Everpath™ Platinum Credit Card Review
The Everpath™ Platinum Credit Card is an invitation-only unsecured credit card issued by Merrick Bank. The card has a $0 annual fee, $0 account setup fee, no security deposit requirement, and offers the possibility of credit-line increases over time. It also provides a free monthly FICO® Score and Mastercard® benefits, including $0 Fraud Liability Protection. The card's purchase APR is 34.95% when the account is opened, based on creditworthiness, and the APR can change with the market.
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What Is the Everpath Platinum Credit Card?
The Everpath Platinum Credit Card is an unsecured credit card from Merrick Bank that is offered to consumers by invitation. Unlike a secured credit card, you do not have to provide a refundable security deposit to establish your credit line.
Merrick Bank describes the Everpath Platinum card as a credit-building card with clear terms and helpful tools. The card includes a $0 annual fee, credit-line increases over time, a free monthly FICO Score, and Mastercard benefits.
Is the Everpath Platinum Credit Card Invitation Only?
Yes. The Everpath Platinum Credit Card is offered by invitation, so it is not a credit card that anyone can simply select from a standard public application page.
Merrick Bank's current credit-card information displays an offer-response process for the Everpath Platinum card. If you receive an Everpath offer, the offer provides the information needed to respond and proceed with the account-opening process.
Does the Everpath Platinum Credit Card Have an Annual Fee?
No. The Everpath Platinum Credit Card has a $0 annual fee.
The account-opening disclosures also list a $0 account setup fee and a $0 additional card fee. This means the card does not have the upfront annual or setup charges found on some credit cards marketed to consumers who are rebuilding credit.
Does the Everpath Platinum Credit Card Require a Security Deposit?
No. The Everpath Platinum Credit Card is an unsecured credit card, so you do not have to put down a cash security deposit to receive the card.
This distinguishes the Everpath Platinum card from a secured credit card, where the cardholder typically provides a refundable deposit that supports the credit line.
What Is the Everpath Platinum Credit Card APR?
The purchase APR is 34.95% when you open the account, based on creditworthiness. The purchase APR is variable and can change with the market based on the Prime Rate.
The APR for cash advances is 35.45% when the account is opened, also based on creditworthiness. Merrick Bank states that the purchase APR is determined by adding a 28.20 percentage-point margin to the Prime Rate, while the cash advance APR uses a 28.70 percentage-point margin.
Because the APR is variable, an increase in the Prime Rate can cause the APR to increase. Merrick Bank states that there is no cap on increases resulting from changes in the Prime Rate.
Does the Everpath Platinum Credit Card Have a Grace Period?
Yes. The payment due date is at least 25 days after the close of each billing cycle. Merrick Bank states that no interest will be charged on purchases if you pay your entire New Balance by the Payment Due Date each month.
Cash advances are different because interest begins accruing on the transaction date.
What Fees Does the Everpath Platinum Credit Card Charge?
The Everpath Platinum Credit Card has several $0 fees, although other fees can apply. The current account-opening disclosures list the following:
- Annual fee: $0
- Account setup fee: $0
- Additional card fee: $0
- Foreign transaction fee: None
- Over-limit fee: $0
- Returned-payment fee: $0
- Cash advance fee: $10 or 4% of the amount advanced, whichever is greater
- Late-payment fee: Up to $40
If interest is charged, the minimum interest charge is $1.00.
Can the Everpath Platinum Credit Card Increase Your Credit Line?
Yes, Merrick Bank says the credit line can increase over time. The Everpath Platinum card's current marketing information specifically lists credit-line increases as a card feature.
The availability and amount of any credit-line increase can depend on the account and Merrick Bank's evaluation of the account's performance. A credit-line increase should not be assumed to occur automatically or at a specific time unless the terms of your particular offer state otherwise.
Does the Everpath Platinum Credit Card Provide a FICO Score?
Yes. The Everpath Platinum Credit Card includes a free monthly FICO Score.
Having access to a FICO Score can make it easier to monitor changes in your credit profile while using the account and working toward stronger credit.
Is the Everpath Platinum Credit Card a Mastercard?
