Merrick Bank Double Your Line^® Mastercard^® Review: Double Your Credit Line Within The First Year

The Merrick Bank Double Your Line^® Mastercard^® offers a larger credit line that could help boost your credit profile. But with its potentially high price tag, you might be better off choosing a more affordable card.

As its name suggests, it offers the chance to double your credit line — and possibly boost your credit score — within the first year. It also reports your credit activity to the three major credit bureaus (Experian, Equifax and TransUnion) and provides free monthly credit scores.

This can mean an affordable path to credit with no security deposit for the right applicants, i.e. those with higher credit scores. However, if you have a lower credit score, you may find large fees lurking in the fine print of this unsecured credit card. What’s worse: You won’t know what those fees will be until after you apply and get approved for the card.

• Annual fee: $0 - $72
• Sign-up bonus: N/A
• Rewards: N/A
• APR: 29.95% - 34.70% Variable
• Foreign transaction fee: 2% of each transaction in U.S. dollars
• Recommended credit: Limited / Poor / Fair / Good

• No security deposit required

  The Merrick Bank Double Your Line^® Mastercard^® is an unsecured credit card that accepts applicants with limited / poor / fair / good credit. This means you won’t have to put down a deposit to secure your line of credit.

  While many unsecured credit cards offer rewards and benefits, unsecured credit cards for lower credit scores often come with expensive fees and high interest rates. If you have less than perfect credit, some of the best card options available to help boost your credit are secured credit cards.

• Automatic credit line reviews

  After seven months, Merrick Bank will review your account activity and double your line of credit if you’ve made at least your minimum monthly payment on time each month. Following the first year, Merrick Bank will review your account on a regular basis for possible credit line increases.

  Tip

  A larger credit line can lead to a credit score increase, since your credit utilization ratio (the amount of credit you’re using compared to the amount of credit you have available) accounts for 35% of your score.

• Reports account activity to the three major credit bureaus

  When trying to build credit, it’s important to find a card that reports your credit activity to the three major credit bureaus (Experian, Equifax and TransUnion), like the Merrick Bank Double Your Line^® Mastercard^® does. This is because your positive payment history will appear on any credit report that’s pulled when you apply for credit in the future.

  Tip

  With the Merrick Bank Double Your Line^® Mastercard^®, you can get your monthly FICO score for free. Or you can check your credit score for free without negatively impacting your credit by using LendingTree Spring.

• Potential for fees

  The main drawback to the Merrick Bank Double Your Line^® Mastercard^® is that you may have to pay fees to set up and maintain your card. You won’t know what the fees will be until after you’ve applied and been approved for the card.

  This could include the following:

  • Annual fee: $0 - $72
  • Additional card fee: $0 to $12 per card per year

  Additionally, some of these fees can reduce your initial credit limit. For example, if you have a $72 annual fee and are approved for a $300 credit limit, your available credit limit will only be about $228. If you’re not happy with the amount you’re being assessed, you can choose to reject the offer without incurring fees — as long as you haven’t used the account or paid a fee after receiving a billing statement.

  Tip

  In a short time, your fees with the Merrick Bank Double Your Line^® Mastercard^® could equal the deposit for a secured credit card — not to mention, they’re nonrefundable. If you’re looking to build credit, a secured credit card may be a better option. They usually come with no annual fee in exchange for a refundable security deposit (typically starting around $200).
  
  See all of the top credit cards to build credit.

• High APR

  If you carry a balance on the Merrick Bank Double Your Line^® Mastercard^® from month to month, you’ll be subject to a 29.95% - 34.70% Variable APR. While the upper end of this range is extremely high, the lower end is comparable to other cards for lower credit scores. For example, the Capital One Quicksilver Secured Cash Rewards Credit Card has a 29.74% (Variable) APR (see rates & fees). The Petal^® 2 Cash Back, No Fees Visa^® Credit Card has a 28.99% - 30.99% Variable APR.

  Merrick also offers the Merrick Bank Secured Credit Card, which has a much lower 22.70% Variable APR. But there’s still an annual fee of $36 for first year. Billed $3 per month thereafter. Plus, you’ll have to put down a security deposit of at least $200, which will become your line of credit.

  Tip

  We recommend paying your balance in full every month — especially when trying to increase your credit score.

