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Merrick Bank Double Your Line® Secured Credit Card Review

Merrick Bank Double Your Line<sup>®</sup> Secured Credit Card

Merrick Bank Double Your Line® Secured Credit Card Review

Credit Line
$200, which doubles to $400 if you qualify
Regular Purchase APR
19.70% Variable
Build Credit
Unlike a debit card or a pre-paid card, it helps build your credit history. We report your payment history to all three major credit-reporting agencies.
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Who is the Merrick Bank Double Your Line® Secured Credit Card best for?

Merrick Bank Double Your Line® Secured Credit Card is designed for consumers looking for a credit-building card that may provide a bigger line of credit over and above an initial $200 security deposit.

This is a secured card, meaning that applicants will be required to provide a deposit that will serve as their credit line. What makes this card stand out from other secured cards is that after 7 months of on-time payments, the bank will add another $200 to your credit line.

However, be aware that the Merrick Bank Double Your Line® Secured Credit Card assesses an annual fee, although it’s fairly reasonable compared to other secured cards, and the APR is fairly competitive as well.

Merrick Bank Double Your Line® Secured Credit Card overview

    • Put down $200, which becomes your credit line. Then, if you qualify, double your credit line to $400 without making another deposit.
    • Double your $200 credit line by making at least your minimum payment on time each month for the first 7 months your account is open
    • Secured Credit Cards are great for people looking to build or rebuild credit and are available to people with all kinds of credit backgrounds.
    • Unlike a debit card or a pre-paid card, it helps build your credit history. We report your payment history to all three major credit-reporting agencies.
    • Get your FICO® Credit Score for free each month.
    • Fraud coverage if your card is lost or stolen. Access your account 24 hours a day, 7 days a week. Get help staying on track with available Auto Pay and account alerts.
    • Card issued by Merrick Bank, Member FDIC.
  • Credit needed:
    300 600
    see-website-for-details*
  • Free FICO Score access
  • Potential to double credit line

Intro Purchase APR

N/A

Regular Purchase APR

19.70% Variable

Intro BT APR

N/A

Regular BT APR

N/A

Annual Fee

$36 the first year. Billed $3 per month thereafter

Cash Advance Fee

4% Min: $10

Foreign Transaction Fee

2%

Balance Transfer Fee

N/A

Pros and cons of the Merrick Bank Double Your Line® Secured Credit Card

Pros

  • Free FICO Score access
  • Reports to all 3 credit bureaus
  • Issuer may double credit line by $200
  • Reasonable APR

Cons

  • Annual fee
  • Foreign transaction fee

What we like about the Merrick Bank Double Your Line® Secured Credit Card

  • Reasonable APR

    As far as secured cards go, the APR on the Merrick Bank Double Your Line® Secured Credit Card is very reasonable, at a 19.70% variable APR. Nevertheless, you can avoid interest charges altogether by paying the balance in full every statement period.

  • Credit line increase potential

    The lowest initial required deposit for the Merrick Bank Double Your Line® Secured Credit Card is $200, although you can deposit more, which will serve as your credit line (minus any fees). After 7 months of making at least the minimum payment required by the due date, Merrick Bank will add $200 to your credit line.

  • Reports to all 3 credit bureas

    When trying to build or rebuild your credit history and score, it’s important to know whether that card issuer reports the account and payment history to all three credit bureaus (Equifax, Experian and TransUnion) instead of just one or two. That way, your credit score from each of the three bureaus reflects the activity of the card account.

What to watch out for with the Merrick Bank Double Your Line® Secured Credit Card

  • Annual fee

    As with many credit-building cards, there are fees to contend with, and the Merrick Bank Double Your Line® Secured Credit Card is no different. There is an annual fee of $36 the first year. Billed $3 per month thereafter, which will be subtracted from your initial deposit. However, compared to many secured cards, this annual fee is quite low.

  • Foreign transaction fee

    This isn’t a card you want to take abroad, as there is a foreign transaction fee of 2%.

Alternate credit-building card to the Merrick Bank Double Your Line® Secured Credit Card

Compare it to the Discover it® Secured Credit Card

| Disclosures
Discover it® Secured Credit Card
Discover it® Secured Credit Card
on Discover's secure site
N/A
24.49% Variable APR
$0
2% cash back at Gas Stations and Restaurants on up to $1,000
  • No credit score required to apply.
  • No Annual Fee, earn cash back, and build your credit with responsible use.
  • Establish your credit line by providing a refundable security deposit of at least $200. That means a $200 deposit for a $200 credit line. Or a $500 deposit for a $500 credit line. Bank information must be provided when submitting your deposit, and the security deposit equals your credit limit.
  • Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit.
  • Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases – automatically.
  • NEW! Discover helps remove your personal information from select people-search websites. Activate by mobile app for free.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
  • Click "Apply Now" to see terms and conditions.
300 659

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

One of the most popular secured cards on the market is the Discover it® Secured Credit Card. Not only does it have a $0 annual fee, you can earn some cash back with every purchase: 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically.

The Discover it® Secured Credit Card also reports account and payment activity to all three credit bureaus and is marketed to consumers with poor/limited credit.

Plus, Discover performs monthly reviews of your account and payment activity after 7 months to determine if your account qualifies you to graduate to an unsecured card, and your deposit will then be refunded to you. Of course, your deposit can also be refunded if you choose to close the card, minus any unpaid balance or fees.

However, the APR on the Discover it® Secured Credit Card is slightly higher than the Merrick Bank Double Your Line® Secured Credit Card, at 24.49% Variable APR.

Compare the Merrick Bank Double Your Line® Secured Credit Card to similar cards

Comparison of four different credit cards
Merrick Bank Double Your Line<sup>®</sup> Secured Credit Card Discover it<sup>®</sup> Secured Credit Card OpenSky<sup>®</sup> Secured Visa<sup>®</sup> Credit Card OpenSky<sup>®</sup> Secured Visa<sup>®</sup> Credit Card
Merrick Bank Double Your Line® Secured Credit Card Discover it® Secured Credit Card OpenSky® Secured Visa® Credit Card OpenSky® Secured Visa® Credit Card
Apply Now
on Merrick Bank's secure site
Apply Now
on Discover's secure site
Apply Now
on OpenSky's secure site
Apply Now
on OpenSky's secure site
Annual Fee
$36 the first year. Billed $3 per month thereafter $0 $35 $35
Regular APR
19.70% Variable 24.49% Variable APR 18.89% (variable) 18.89% (variable)
Welcome Offer
N/A Discover will match all the cash back you’ve earned at the end of your first year. N/A N/A
Rewards Rate
Non-rewards card 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically None None
Recommended Credit
see-website-for-details* Poor/Limited Poor/Limited Poor/Limited
Card Details
Merrick Bank Double Your Line® Secured Credit Card Discover it® Secured Credit Card OpenSky® Secured Visa® Credit Card OpenSky® Secured Visa® Credit Card

Is the Merrick Bank Double Your Line® Secured Credit Card right for you?

Considering that the Merrick Bank Double Your Line® Secured Credit Card comes with a low annual fee and fairly reasonable APR, it’s a good secured card option for those seeking to build or rebuild their credit.

Plus, there’s the opportunity for a $200 credit limit increase provided by Merrick Bank after 7 months of handling the card account responsibly. That credit line increase will help boost your spending power with the card.

Apply Now
on Merrick Bank's secure site