Merrick Bank Double Your Line® Secured Visa® Credit Card review
Pay your balance on time and you could get a $200 credit limit increase.
finder.com’s rating: 4 / 5
- Get this card if you want to build credit and you can’t get a better card.
- Pick something else if you can’t afford to make a $200 secured deposit.
- Apply with a poor credit score or with no credit history.
Purchase APR (variable)
Recommended credit score
Kliment Dukovski is a credit cards and investments writer. He's written over 600 articles to help readers find and compare the best credit cards. Kliment has also written on money transfers, home loans and more. Previously, he ghostwrote guides and articles on foreign exchange, stock market trading and cryptocurrencies.
What sets the Bank Double Your Line™ Secured Visa apart from other secured cards is that you can get a $200 credit limit increase — without making an additional deposit. All you have to do is pay your balance on time for seven consecutive months after you open your account. As far as we know, no other secured card offers this.
On the downside, the card comes with an annual fee of $36 for the first year and then $3 per month, which is also $36 annually. This isn’t expensive for this type of card and for the $200 credit limit increase. But there are secured cards that don’t charge an annual fee that will do the job just fine.
Despite the annual fee, the Double Your Line™ Secured Visa is a solid credit-building card worth considering.
How to apply for the Merrick Bank Double Your Line® Secured Visa® Credit Card
To apply for the card, all you have to do is:
- Click Apply now.
- Fill out the application form.
- Review the form and submit.
What credit score do I need?
This card is designed for those with poor credit or no credit history. Poor credit is typically defined as a score below 579.
Merrick Bank Double Your Line® Secured Visa® Credit Card benefits
- Credit line increase. After you make your $200 secured deposit and then make seven consecutive on-time payments, Merrick Bank doubles your credit limit.
- Build credit. Merrick Bank reports your card activity to all three credit bureaus — Experian, Equifax and TransUnion. With responsible use, you can boost your credit score.
- Free FICO score. Each month you get free access to your FICO score. This can help you track your credit-building efforts.
- Relatively low APR. Most credit cards for building credit have an APR of around 25% or higher. But with this card, your APR on purchases will be 17.45% variable.
Merrick Bank Double Your Line® Secured Visa® Credit Card drawbacks
- Annual fee. You’ll pay a $36 annual fee for the first year in a one-time payment and $3 each month thereafter. Paying $3 per month is also $36 annually.
- Secured deposit. You have to make a secured deposit of between $200 and $3,000 to use the card. Once you make the deposit, it acts as your credit limit.
- Foreign transaction fees. Transactions made abroad or online with foreign retailers will cost you a 2% fee of the amount.
Compare credit cards
If this card isn’t right for you, compare other credit cards out there to find a product that best fits your financial needs. Consider what kind of perks you’re looking for, which categories you spend most in and what the card’s annual fee is.
What do customers say?
The Double Your Line™ Secured Visa doesn’t have any reviews yet, but Merrick Bank does. The Better Business Bureau (BBB) rates the bank with an A+ where it’s also been accredited since 2012.
As of February 2021, more than 500 complaints have been resolved. Despite that, 78 customers rated the bank 1.36 out of 5 stars.
The Merrick Bank Double Your Line® Secured Visa® Credit Card is a standard secured card that can help you build your credit. The only standout feature is the $200 credit limit increase after you pay your balance on time for seven consecutive months. If this card doesn’t fit your needs, compare other secured cards to find a product that’s right for you.
Credit card ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our team evaluates credit cards to determine their value against similar cards on the market.
We rank card types — travel, cash back, business — on a set of factors that are most relevant to that type of card. We create these rankings to help you narrow down a credit card that best suits your spending and budget.