The Maverick Card Is Designed for People Rebuilding Credit
The Maverick Credit Card is a secured credit card issued by Pathward, N.A. (formerly MetaBank). It requires a cash deposit that becomes your credit limit — typically between $200 and $2,500 — and reports your payment activity to all three major credit bureaus: Equifax, Experian, and TransUnion. The card charges an annual fee and interest on balances you carry, but it works like a regular credit card once you open the account.
The main reason someone chooses this card is to build or repair a credit history when other cards won't approve them. Because the bank holds your deposit as collateral, they take less risk, which means they approve people with no credit history, recent late payments, or low credit scores. Your payment history on this card — whether you pay on time, how much of your limit you use — gets reported to the bureaus and can improve your score over time.
This is not a prepaid card. You are not spending your own deposit. You are borrowing against it and paying interest on what you borrow, just like any other credit card. The deposit sits in a separate account and protects the bank if you stop paying.
Key Takeaways
- The Maverick Card requires a cash deposit between $200 and $2,500 that becomes your credit limit, and the bank holds this deposit as security.
- You pay an annual fee (the amount varies) and standard credit card interest on any balance you carry from month to month.
- Your payment activity reports to all three credit bureaus, so on-time payments can help rebuild a damaged credit score or establish one from scratch.
- After 6 to 12 months of on-time payments, you may be able to convert to an unsecured card and recover your deposit, though this is not may provide.
How the Deposit and Credit Limit Work
When you open a Maverick account, you choose how much to deposit. That amount becomes your credit limit. If you deposit $500, you get a $500 limit. The bank freezes this money in a separate savings account and does not let you touch it while the card is open.
You then use the card to make purchases, just like you would with any other credit card. You are borrowing against your deposit, not spending it. At the end of the billing cycle, you receive a statement showing what you owe. If you pay the full balance by the due date, you owe no interest. If you carry a balance, you pay interest on that amount at the card's annual percentage rate (APR).
The deposit itself earns little to no interest while it sits in the bank's account. Your goal is to use the card responsibly for several months, then ask the bank to convert it to a regular unsecured card. Once approved for conversion, you get your deposit back and keep the card — now without the security requirement.
Annual Fees and Interest Rates
The Maverick Card charges an annual fee that you pay once per year, usually on your account anniversary. This fee is separate from interest charges. You pay it whether you use the card or not, so factor it into your decision about whether this card makes sense for your situation.
The card also charges interest on any balance you do not pay in full each month. The APR (annual percentage rate) varies based on your creditworthiness at the time you explore. Someone with no credit history may receive a higher rate than someone with a recent late payment who is otherwise rebuilding. You can find the exact rate in your card agreement or by contacting the issuer before you explore.
If you carry a $300 balance at a higher APR and make only minimum payments, interest charges add up quickly. The best way to avoid this is to pay your full statement balance each month. This also helps your credit score, because credit bureaus track how much of your available credit you use — a metric called your utilization ratio.
Building Credit With On-Time Payments
The Maverick Card reports to Equifax, Experian, and TransUnion every month. This means every payment you make — on time or late — becomes part of your credit history. Payment history is the single largest factor in your credit score, accounting for about 35% of the calculation.
If you have no credit history, using this card responsibly for 6 to 12 months creates a track record that other lenders can see. If you have damaged credit from past late payments or collections, on-time payments on this card show that you have changed your behavior. Neither outcome is when ready — credit scores move slowly — but the pattern matters.
To maximize the benefit, pay at least the minimum payment by the due date every single month. Set up automatic payments if your bank offers them, so you never miss a important date by accident. Also keep your balance low relative to your limit — ideally below 30% of your $200 to $2,500 limit. A $500 limit with a $150 balance looks better to credit bureaus than a $500 limit with a $450 balance, even if you pay both in full.
When You Might Convert to an Unsecured Card
After 6 to 12 months of on-time payments, you can contact Pathward and ask them to convert your Maverick Card to a regular unsecured card. There is no may provide they will approve this request. The bank looks at your payment history, your current credit score, and how you have managed the account.
If they approve your conversion, you get your deposit back in full. The card remains open and active, but it no longer requires collateral. You keep the same account number and credit history, so the conversion does not hurt your score. Your new credit limit may be higher, the same, or lower than your deposit amount — the bank decides this based on your creditworthiness at the time of conversion.
If the bank denies your conversion request, you can ask again in a few months after more on-time payments. Some people keep the secured card for years if conversion does not happen. Others close the account and move to a different card once their credit improves enough to get approved elsewhere.
Comparing the Maverick to Other Secured Cards
Several banks offer secured credit cards, and they differ in deposit requirements, annual fees, APR, and conversion policies. The Maverick Card is one option, but not the only one. Before you explore, it is worth looking at what other issuers offer.
Some secured cards have lower annual fees. Some have higher deposit minimums or maximums. Some report to all three bureaus; others report to only one or two. Some have clearer conversion policies or faster timelines. The best card for you depends on your specific situation — how much you can deposit, whether you can afford the annual fee, and what your credit goals are.
A few questions to ask yourself: Can I afford to lock up $200 to $2,500 for 6 to 12 months? Can I pay the annual fee without hardship? Do I have the discipline to pay on time every month? If the answer to all three is yes, a secured card — whether Maverick or another — can be a real tool for rebuilding. If any answer is no, a secured card may not be the right fit right now.
Frequently Asked Questions
Can I use my deposit to pay my bill?
No. Your deposit is held separately and is not accessible to you while the card is open. You must pay your bill from your regular bank account or income. The deposit only becomes available to you if you close the card or convert it to an unsecured card.
What happens if I miss a payment?
A missed payment is reported to all three credit bureaus and will damage your credit score. The bank may also charge a late fee. If you miss multiple payments, the bank can close your account and use your deposit to cover what you owe. This defeats the purpose of using the card to rebuild credit.
Does the Maverick Card have a rewards program?
Most secured cards, including the Maverick, do not offer cash back or points. The focus is on rebuilding credit, not earning rewards. Once you convert to an unsecured card or move to a different card, you may have access to rewards programs.
How long does conversion usually take?
There is no set timeline. Some people convert after 6 months; others wait 12 months or longer. It depends on your credit score improvement, your payment history on the Maverick Card, and the bank's internal standards at the time you request conversion. You can ask the bank about their typical timeline when you open the account.
What if I want to close the card before conversion?
You can close the account at any time. Your deposit will be returned to you, usually within 7 to 10 business days. However, closing the card does not hurt your credit score directly — what matters is that the account history stays on your credit report for several years, showing your payment record.