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Merrick Bank Double Your Line® Mastercard® review

Numerous fees and a high APR make credit-building difficult.

  • Get this card if: you really want a unsecured credit-building card.
  • Pick something else if: you qualify for a card with a lower APR and annual fee.
  • Apply with a poor credit score of 300 or higher.
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20.95% to 31.2%

Purchase APR (variable)

300

Recommended credit score

Merrick Bank Double Your Line® Mastercard®
See if you are prequalified without harming your credit score.

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Details

Annual fee$0 to $72
Welcome offerN/A
RewardsN/A
Purchase APR20.95% to 31.2% variable
Balance transfer APRN/A
Minimum Credit Score300
IssuerMastercard

Review by


Steven Dashiell is Senior Writer, Personal Finance at Finder specializing in all things credit cards. With more than 300 articles under his belt, he aims to help readers embrace credit cards and maximize their rewards. Steve is studying to become a Certified Educator in Personal Finance, and is a frequent face on Finder’s YouTube channel, offering the latest in credit card hacks and advice. His expertise has been featured on numerous outlets, including U.S. News & World Report, NASDAQ, Time, CBS, Fox Business, Lifehacker, Martha Stewart Living and more.

Expert review

While the offer to double your credit limit after a few on-time payments sounds enticing, the rest of this card’s features signal red flags. Namely, you’ll pay an annual fee of $0 to $72 and an APR of 20.95% to 31.2% variable, depending on your creditworthiness.

Strong unsecured credit-building cards feel like something of a rarity on the market and the Merrick Bank Double Your Line® Mastercard® falls squarely into the “read the fine print” pile. Certainly, the card offers some credit-building perks, such as reporting to the major credit bureaus and offering FICO score updates each month. But so do countless other credit cards – albeit without the fees.

If your goal is to build your credit score, you should look to do with while paying as little in fees as possible. With a potential annual fee and a high APR hanging over your head, we recommend you look elsewhere to build your credit.

How to apply for the Merrick Bank Double Your Line® Mastercard®

To apply for the Merrick Bank Double Your Line® Mastercard®:

  1. Select Apply now.
  2. Fill out the required information to see if you prequalify without affecting your credit score.

What credit score do I need?

Merrick Bank may send offers to apply if you have a poor credit score of 300 or higher.

Merrick Bank Double Your Line® Mastercard® benefits

  • Double your credit line. Merrick Bank may double your credit line after you make your minimum payment each month for seven months.
  • No penalty rates. You won’t experience a penalty APR for late payments or incur overlimit fees.
  • Credit score. You’ll have monthly access to your FICO score.

Merrick Bank Double Your Line® Mastercard® drawbacks

  • Fees. This card has a higher-than-average number of fees associated.
  • High APR. The purchase APR on this card is higher than average at 20.95% to 31.2%.
  • Rising credit limit. After seven minimum payments Merrick Bank raises your credit limit. Though this could be a benefit, a higher limit has the potential to lead to debt and overspending.

Fees to watch out for. The Merrick Bank Double Your Line® Mastercard® carries a sizable number of fees for a credit-building card. These include:

  • Annual fee: $0 to $72
  • Late payment fee: Up to $40
  • High cash advance APR: You’ll pay a variable APR of 25.95% to 36.2% on any cash advance transactions you make with your card.
  • No rewards program. The Merrick Bank Double Your Line® Mastercard® doesn’t offer a rewards program.

Compare Merrick Bank Double Your Line® Mastercard® with two similar cards

Merrick Bank Double Your Line® Mastercard®

Merrick Bank Double Your Line® Secured Credit Card

★★★★★

Finder rating 4 / 5

Apply now
on Merrick Bank's secure site
Apply now
on Merrick Bank's secure site

Minimum Credit Score

300

Minimum Credit Score

300

Annual Fee

$0 to $72

Annual Fee

$36

Purchase APR

Up to 31.2% variable

Purchase APR

18.95% variable

Balance transfer APR

N/A

Balance transfer APR

N/A

Rewards

None

Rewards

None

Welcome offer

N/A

Welcome offer

N/A

Bottom line

Given this card’s numerous fees and high APR, it’s hard to recommend the Merrick Bank Double Your Line® Mastercard® for building credit. Even if you were to use this card perfectly, paying an annual fee is counterproductive to your ultimate goal of financial health.

If you need to build or rebuild credit, we recommend comparing secured credit cards to find one that best suits your financial profile.

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