Merrick Bank Double Your Line® Secured Credit Card Review

Merrick Bank Double Your Line® Secured Credit Card — all information about the credit card.

By Hanna Volkava
Updated November 25, 2022
Merrick Bank Double Your Line® Secured Mastercard®
Apply now
On Merrick Bank‘s site
Our Rating:
3.98 out of 5
scorer
Recommended credit score
No Credit History to Fair (0-669)
  • Rewards Rate:
    • This card doesn't offer cash back, miles or points.
  • Intro Offer:
    • No current offer.
  • Annual Fee:
    $36 the first year. Billed $3 per month thereafter
  • Purchase Intro APR:
    None
  • Regular APR:
    20.45% Variable
  • Balance Transfer APR:
    None
Show more

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Rate and fee information

  • Purchase Intro APR
    • None
  • Purchase APR
    • 20.45% Variable
  • Intro Balance Transfer APR
    • None
  • Balance Transfers APR
    • None
  • APR for Cash Advances
    • 25.45% Variable
  • How to Avoid Paying Interest
    • Your Payment Due Date is at least 25 days after the close of each Billing Cycle. You will not be charged interest on Purchases if you pay your entire New Balance by the Payment Due Date each month. You will be charged interest on Cash Advances on the transaction date.

Fees

  • Annual Fee
    • $36 the first year. Billed $3 per month thereafter
  • Fees for Cash Advances
    • Either $10 or 4% of the amount of each cash advance, whichever is greater
  • Return Payment
    • Up to $40
  • Late Payment
    • Up to $40
View all Rates & Fees

Pros & Cons

Pros:
  • Double your credit limit
  • Free monthly FICO Score access
Cons:
  • Annual Fee
  • Foreign Transaction

Features

Classic
Mastercard
  • Payment Flexibility
  • Fraud Protection
  • Free Credit Score
  • Purchase Protection
  • Poor Credit
  • Fair Credit
  • Good Credit
  • Excellent Credit

About the issuer

Merrick Bank has several card types depending on your needs.
Manage your Account & Pay your Bill
You can usually pay your bill online on your
Credit card issuer's website
Call to Customer Service

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Double Your Line® Mastercard® Merrick Bank
Double Your Line® Mastercard®
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4.1 out of 5
Recommended credit score
score
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    Annual Fee
  • 22.45% - 30.70%
    Regular APR
  • This card doesn't offer cash back, miles or points.
  • None
    Purchase Intro APR
Apply now
On Merrick Bank‘s site

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

Pros: Cons:
Helps build a strong credit score. This card has payment history reported to all three major credit bureaus. High Fees. There are considerable fees associated with this card, consisting of an annual, cash advance, foreign transaction, and penalty fees.
Competitive APR. This card offers a 20.45% initial variable APR on purchases. It also offers 25.45% APR for cash advances. No Access to Security Deposit Funds. Deposit can’t be used for transactions or earn interest, but is accessible when the credit account is closed.
Free Monthly FICO Score. Your score is provided to you each month to allow you to better keep watch on your credit.
Included $0 Fraud Liability Protection. You aren’t held responsible for fraudulent activity on your card.

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?

This card offers a few additional benefits beyond those already listed, including:
  • 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.

FAQ

What is the customer service phone number for the Double Your Line® Secured Mastercard® Credit Card?

For Merrick Bank credit card customer service, the telephone number is 1-800-204-5936.

How to check my application status for the Double Your Line® Secured Mastercard® Credit Card?

You can call the customer service line at 1-800-204-5936 for approval inquiries.

Is Merrick Bank Double Your Line® Secured Credit Card a Visa® or Mastercard® now?

The card was originally offered as a secured Visa®, but in mid 2022 was changed to a Mastercard®.

Is there a particular credit score range necessary in order to qualify for a card?

There’s no minimum credit score required for approval, instead, Merrick Bank requires the $200 security deposit to be received prior to the approval of the card.
Hanna VolkavaHanna Volkava

Financial and product expert

hv@myfin.us
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