MoneyGeek's Take

Merrick Bank Double Your Line Secured Visa Review

When you have bad credit, start with a secured credit card. Secured cards are credit cards that require a deposit, and they are the best credit cards for developing good financial habits and increasing your credit scores. The Merrick Bank Double Your Line Secured Visa requires a $200 deposit, which is your credit line until the bank doubles your credit line to $400 if you make at least your minimum payment for the first seven months.

Last Updated: 5/2/2022
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The Merrick Bank Double Your Line Secured Visa may appeal to customers who want to improve their credit history while increasing credit limits for good consumer behavior. Every month, cardholders receive free access to their FICO credit scores so they can track their credit progress. Lenders use FICO scores and other credit report information to analyze risk and decide whether to offer loans and credit cards.

Card Details to Know Up Front
  • Bonus, Fee or Feature
    Has or Not
  • Has Annual Fee
  • Security Deposit Required
  • Has Rewarding Welcome Offer
  • Has APR Offer
  • Has Balance Transfer Fee
Click to see this card’s rates, fees and how they compare to other cards in our dataset.

Merrick Bank Double Your Line Secured Visa at a Glance

Individuals with various credit histories may apply for secured cards to help them establish or restore their credit. In contrast to a debit or pre-paid card, it helps develop positive credit history. When comparing deals, keep in mind the Merrick Bank Double Your Line Secured Visa benefits and how they stack up to other similar cards.


  • Merrick Bank Double Your Line Secured Visa

    Best credit card for training good financial habits


    • PoorCredit Needed
    • $36*Annual Fee
    • $200Min. Security Deposit
    • 3# of Reporting Bureaus
    • 17.45%APR

Pros & Cons Explained

​​While the many advantages of the Merrick Bank Double Your Line Secured Visa are worth noting, it is also necessary to consider the card's limitations.

Pros

  • Benefits
    Description
  • Credit line doubled after seven months
    Make a $200 deposit, which serves as your initial credit line for the Merrick Bank Double Your Line Secured Visa. Then, if you make at least your minimum payment for seven months, your credit line will be doubled to $400 without requiring another deposit.
  • Access your FICO score for free
    While free credit scores have become a standard advantage on mainstream credit cards, they are not always available for individuals with poor credit. The FICO score is the most popular credit score with lenders and is especially useful for monitoring while you restore your credit.
  • Coverage against fraud if your card is lost or stolen
    With the Merrick Bank Double Your Line Secured Visa, you’ll never have to worry about being held liable for fraudulent activity on your card. Account alerts can also help you monitor your card.

Cons

  • Drawbacks
    Description
  • Charges an annual fee of $36
    There are secured credit cards that don't charge a yearly fee. The Double Your Line card, which costs $36 for the first year and $3 per month after that, may seem expensive, especially because it doesn't have any significant rewards.
  • You can't raise your credit line with a bigger deposit
    Many secured credit cards have a credit limit equal to the amount you put down as a deposit, so your credit limit will start at that amount. Some companies even let you add money after making your first deposit to raise your credit limit. The Double Your Line card has a set $200 initial credit line and Merrick Bank will only double that original amount.
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INTERESTED IN COMPARING THE BEST CREDIT CARDS OF 2022?

When the MoneyGeek team looks at the data for each card in our database each month, we review the best options for the most popular card types. Check out our top picks for the best secured credit cards of 2022.

Bonuses & Rewards Explained

If you're interested in this card, there’s a good chance you either have no credit or poor credit. Submit your payments on time every month to build a positive credit history that could enable you to get an unsecured credit card down the road.

Is Merrick Bank Double Your Line Secured Visa a good card? With this card, keep the following features in mind:

1

Refundable security deposit

If you can only get an unsecured card with high fees, a secured credit card is usually a better option for you. A security deposit is required up front, but it is refundable.

2

Reliable customer service

You can use the Merrick Bank mobile app to check your balance, pay bills and get a free credit score. You can also call Merrick Bank Double Your Line Secured Visa for customer service.

3

Great security features

It has the same security features as a regular card. You won't have to pay for any fraudulent charges. You can also set up account alerts through the mobile app to be notified when your account changes.

4

Other fees

It costs $36 for the first year and $3 a month after that. The card also charges roughly 2% for transactions made outside of the United States and up to $40 for late fees.

Other Features Explained

According to J.D. Power, the combination of increased financial stress, weak customer service and misaligned rewards has led to a decline in credit card customer satisfaction. This means it’s even more important than ever to find the right card for your needs.

You can also check out our glossary page to better understand some of the general terms about credit cards.

