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

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Advertising Disclosure
LendingTree is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products. We are compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order).

Advertising Disclosure

LendingTree is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products. We are compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order).
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American Express Disclosure
Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.

American Express Disclosure

Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.

Merrick Bank Double Your Line® Mastercard® Review

Merrick Bank Double Your Line® Mastercard® Review

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Is the Merrick Bank Double Your Line® Mastercard® a good card?

Having a large line of credit can significantly boost your credit score, since the amount of credit you use each month (also known as your credit utilization ratio) is a major part of credit scoring. The Merrick Bank Double Your Line® Mastercard® dangles the promise of an automatic credit line increase like a carrot to new card applicants.

For the right applicants — those with higher credit scores — this can mean an affordable path to a better credit score, with no deposit required. However, applicants with lower credit scores will 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.

Merrick Bank Double Your Line® Mastercard® overview

    • Credit lines range from $550-$1,350 which double to $1,100-$2,700 after your account qualifies. No security deposit required.
    • Double your credit line by making at least your minimum payment on time each month for the first 7 months your account is open.
    • See if you are pre-approved within minutes, without affecting your credit score.
    • Build or rebuild your credit. As you pay your bill every month, we report 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.
    300 600 660 720
    Good/Fair/Poor/Limited
  • Auto rental collision damage waiver
  • Zero liability for unauthorized charges
  • Emergency card replacement

Intro Purchase APR

N/A

Regular Purchase APR

23.70% - 29.95% *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

Pros and cons of the Merrick Bank Double Your Line® Mastercard®

Pros

  • No security deposit required
  • Potentially high credit limit
  • Reports account activity to all three credit bureaus
  • Free monthly FICO Score access

Cons

  • Potential account setup fee
  • Potential annual fee
  • Potential additional card fee
  • High APR

What we like about the Merrick Bank Double Your Line® Mastercard®

  • No security deposit

    If you’re approved for an offer with no annual fee, then there’s no cost for you to set up this card. The Merrick Bank Double Your Line® Mastercard® is an unsecured card, meaning no security deposit is required.

  • Reports account activity to the credit bureaus

    The Merrick Bank Double Your Line® Mastercard® reports to all three credit bureaus: Equifax, Experian and TransUnion. Some issuers don’t report your account activity to all three bureaus, even though it’s a key feature for building credit — you can’t improve your credit score if your accounts don’t appear on your credit report.

  • Automatic credit line review

    After seven months, Merrick will review your account activity and double your line if you’ve made at least your minimum monthly payment on time. 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 line you use each month) accounts for 35% of your score.

What to watch out for with the Merrick Bank Double Your Line® Mastercard®

  • Potential for high fees

    The main drawback to the Merrick Bank Double Your Line® Mastercard® is that you may have to pay substantial fees to set up and keep your account open. Furthermore, you can’t tell what the fees will be until after you’ve applied and been approved for the card.

    According to Merrick, your fees could include:

    • $0-$75 one-time setup fee
    • Annual fee: $0 - $72
    • $0-$12 per additional card issued per year

    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 to trying to increase the age of your accounts (another major factor in credit scoring).

    On the bright side, if you have a higher credit score, you may be able to avoid these fees altogether.

  • High APR

    You should avoid carrying a balance on the Merrick Bank Double Your Line® Mastercard®, because the APR is really high at 23.70% - 29.95% *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.

Alternate credit-building card to the Merrick Bank Double Your Line® Mastercard®

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
27.49% 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.
  • Use your tax refund to fund your security deposit and start building your credit history. Your credit line will equal your deposit amount, starting at $200. Bank information must be provided when submitting your deposit.
  • 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.
  • Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites. Activate for free.
  • Click through to Discover’s website to see terms and conditions.
300 600
Poor/Limited

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.

The Discover it® Secured Credit Card requires at least a $200 security deposit, 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, no maintenance fees to speak of, and the card comes with a slightly more reasonable 27.49% Variable APR.

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.

Discover conducts monthly account reviews starting at seven months, and may upgrade you to an unsecured card if you manage your card responsibly. That means you could have your deposit refunded in less than a year, rather than throwing away money on fees.

Compare the Merrick Bank Double Your Line® Mastercard® to similar cards

Comparison of four different credit cards
Merrick Bank Double Your Line<sup>®</sup> Mastercard<sup>®</sup> Discover it<sup>®</sup> Secured Credit Card OpenSky<sup>®</sup> Secured Visa<sup>®</sup> Credit Card Total VISA<sup>®</sup> Credit Card
Merrick Bank Double Your Line® Mastercard® Discover it® Secured Credit Card OpenSky® Secured Visa® Credit Card Total VISA® Credit Card
Read Review
Apply Now
on Discover's secure site
Apply Now
on OpenSky's secure site
Apply Now
on Bank Of Missouri's secure site
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

Is the Merrick Bank Double Your Line® Mastercard® right for you?

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 card, 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 card.

The information related to the Merrick Bank Double Your Line® Mastercard® has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication.