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If you’re new to credit or have made financial mistakes in the past that caused your credit to suffer, a credit card with a larger credit line can help boost your credit profile. As its name suggests, the Merrick Bank Double Your Line® Mastercard® 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: 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. You could land a $0 annual fee, or you could pay more than $100 in fees in your first year.
Intro Purchase APR
N/A
Regular Purchase APR
26.20% - 34.45% Variable
Intro BT APR
N/A
Regular BT APR
N/A
Annual Fee
$0 - $72
Cash Advance Fee
4%, Min: $10
Foreign Transaction Fee
2% of each transaction in U.S. Dollars.
Balance Transfer Fee
N/A
No security deposit
If you have bad or limited credit, some of the best card options available to help boost your credit are secured credit cards. However, those cards require a security deposit upfront — often starting at $200 — which will serve as your line of credit.
The Merrick Bank Double Your Line Mastercard, on the other hand, accepts applicants with good/fair/poor/limited credit and doesn’t require a deposit.
Reports account activity to the 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.
Reports account activity to the credit bureaus
After seven months, Merrick Bank will review your account activity and automatically 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.
A larger credit line — up to $2,700, according to Merrick — can lead to a large 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.
Potential for high 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. Furthermore, 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:
In other words, you may have to pay $147 for the card in the first year, and a $72 annual fee each year after. In a short time, your fees could equal the deposit for a secured credit card, not to mention, they’re nonrefundable. Plus, you’re stuck paying the fees unless you close your account, which could be an obstacle when trying to increase the age of your accounts (another major factor in credit scoring).
That said, if you’re not happy with the amount you’re being assessed, you can still 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.
High APR
If you carry a balance on the Merrick Bank Double Your Line® Mastercard® from month to month, you’ll be subject to interest charges at an APR of 26.20% - 34.45% variable. But while this is high, it’s in line with cards designed for those with bad credit.
Note: We recommend paying your balance in full every month — especially when trying to increase your credit score.
No rewards program
Few credit-building cards come with rewards programs, and the Merrick Bank Double Your Line® Mastercard® is no exception. If you have limited / poor credit and want to earn rewards for the purchases you make, you may want to consider the Discover it® Secured Credit Card card instead.
The Discover it® Secured Credit Card requires a security deposit of at least $200, but you may find it’s a more affordable option over time than the Merrick Bank Double Your Line Mastercard. There’s a $0 annual fee and no maintenance fees, and the card comes with a slightly more reasonable 27.49% Variable APR.
Plus, the card comes with a rewards program: 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. And Discover will match all the cash back you’ve earned at the end of your first year.
After seven months, Discover will begin conducting monthly account reviews to see if you qualify to upgrade to an unsecured card. This means you could have your deposit refunded in less than a year, rather than throwing away money on fees.
The OpenSky® Secured Visa® Credit Card may be even easier to get approved for than the Merrick Bank Double Your Line® Mastercard® and the Discover it® Secured Credit Card, since it doesn’t require a credit check. It’s a good option if you have poor credit or don’t want your credit score to take another hit from applying for a credit card. It’s also a safer bet if you’ve been denied from other secured credit cards.
Just know, the card charges a $35 annual fee and requires a security deposit of at least $200.
| Credit Cards | Our Ratings | Annual Fee | Rewards Rate | Regular APR | |
|---|---|---|---|---|---|
|
Merrick Bank Double Your Line® Mastercard®*
|
$0 - $72 | N/A | 26.20% - 34.45% Variable | ||
|
Discover it® Secured Credit Card*
|
$0 | 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 | 27.49% Variable APR | ||
OpenSky® Secured Visa® Credit Card
 Apply Now
on Capital Bank, N.A.'s secure site |
$35 | Earn up to 10% cash back* on everyday purchases | 25.14% (variable) |
Apply Now
on Capital Bank, N.A.'s secure site |
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®, then give it a try. However, unless you’re comfortable with the uncertainty of paying fees, you should consider applying for a different credit card.
A secured credit card that requires a deposit and charges no fees may be the best route to take. You may have to pay more upfront 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.
Merrick Bank will double your credit line for the Merrick Bank Double Your Line® Mastercard® after you make at least the minimum payment due on time every month for seven months.
After the first year, Merrick Bank will review your account account on a regular basis for possible credit line increases.
Yes, you can use your Merrick Bank Double Your Line® Mastercard® anywhere credit cards are accepted.
You can activate your Merrick Bank credit card online by entering your 16-digit card number, the last four digits of your Social Security number and date of birth here. You can also activate your card over the phone by calling 800-204-5936.
The information related to the Merrick Bank Double Your Line® Mastercard® and Discover it® Secured Credit Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.
