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If you’re looking to build or rebuild your credit and want to avoid having to submit a $200 security deposit required by many secured cards, then you may want to take a look at the unsecured Merrick Bank Double Your Line® Mastercard®. The card is aimed toward applicants with good/fair/poor/limited credit.
However, given the number of fees you may incur setting up the Merrick Bank Double Your Line® Mastercard® as well as potential ongoing maintenance fees, you may be better off with a standard secured card that requires a deposit as these fees can add up to more than $200 over a couple of years of having the Merrick Bank Double Your Line® Mastercard®.
Plus, you won’t know exactly how much you may be required to pay in fees until after you apply and approved for the card. We take a look at the fee structure of the Merrick Bank Double Your Line® Mastercard® and also highlight an alternate card that may be a bit more transparent.
Intro Purchase APR
N/A
Regular Purchase APR
21.70% to 30.70% *Variable
Intro BT APR
N/A
Regular BT APR
N/A
Annual Fee
$0 - $72
Cash Advance Fee
4%, Min: $10
Foreign Transaction Fee
See Terms*
Balance Transfer Fee
N/A
No security deposit
The Merrick Bank Double Your Line® Mastercard® is an unsecured card, meaning no security deposit is required.
Reports account activity to the credit bureaus
When trying to build or rebuild your credit profile, applying for a card that reports account and payment activity to all three credit bureaus is the best. The Merrick Bank Double Your Line® Mastercard® reports to all three: Equifax, Experian and TransUnion.
Automatic credit line review
After you open the card account, and if you accepted an offer to increase your credit line, that decision will depend on if you’ve made at least the minimum payment on time for the first 7 months of having the card. If you meet those criteria, your credit line should double.
Potential for high fees
Merrick Bank sets it fee structure according to your creditworthiness. That means the higher your credit score, there may be potential to avoid some of these fees altogether.
Here is the fee structure for the Merrick Bank Double Your Line® Mastercard®:
High APR
As with many cards geared toward helping consumers build or rebuild their credit, the APR is really high at 21.70% to 30.70% *variable. However, you can avoid interest charges entirely by paying off what you charge each month by the statement due date.
No rewards program
Few credit-building cards come with rewards programs, and the Merrick Bank Double Your Line® Mastercard® is no exception. If you’re looking for rewards on your purchases, you may want to look into the Discover it® Secured Credit Card card instead.
Plus, the card comes with a rewards program: 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 It also has a signup bonus: Discover will match all the cash back you’ve earned at the end of your first year.
The benefit of opting for a secured card to rebuild your credit over an unsecured card that charges fees is that you won’t be throwing away money which will never be returned to you once you close the card.
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| Merrick Bank Double Your Line® Mastercard® | Discover it® Secured Credit Card | OpenSky® Secured Visa® Credit Card | Total VISA® Credit Card |
|---|---|---|---|
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Apply Now on Merrick Bank's secure site
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Apply Now on Discover's secure site
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Apply Now on OpenSky's secure site
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Apply Now on Bank Of Missouri's secure site
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| Annual Fee | |||
| $0 - $72 | $0 | $35 | See Terms |
| Welcome Offer | |||
| N/A | Discover will match all the cash back you’ve earned at the end of your first year. | N/A | No bonus |
| Rewards Rate | |||
| N/A | 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 | Non-rewards card |
| Recommended Credit | |||
| Good/Fair/Poor/Limited | Poor/Limited | Poor/Limited | Fair/Poor |
| Card Details | |||
| Merrick Bank Double Your Line® Mastercard® | Discover it® Secured Credit Card | OpenSky® Secured Visa® Credit Card | Total VISA® Credit Card |
If you’re confident that your credit profile is such that you can avoid a lot of the fees associated with the Merrick Bank Double Your Line® Mastercard®, then give it a try. However, if after applying you find that you’ll be paying a high maintenance fee and annual fee, you may want to reconsider and close the account right away. Otherwise, you’ll never get those fees back when you close the card down the road and they’ll eat into your available credit limit.
If you opt for a secured card that requires a deposit and charges no fees, you should recoup your entire deposit (provided you don’t have any unpaid balance) once you close the card and are ready to graduate to an unsecured card.