Merrick Bank Double Your Line® Secured Credit Card

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Last updated on June 4th, 2022

Merrick Bank Double Your Line® Secured Credit Card

Merrick Bank Double Your Line® Secured Credit Card
  • Regular Purchase APR 18.20% variable based on the Prime Rate
  • Cash Advance APR 23.20% variable based on the Prime Rate
  • Annual Fee $36 the first year. Billed $3 per month thereafter
  • Credit NeededBestCards.com uses a variation of FICO Score 8, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card.
    Good , Fair , Poor
  • Processing Network Mastercard
Best Benefits
  • 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
Rates & Fees
  • Regular Purchase APR: 18.20% variable based on the Prime Rate
  • Cash Advance APR: 23.20% variable based on the Prime Rate
  • Cash Advance Transaction Fee: Either $10 or 4% of the amount of each cash advance, whichever is greater
  • Annual Fee: $36 the first year. Billed $3 per month thereafter
  • Foreign Transaction Fee: 2% of the transaction amount in U.S. dollars
  • Late Payment Penalty Fee: Up to $40
  • Return Payment Penalty Fee: Up to $40
  • Minimum Deposit Required: $200
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Merrick Bank Double Your Line® Secured Credit Card

Merrick Bank Double Your Line® Secured Credit Card

Terms & Conditions

At a Glance

The Merrick Bank Double Your Line® Secured Credit Card is a useful tool for boosting your credit score thanks to its Double Your Line® feature. The card features a decent APR, and the chance at credit limit increases without making further cash deposits.

Ideal for Those Who:

  • Are seeking to establish credit for the first time
  • Only have enough available funds for a small deposit
  • Have credit problems or no credit history
  • Want the chance of additional credit limits with no added deposit

Merrick Bank Double Your Line® Secured Credit Card Review

The Merrick Bank Double Your Line® Secured Credit Card is a secured credit card that offers the chance to graduate from secured to unsecured credit. The card is similar to the Merrick Secured credit card – the bank’s other secured credit card offer.

Double Your Line

The main selling point with the card is the Double Your Line® possibilities. The card requires an initial security deposit of $200. That limit also is the same minimum deposit level as the basic Secured card from Merrick.

That $200 deposit becomes the credit limit with the new cardholder’s account. Once they on-time payments for each of the first seven months, they will automatically have their credit line raised to $400 – without the need to add more funds through additional security deposits.

Regular Reporting to the Major Credit Bureaus

Secured credit cards, like the Double Your Line® Secured Credit Card, are one of the best ways to quickly establish or rebuild. When using the Double Your Line® Secured for purchases and then pay the full balance each month, their FICO Score will rise in time.

Because Merrick Bank reports to the three major credit bureaus – Experian, Equifax, and TransUnion – every month, cardholders can raise their score with low credit utilization and a string of on-time payments.

Competitive APR

While Merrick doesn’t advertise their rates publicly (instead of offering terms before applying), the APR with the Double Your Line® Card is the same as the basic Secured Card. That purchase APR is slightly lower than the national average for a secured card – currently at 18%.

Merrick cardholders can’t make balance transfers, but the bank does allow cash advances. The APR for cash advances is around 22.5%.

Other Features of the Merrick Bank Double Your Line® Secured Credit Card

Other notable features with the Merrick Bank Double Your Line® Secured Credit Card include:

  • No account set-up fees
  • No over-the-limit fees
  • Online account management tools
  • Free FICO Score every month
  • Online payment options

What is a Secured Card?

Frequently Asked Questions About Merrick Bank's Double Your Line® Secured Credit Card

Here you will find answers to some of the more commonly asked questions about Merrick Bank, its products, and the Double Your Line® Secured credit card:

  • Merrick Bank uses the Experian credit score when evaluating a credit card application. 
  • Yes. Merrick Bank reports regularly to all three credit bureaus: Experian, Equifax, and TransUnion.
  • Yes. the Merrick Bank family of credit cards are available in all 50 US states.

Merrick Bank Ratings

How does the Merrick Bank Card stack up? Here are a selection of expert reviews for the card:

4/5
2/5
4.75/5

User Rating

4.25/5

User Testimonials

What is the Merrick Bank Double Your Line® Secured Credit Card like to live with? Before deciding if the card is right for you, here’s what our readers and members think about the card:

Jeremy
JeremyBestCards Reader
Read More
It's a great card, good customer service, great mobile app, eat to apply, they monitor your veggie, you receive credit scores from all 3 credit bureaus

Should You Apply for the Merrick Bank Double Your Line® Secured Credit Card?

Overall, the Merrick Bank Double Your Line® Secured card hits many the right notes for credit repair credit cards. Since the card only requires a $200 initial deposit, it won’t cost you much to get the card. Even better, if you make seven monthly payments, that credit limit is doubled – without the need for an extra deposit.

This makes the card an excellent option for those who have limited credit but don’t want to be hamstrung by a secured credit card. After seven months, they can graduate to a partially unsecured line of credit. 

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