit that when used responsibly, can be a steppingstone to future credit products and improved financial health.
What makes this card different from other card products focused on rebuilding credit?
SB: This may sound cliché, but what makes the product different is the partner behind it. Merrick Bank truly wants to set our cardmembers up for success. We believe in second chances. We don’t just provide access to credit; we’re invested in helping cardmembers build healthy financial habits that empower them, which is a win for us.
What safeguards are built into the product to encourage responsible use?
SB: With every Merrick Bank credit card, we provide an array of tools for our cardmembers to take advantage of that help encourage customers to use their credit card responsibly. This includes customizable account alerts like payment due date or credit limit usage, which ensure customers aren’t missing payments or going over their credit limit, which we know are two key drivers for financial success. We also provide an education center on MerrickBank.com with articles built to help customers improve their financial health. We are constantly evaluating opportunities to enhance the cardmember experience and evolve our digital capabilities. Our focus is on making it easier for customers to manage their accounts, balances, and payments through more intuitive self-service tools, streamlined payment options, and ongoing improvements that help cardmembers stay informed and in control of their financial health.
How can a credit card help someone improve their financial situation?
SB: When used responsibly, a credit card can be an important financial tool.
It can help consumers:
- Build or strengthen their credit profile
- Establish a history of on-time payments
- Access purchasing flexibility for everyday expenses
- Gain confidence in managing credit responsibly
Building or rebuilding credit doesn’t happen overnight, but with consistent, responsible behavior, a person can make a meaningful difference over time and get to the next step in their desired financial journey.
To learn more about Everpath Platinum, visit https://www.merrickbank.com/credit-card/everpath-platinum/.
About Merrick Bank
Founded in 1997, Merrick Bank is The Bank That Builds™, an FDIC®-insured financial institution headquartered in South Jordan, Utah, with over $10 billion in assets. A wholly owned subsidiary of CardWorks Financial Group, Merrick Bank serves roughly five million cardmembers and more than 100,000 merchant customers, offering credit cards, recreational loans, deposit accounts, merchant services and bank sponsorships to consumers and businesses. As a leader in non-prime lending, Merrick Bank combines innovative technology and data-driven insights to help underserved consumers build and strengthen credit while providing businesses with integrated, scalable payment solutions. Merrick Bank is among the top 20 FDIC®-insured credit card issuers in the U.S. and one of the largest merchant acquirers, ranking among the top 15 by transaction volume. For more information about Merrick Bank, visit www.merrickbank.com