• Requires a mail offer to apply

  Typically, if you want to apply for a credit card, you can do so by going online or in person to fill out an application. However, with the Merrick Bank Double Your Line^® Mastercard^®, you have to be invited through a mail offer to apply. Once you receive a mail offer, you have to go to Merrick’s website and input the acceptance certificate number, your last name as it appears on your offer letter and your email address. The Merrick Bank Double Your Line^® Mastercard^® doesn’t require a mail offer to apply.

• No rewards program

  Most credit-building cards don’t come with rewards programs, and the Merrick Bank Double Your Line^® Mastercard^® is no exception. But if you’re looking for the chance to earn rewards, there are some cards geared toward those with lower credit scores that have rewards programs.

  Usually these are secured credit cards that require a deposit. For example, the Discover it^® Secured Credit Card offers elevated rewards on purchases at gas stations and restaurants. The Capital One Quicksilver Secured Cash Rewards Credit Card also offers accelerated cash back on every purchase.

Merrick Bank Double Your Line^® Mastercard^® vs. Discover it^® Secured Credit Card

The Discover it^® Secured Credit Card offers a better overall value than the Merrick Bank Double Your Line^® Mastercard^®. Although the card requires a security deposit of at least $200, there’s a $0 annual fee, no maintenance fees and a lower 27.24% Variable APR on purchases.

Plus, the Discover it^® Secured Credit Card offers the opportunity to earn rewards. Earn 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. Starting at seven months, Discover will begin conducting monthly account reviews to see if you qualify to upgrade to an unsecured card and get your deposit back.

Merrick Bank Double Your Line^® Mastercard^® vs. Capital One Quicksilver Secured Cash Rewards Credit Card

The Capital One Quicksilver Secured Cash Rewards Credit Card is another secured option that can offer more value than the Merrick Bank Double Your Line^® Mastercard^®. You’ll have to put down a refundable $200 security deposit to get at least a $200 initial credit line. But there’s a $0 annual fee (see rates & fees), and you’ll be automatically considered for a higher credit line in as little as six months with no additional deposit needed.

There’s also a solid rewards program. You’ll earn 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply).

Merrick Bank Double Your Line^® Mastercard^® vs. Petal^® 2 Cash Back, No Fees Visa^® Credit Card

The Petal^® 2 Cash Back, No Fees Visa^® Credit Card is an unsecured credit card geared toward those looking to build credit. Like the Merrick Bank Double Your Line^® Mastercard^®, you won’t have to put down a deposit to secure your line of credit. But this card might be a better value, as there’s a $0 annual fee and no credit history required to get approved for the card.

You can also earn 1% cash back on eligible purchases right away, and 2% to 10% cash back at select merchants. Plus, earn up to 1.25% cash back on most purchases after six months of timely payments and up to 1.5% cash back on most purchases after 12 months of timely payments.

If you’re confident that your credit score is high enough that you can avoid the fees associated with the Merrick Bank Double Your Line^® Mastercard^®, it’s an option for building your credit. But if you’re uncomfortable with the uncertainty of paying fees and having a high APR, you should consider applying for a different card.

A secured credit card that requires a deposit and charges no annual fee — like the Discover it^® Secured Credit Card or Capital One Quicksilver Secured Cash Rewards Credit Card (see rates & fees) might be the best route to take. You’ll have to put down a security deposit to open the account, but you won’t have to pay expensive fees to keep your card open. Plus, you can recoup your entire deposit (provided you don’t have any unpaid balance) once you close the account.

Or, if you don’t want to put down a deposit, opt for an unsecured card with a $0 annual fee, like the Petal^® 2 Cash Back, No Fees Visa^® Credit Card.

We devote a large part of the score for credit-building cards to features that help build credit — we want to help you locate cards that don’t cost a lot to own and get help you upgrade to better card offers.

• Annual savings (50% of rating): We calculate how much the average cardholder can save with the card on a yearly basis. If it is a rewards card, we use U.S. Bureau of Labor data and $300 in monthly spend (the typical starting credit limit for an introductory card) to calculate how much the average cardholder can earn in rewards. We then subtract fees — including annual fees and maintenance fees — from this amount.
• Credit building features (50% of rating): We give points for features that help build credit, including reports to all three credit bureaus, regular account reviews for card upgrades and free credit score access. We detract points for features that can be costly to cardholders trying to build credit, such as security deposits, penalty APRs and late payment fees.