Obtaining a credit card can be challenging if your credit history is poor. Fortunately, there is a choice in the Merrick Bank Double Your Line Secured Visa Card, but it has some restrictions on credit lines.
Merrick Bank's Double Your LineTM Visa® Credit Card
OVERALL GRADE
2.6
Merrick Bank's Double Your LineTM Visa® Credit Card
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CREDIT SCORE RECOMMENDATION
350
850
Excellent-Poor
ORDINARY APR (percentage)
18.2 percent is variable.
YEARLY FEE
first year's cost of $36, then $36.
A rate breakdown
In the Interest of Clarity
2.6
as Payment
2.7
for Benefits
2.1
for Credit
3.7
Check out our whole methodology to discover how we arrive at these scores.
CONTENTS TABLE
Pros Presented
Cons Explanation
How to Maximize the Use of This Card
Customer satisfaction
Security Options
Fees to Be Aware Of
Who Should Use This Credit Card?
Savvy Saver Persona's avatar
prioritizes maintaining their spending plan while getting what they need and want.
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Smart Saving
Avatar of the Debt Warrior
Addressing current debt while avoiding taking on additional obligations
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PAYDAY WARRIOR
Persona for the Credit Builder avatar
concerned about bettering their financial situation and seeking praise for responsible credit use.
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BUILDING CREDIT
A secured credit card is a wonderful place to start if you have low credit and need assistance getting back on track. A security deposit is necessary for secured credit cards, and it typically serves as your credit limit. Double Your Line at the Merrick Bank The same principles apply to secured Visa credit cards, but your initial deposit and credit limit are each fixed at $200. But one unique feature is that once you pay at least the minimum for each of the first seven months after opening an account, your credit limit will double to $400.
You're probably better off with a secured credit card if you can only get a card with high fees. Although a security deposit is required up front, many secured cards don't have yearly fees, and the deposit is refundable (unlike fees). Normally, the credit line is equal to your down payment, but you might be able to get one with a $200 limit by only putting down $49 instead.
Pros
- The ability to quickly double your credit limit
- Your FICO score is available for free.
Cons
- annual cost
- A larger deposit can not raise the credit line.
Pros Presented
It's potential to easily double your credit limit: Everyone enjoys receiving rewards for excellent behavior, and having a small credit line can be annoying. Your credit line will increase from $200 to $400 if you pay the minimum amount due each month for the first seven months after opening your account.
Free access to your FICO score has become a standard perk on mainstream credit cards, but not on those offered to people with poor credit. Additionally, some card issuers provide scores like VantageScore, which are less frequently utilized by lenders. The FICO score is the one that lenders use the most, and it is especially useful to track while you repair your credit.
Cons Explanation
Annual fee: Since there are secured credit cards available with no annual fee, the Double Your Line card's $36 introductory fee and $3 monthly maintenance fee make it seem pricey, especially given that it doesn't offer rewards.
With a larger deposit, the credit line can not be increased. The majority of secured credit cards have an initial credit limit that is the same as the security deposit you made. Some businesses will even allow you to extend your credit limit after making your initial deposit. The $200 deposit and initial credit limit on the Double Your Line card are fixed; none of them apply.
How to Maximize the Use of This Card
If you're considering this card, you probably have a low credit score. If so, be careful to consistently pay your bills on schedule. The best thing you can do to repair your credit is to do it. That's in part because your credit score is mostly determined by your payment history, which accounts for 35% of your FICO credit score. 1
Additionally, if you make on-time payments, your credit limit may increase, offering you additional flexibility and lowering your credit use percentage. The use of less than 30% of your available credit is preferred by scoring systems.
If at all possible, you should also try to pay off your balance in full. Your credit card debt may grow significantly as a result of interest charges, increasing your risk of being further behind.
Even though this card can end up being pricey, there are worse options. Another form of burdensome price that many other cards for people with poor credit histories have is a monthly maintenance fee, which you should try to avoid. The cost of a credit card can rise dramatically as a result of this fee.
Customer satisfaction
You can check your balance, pay bills, and get your free credit score via the Merrick Bank mobile banking app or by calling customer service at (800) 204-5936.
Security Options
Standard security measures are provided by the Double Your Line Secured Visa card. You won't be held responsible for unauthorized charges, and you can use the mobile apps to set up account alerts to be notified of any changes to your account.
Fees to Be Aware Of
There is no account opening cost for the Double Your Line Secured Visa Card, but there is a $36 first-year annual fee and a $3 monthly fee after that. This cost is collected once the first year; thereafter, it is billed at a rate of $3 per month. In addition, the card charges a 2% foreign transaction fee and late payment penalties of up to $40.
