| Last updated on October 18th, 2023
Merrick Bank Double Your Line® Secured Credit Card Review
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
|Security deposit required?
|Build Credit with on-time payments
|Complimentary FICO Score
|$0 Fraud Liability
|Exclusive Mastercard experiences
|Periodic reviews for credit line increases
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.
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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