Yes. The Everpath Platinum Credit Card is a Mastercard and includes Mastercard benefits, including $0 Fraud Liability Protection.
How Does the Everpath Platinum Credit Card Calculate Interest?
Merrick Bank uses an average daily balance method that includes new purchases. The applicable daily periodic rate is used to calculate interest charges according to the terms of the account.
For the Everpath Platinum card, the current disclosure lists a daily periodic rate of 0.09575% for purchases and 0.09712% for cash advances.
What Is the Minimum Payment on the Everpath Platinum Credit Card?
The minimum payment is based on past-due amounts, applicable billed fees, and the greater of a percentage-based amount or $35. Specifically, Merrick Bank's disclosure says the minimum payment includes all past-due amounts and applicable fees, plus the greater of 1% of the New Balance plus specified fees and interest charges, rounded to the next higher dollar, or $35.
If the New Balance is less than $35, the minimum payment is the total amount owed.
Who Is the Everpath Platinum Credit Card For?
The Everpath Platinum Credit Card is designed for consumers who receive an offer from Merrick Bank and want an unsecured credit card without a security deposit. Its $0 annual fee and lack of a security deposit make the card different from many secured credit-building products.
At the same time, the high variable APR means the cost of carrying a balance can be substantial. The card's terms make the most sense to evaluate based on the specific offer you receive and how you plan to use the account.
Everpath Platinum Credit Card Pros and Cons
Potential advantages include:
- $0 annual fee
- $0 account setup fee
- No security deposit required
- $0 additional card fee
- No foreign transaction fee
- $0 over-limit fee
- $0 returned-payment fee
- Potential credit-line increases over time
- Free monthly FICO Score
- Mastercard benefits and $0 Fraud Liability Protection
Important considerations include:
- The card is offered by invitation rather than through a standard public application
- The purchase APR is 34.95% when the account opens
- The cash advance APR is 35.45% when the account opens
- Both APRs are variable and can increase when the Prime Rate increases
- Cash advances carry a fee of $10 or 4%, whichever is greater
- Late-payment fees can be up to $40
Should You Consider the Everpath Platinum Credit Card?
It depends on the offer you receive and how you plan to use the card. The Everpath Platinum Credit Card has some straightforward features that can be useful to someone seeking an unsecured account, including a $0 annual fee, no security deposit, potential credit-line increases, and a free monthly FICO Score.
The high variable APR is an important consideration if you expect to carry a balance. If you receive an Everpath offer, review the pricing terms that accompany your specific offer before deciding whether the card fits your needs.
Everpath Platinum Credit Card Review: Bottom Line
The Everpath Platinum Credit Card is an invitation-only unsecured Merrick Bank credit card with a $0 annual fee, no security deposit, potential credit-line increases, and a free monthly FICO Score. Those features distinguish it from secured credit cards that require an upfront deposit.
The main cost to pay attention to is the variable APR, which is 34.95% for purchases and 35.45% for cash advances when the account opens under the current disclosure. If you receive an Everpath offer, the pricing terms provided with that offer should be reviewed carefully before you accept the account.
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FICO® Credit Scores
A FICO® Score is a proprietary credit score created by the Fair Isaac Corporation (FICO). About 90% of top U.S. lenders use it to make lending decisions.
FICO® Score Ranges:
- Exceptional: 800–850
- Very Good: 740–799
- Good: 670–739
- Fair: 580–669
- Poor: 300–579
FICO categorizes scores as Poor, Fair, Good, Very Good, and Exceptional.
What is a Credit Score?
A credit score is a three-digit number (300–850) predicting your creditworthiness. Lenders use it to evaluate risk and determine rates and terms for credit.
Why it matters: A higher score can help you qualify for loans and lower interest rates. A lower score can lead to higher borrowing costs or application denials.
FICO® Credit Score Facts
- Three-Digit Number: Summarizes your credit risk.
- Range: 300–850; higher scores = lower risk.
- Data Source: Uses your credit reports from Experian, Equifax, and TransUnion.
- Industry Standard: Lenders rely on FICO for mortgages, auto loans, and credit cards.
Note: Credit scores reflect your creditworthiness but do not guarantee approval for any credit product.
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