  • Card Feature
    Description
  • Build credit through reporting payment history
    Account activity, including payment history, is reported to the three leading credit agencies by Merrick Bank, namely Equifax, Experian and TransUnion.
  • Free monthly FICO score
    Get access to your FICO score for free. Payment history accounts for 35% of your FICO credit score, making it the most critical factor to determining this important score.
  • Refundable security deposit
    Merrick Bank will refund any leftover security deposit funds when your Double Your Line Secured Visa account is canceled and all outstanding amounts are paid in full.
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MONEYGEEK QUICK TIP

The Double Your Line Secured Visa Credit Card's $200 credit line automatically doubles to $400 if you make at least your minimum payment each month for the first seven months as a cardholder. This credit line increase will not require any further deposits on your part.

Understanding the Fine Print

It’s important to fully understand every aspect of the card you’re applying for. In the following table, you’ll find more details about the fees, reward rates and other things you should know about the Merrick Bank Double Your Line Secured Visa.

  • Card Feature
    Amount or Rate
  • APR
    17.45%
  • Annual Fee
    $36*
  • Min. Security Deposit
    $200
  • Balance Transfer Fee
    Unspecified
  • Balance Transfer APR
    Unspecified
  • This is an icon

    Regular APR

    The Merrick Bank Double Your Line Secured Visa offers a variable annual percentage rate (APR) of 17.45% on purchases and a 22.45% APR for cash advances. Additionally, interest is accrued on balance transfers and cash advances from the date of the transaction. This APR is subject to change quarterly based on the current prime rate.

  • This is an icon

    Annual Fee

    The Double Your Line Secured Visa has an annual fee of $36 for the first year, followed by a monthly fee of $3.

  • This is an icon

    Foreign Transaction Fee

    This card charges 2% in foreign transaction fees, so it might not be a great option for those of you who frequently travel overseas.

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HOW TO FIND THIS INFORMATION ON YOUR OWN?

When comparing this card to other secured credit cards, pay particular attention to the annual percentage rate (APR) and any related costs. If you're comparing it to a card you already have, review your most recent billing statement or visit your card provider's website or mobile app for more info. Alternatively, you may get information from the Consumer Financial Protection Bureau's credit card agreement database.

Who Should & Shouldn’t Consider Merrick Bank Double Your Line Secured Visa?

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Other Considerations for Merrick Bank Double Your Line Secured Visa

Consider how you intend to use the Merrick Bank Double Your Line Secured Visa before deciding on whether or not to apply for it. It has a low credit line and won’t provide any rewards regardless of how much you utilize the card.

Things to Consider if This Will Be Your First or Only Credit Card

If you don’t have any other credit cards, you should note the Merrick Bank Double Your Line Secured Visa’s relatively low credit limit. In addition, frequent travelers should be aware of the card’s 2% foreign transaction fees. That said, if all you need is a secured credit card to help you build a positive credit history, this card could be a good fit.

Things to Consider if This Will Be an Additional Card in Your Wallet

We only recommend adding the Merrick Bank Double Your Line Secured Visa if you don’t have other cards to help you rebuild credit. This card can make it easier for you to keep a low credit usage ratio since the amount of your security deposit determines your credit limit. However, the card’s annual fee, high APR and lack of rewards make it a questionable choice for adding to existing cards you may have.

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WHY TRUST OUR REVIEWS

We adhere to a straightforward and well-defined methodology and review process when we do credit card reviews. The technique entails extracting data from the Consumer Financial Protection Bureau's database, standardizing data points for simple comparison, predicting average expenditure profiles, calculating long-term value and performing periodic re-ranking of all cards.

How Merrick Bank Double Your Line Secured Visa Compares to Other Cards

While the Merrick Bank Double Your Line Secured Visa is a solid option for secured credit cards, there may be better choices. Specifically, we wish to examine secured credit cards that provide comparable features without annual fees. Let’s take a look at how this card compares to the Capital One Secured Mastercard.

Quick Comparison of Merrick Bank Double Your Line Secured Visa

creditCard

Merrick Bank Double Your Line Secured Visa

  • Annual Fee: $36
  • Foreign Transaction Fee: 2%
  • Purchase APR: 17.45%
  • Rewards: None
  • Best For: Those looking to build their credit history with a reasonable APR
creditCard1

Capital One Secured Mastercard

  • Annual Fee: $0
  • Foreign Transaction Fee: $0
  • Purchase APR: 26.99%
  • Rewards: None
  • Best For: Those trying to build credit with no annual fee

Other Helpful Decision-Making Q&As

The following are the answers to some commonly asked questions about the Merrick Bank Double Your Line Secured Visa that may assist you in making a choice.

Still not sure about this card? Consider these options.

For those who aren't sure whether this card is right for them, take a look at some of the most popular secured cards on the market. A rewards or debt transfer card may be a better option for those who aren't specifically searching for a secured card.

Learn more about credit cards in general

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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity.
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