Merrick Bank Double Your Line® Secured Credit Card Review

Double Your Line® Secured Mastercard® Review

In this article, we’ll review the Double Your Line® Secured Mastercard® from Merrick Bank, the perfect card for building better credit.

The Double Your Line® Secured Mastercard® is ideal for customers looking for a credit card for bad credit and to increase their FICO score. By putting down a $200 security deposit, you’re provided with a card credit limit equal to that amount. When, after 7 months, payments have been made regularly and you’re in good standing, the credit line will automatically double to $400 without making additional security deposits. So, whether you have bad credit or simply want to establish first-time credit, this card provides an excellent opportunity for both.

Double Your Line Secured Mastercard: pros and cons

Double the line system in a nutshell

The Double Your Line® Mastercard’s main highlight is the Double Your Line feature. The card requires the cardholder to submit a security deposit of $200 that's held in an account by Merrick Bank. That $200 deposit forms the card’s initial credit limit.

At this point, the card may be used anywhere credit cards are accepted up to the credit limit. After the first 7 months of regular usage and on-time payments, the cardholder automatically has their credit line increased to $400 without having to add further security deposits.

Cardholders can also increase their credit limit by adding more money to the security deposit at any time, up to $3,000. However, only the original $200 is doubled. After receiving the $400 limit, the account will be regularly reviewed for credit line increases without the need for additional deposits.

Who can benefit from getting the Double Your Line® Secured Mastercard®?

Consumers seeking to establish credit or recover from a poor credit history are excellent candidates for the Merrick Bank Double Your Line® Secured Mastercard®. It provides a reasonable credit limit for a secured card, with automatic evaluation for possible increases.

With its competitive APR, focus on helping establish quality credit, and doubling the credit limit without an increase in the security deposit, this credit card is a quality option. Plus, with the fact it’s secured by the cardholder’s funds, they may not be as eager to overspend or harm their credit potential.

Although the credit line isn’t huge, it is enough to be able to use for necessities or emergencies that may come up in life. However, due to the foreign transaction fees, it isn't ideal for users interested in traveling outside the US.

Are there any other benefits?

• Card Alerts and account notifications
• Price-drop protection
• Worldwide ATM access
• Identity theft and dark web monitoring

Conclusion

This is an excellent card for users who want to build up their credit, or who have trouble getting a regular credit card.

The fees are significant, though, and this is a bit of a turn-off. The $36 annual fee for the first year is assessed and deducted in full before you start using the card, and will initially reduce the available credit by $36. After the first year, the annual fee is billed at $3 per month. Cash advance fees are $10 or 4% whichever is higher, and foreign transaction fees are 2% of purchases in US dollars. Lastly, there are late payment and returned payment fees of $40 per occurrence.

But again, if you’re having trouble getting a credit card, this is still an excellent option, especially in the short term to help improve credit. Many people struggle with bad credit or are unable to qualify for a card to help them generate a credit history. This card is a great choice for potential cardholders despite the higher than preferred fees and need for a security deposit.