Merrick Bank Double Your Line® Mastercard® Credit Card review (2024)

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These offers are no longer available on our site: Merrick Bank Double Your Line® Mastercard® Credit Card, Petal® 1 Visa® Credit Card

Pros

• Reports to the three major credit bureaus
• Automatically doubles your credit line in your first year when you make on-time payments
• No security deposit required

Cons

• Must be invited to apply
• Low starting credit line
• Annual fee and one-time setup fee
• High APR

5 things you need to know about the Merrick Bank Double Your Line® Mastercard® Credit Card

1. Good opportunity to build credit

If you’re looking to build credit, the Merrick Bank Double Your Line® Mastercard® Credit Card could help.

The Merrick Bank Double Your Line® Mastercard® Credit Card reports to all three major credit bureaus. This gives you the opportunity to demonstrate a positive credit history by making on-time payments.

When possible, you might be able to further boost your credit by paying off your balance in full each month before your statement balance closes. This could help lower your credit card utilization, which is another key component that goes into determining your credit scores.

2. Not much spending power

When it comes to spending, the Merrick Bank Double Your Line® Mastercard® Credit Card doesn’t give you much room.

Your initial credit limit will be somewhere between $300 and $1,500, though you may see different terms if you apply through Credit Karma.

But after you make your first seven payments on time (paying at least the minimum amount due each month), the Merrick Bank Double Your Line® Mastercard® Credit Card will automatically double your credit line with a credit limit increase, which is another way to lower your credit utilization ratio and potentially boost your scores.

Because your credit usage is another key factor in building credit, it’s important to use no more than 30% of your available credit each month.

That means until Merrick raises your credit line, it’s a good idea to keep an eye on your balance.

3. Watch for interest charges

If you can, pay off your balance in full each month. Not only will this help your credit, but it could also save you money on interest charges.

The Merrick Bank Double Your Line® Mastercard® Credit Card charges a variable purchase APR of 29.7% (you might see a different rate if you apply through Credit Karma or directly through Merrick). With an APR this high, interest charges could add up pretty quickly if you carry a balance from month to month.

4. No collateral required

The Merrick Bank Double Your Line® Mastercard® Credit Card is an unsecured credit card. By definition, you won’t be required to pay a security deposit like you would with a secured credit card.

Some secured credit card security deposits are refundable. But this card’s lack of deposit could make it more attainable for people who don’t have the cash on hand.

5. Charges fees upfront

For a card that has no security deposit, the Merrick Bank Double Your Line® Mastercard® Credit Card has a lot of upfront costs. First, there’s a one-time account set-up fee of up to $75. That’s in addition to the card’s $0 - $72 first-year annual fee, though you might see different annual fees on Credit Karma. (After the first year, you’ll be billed up to $6 per month for the annual fee.)

You’ll have to pay close attention to the confusing fee structure. Merrick lists both of these fees as part of a range, so it’s unclear exactly how much you’ll be charged. And unlike a security deposit, these fees aren’t refundable.

It’s important to note that Merrick may subtract the cost of the annual and set-up fees from your total credit line before you even begin using the card. For example, let’s say you’re approved for a credit limit of $550. If Merrick charges you a set-up fee of $75 and a first-year annual fee of $50, your total available credit limit will only be $425.

What else you need to know

There are a few more things you should keep in mind before you apply for the Merrick Bank Double Your Line® Mastercard® Credit Card.

• By invitation only — The Merrick Bank Double Your Line® Mastercard® Credit Card isn’t open to everyone — you must be invited to apply. This could either come in the form of an offer through your Credit Karma account or an invitation you receive by mail directly from Merrick Bank.
• Make sure you pay on time — The Merrick Bank Double Your Line® Mastercard® Credit Card charges a hefty late fee of up to $40. You could also get hit with a returned payment fee of up to $40 if your initial form of payment isn’t accepted (you might see different offers on Credit Karma).
• No rewards — Some cards give you a little something back while you build credit, which can be a good motivator to continue making progress. But the Merrick Bank Double Your Line® Mastercard® Credit Card isn’t one of them.

Who this card is good for

The Merrick Bank Double Your Line® Mastercard® Credit Card is geared toward people who are looking to build credit for the first time, as well as those with poor credit who want to rebuild their credit.

This card could be a good fit if you can’t afford a security deposit upfront. The problem is, between the one-time set-up fee and recurring annual fee, you’ll still have to fork over a lot of cash that you won’t get back down the road.

Not sure this is the card for you? Consider this alternative.

• Petal® 1 Visa® Credit Card: If you want more spending power, this card could be a good option.