Last updated on April 10th, 2023
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Merrick Bank Double Your Line® Secured Credit Card
Merrick Bank Double Your Line® Secured Credit Card
Merrick Bank Double Your Line® Secured Credit Card
- 22.45% Variable Regular Purchase APR
- 27.45% Variable Cash Advance APR
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.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 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
- Regular Purchase APR: 22.45% Variable
- Cash Advance APR: 27.45% Variable
- 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
- You're seeking to establish credit for the first time
- You only have enough available funds for a small deposit
- You have credit problems or no credit history
- You 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.
How Does the Merrick Card Stack Up?
The Merrick Double Yur Line Secured Mastercard is a great way to build credit while enjoying exclusive features:
| Merrick Secured Mastercard | Prepaid Card | Debit Card | |
| Security deposit required? | ✅ | ❌ | ❌ |
| Build Credit with on-time payments | ✅ | ❌ | ❌ |
| Complimentary FICO Score | ✅ | ❌ | ❌ |
| $0 Fraud Liability | ✅ | ❌ | ❌ |
| Exclusive Mastercard experiences | ✅ | ❌ | ❌ |
| Periodic reviews for credit line increases | ✅ | ❌ | ❌ |
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 of the Merrick Bank Double Your Line® Secured Credit Card include:
| No account set-up fees | No over-the-limit fees | Online payment options |
| Online account management tools | Free FICO Score every month | Mastercard features and benefits |
As mentioned, the Merrick Bank Double Your Line Secured Card features Mastercard Platinum benefits and protections, including:
| Zero Liability Protection | Mastercard Global Services | ID Theft Protection |
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 is a selection of expert reviews for the card:
| BestCards | Better Business Bureau | TrustPilot |
|
4.5/5 |
3/5 |
5/5 |
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.
