Always Standard On All Merrick Cards
Monthly FICO® Score for Free
goScore is a complimentary benefit available online to all Merrick Bank customers. With goScore, you can get your updated FICO® Score for free each month when it is provided to us from the credit bureau.
Zero Liability for Unauthorized Use
Visa’s Zero Liability policy is our guarantee that you won’t be held responsible for unauthorized charges made with your card or account information.
Free Online & Mobile Access
Flexible Payment Options
Automatic Credit Line Review
Final Thoughts Should You Accept That Mail Offer
The Merrick Bank credit cards are basic cards with no real perks or rewards. Theyre intended to rebuild or establish credit and have very lenient requirements for acceptance. They also offer frequent credit limit increases which can help your credit score. Unfortunately, the very high fees and interest rates make them far from a top recommendation to improve your credit. The secured card is better than the unsecured in terms of fees, although it still doesnt compare to other cards like the Capital One Secured card. If you have poor or limited credit, we recommend you check out either or Recommended Cards to Build Credit or our Guide to Secure Credit Cards.
How Credit Cards Help You To Get A High Credit Score
In the present age where your credit score is the most important thing to get a desirable job, a good loan on beneficial terms, or a favorite place to live in. You should consider good options that can make your credit score strong enough to meet these needs.
Whether you are building your credit score from scratch or trying to rebuild it, Credit Cards are one the best solutions to have. As these cards come up with high credit scores also save you from bankruptcy.
All you need to choose is the right card depending on your needs and show responsible behavior by paying monthly bills on time, keep your credit utilization below 30%, always seek for high credit-line, be an authorized user of your credit card, carefully fix your credit report errors, try not to sign up for multiple credit accounts and go for secured credit cards.
After careful research, we have found some useful credit cards that can help you to build your credit history from scratch and be able to repair it. Also, get you a high credit score with unlimited cash rewards while enjoying low-interest rates.
Capital One Credit Cards
Capital One credit cards are well-known for every good reason. As they are able to satisfy people with any financial need. Also, they are known as Fee Aversing credit cards as there is no foreign transaction fee or no to low annual fee on almost every capital one credit card. They are so manageable while travelling abroad or doing online shopping.
Capital One Platinum Credit Card
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Are There Any Disadvantages
Its tough to get a credit rebuilding card without any downsides. Any card issuer that claims their card doesnt have a catch is simply lying to you.
- High fees. The card comes with an annual fee thats not high considering all the other perks of this card. At the same time, it has an account activation fee.
- High interest. Cards APR can go up relatively high. However, the issuer has added this high APR rate only as a safety measure. Unless you break the payment deadline and you owe more than youre allowed, you wont be charged with interest.
- No rewards. The card is solely targeted to build credit and gives no bonuses or rewards for cardholders.
Discover It Secured Credit Card
If youre looking for a secured credit card that lets you transition to an unsecured card after a history of responsible credit use, you might consider the Discover it® Secured Credit Card. Discover will review your account after eight months to determine whether you are ready to graduate to an unsecured card. If Discover decides youre qualified to transition to a standard credit card, your deposit will be automatically refunded. Plus, the Discover it Secured card is one of the few secured credit cards to offer cash back rewards.
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Who Is Merrick Bank Best For
Merrick Bank is going to work best for customers who are looking to get a credit card or loan despite a lackluster credit history. It will especially appeal to customers who:
- Want to build their credit history
- Do not need to pair their general banking needs with their lender or credit card issuer
- Are comfortable with an online-only banking experience
Double Your Credit Line In Seven Months
The main selling point of the Merrick Bank Platinum Card is the chance to double the credit line in as little as seven months after opening an account. During the first seven months from account opening, all cardholders need to use their card and make at least the minimum payment on time every month. After that, cardholders receive a double credit line increase automatically.
Thanks to the Double Your Line feature, new account holders can watch their credit line jump to up to $2,700 in less than a year significantly helping to lower their . And, because Merrick reports to all three major credit reporting agencies every month, on-time payments can help their credit score improve significantly over time.
Merrick Bank also conducts account reviews regularly after the first year, with cardholders receiving a credit limit increase if they qualify. These features create an unsecured credit card product that grows with you on your credit journey instead of holding you back.
Make Online Payment For Doubleyourline:
You can do the online payment procedure by visiting www.doubleyourline.com. You can register here and log-in with your account to clear your monthly payments. Moreover, you can check the credit history as well to keep yourself updated.
- OnlinePayment with Mobile Application
You can download the mobile application of Merrick BankDoubleyourline. This is an easier way to get your payments done and check outall your payment history as well.
- Payment with Mailing Address
You can use the official mailing address of Merrick Bank Doubleyourline, which is Merrick Bank, P.O. Box 660702, Dallas, TX 75266-0702. You can send your payment on this mailing address and thats all.
In upcoming days i will also add new cards by doubleyourline. So if thats something u want let me know in the comment down below.
Merrick Bank Visa Card
Of the three Merrick Bank cards, the Merrick Bank Visa® Card is the one that has the least to offer. The Merrick Bank Visa® Card features the same fee structure as the Merrick Bank Double Your Line Platinum Visa® Credit Card, without the “double your line” benefit. This makes the card quite expensivewith a potential initial cost of up to $171 between the setup fee and the annual fee, which is 4.5 times greater than the $36 for the first year. Billed $3 per month thereafter. initial cost of the Merrick Bank Secured Visa® Credit Card.
The Merrick Bank Visa® Card is the worst of a bad bunch, and we do not recommend that you get it. Those considering this card should consider other credit cards for poor credit, which we discuss below.
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Merrick Bank Secured Visa Card
Merrick Bank is an online lending agency based in Utah that specializes in credit card and ship/car financing. It’s interesting, but Merrick Bank’s Visa card doesn’t attract your attention. Don’t get us wrong. It’s not a bad card. It’s just a bluff, moderately priced choice with competitors, cheap and exciting.More specifically, Merrick Bank Guarantee Card requires deposits of at least $200. Over time, deposits can increase by up to $3,000, with a total annual cost of $36. You just need to know that. Merrill Lynch also has relatively low regular April and 2% foreign exchange transaction costs, but both can be easily avoided – always paying your bills in full and avoiding international purchases.
Merrick Bank Credit Card: Mail Offer Exposed
Merrick Bank offers unsecured and secured credit cards, both aimed at individuals with bad credit.Note:Interestingly, you can only apply for their secured Visa card through their website. If you want an unsecured card, youll need to first receive a mail offer to apply with an acceptance certificate number. Like most credit cards targeting people with bad credit, expect high fees.
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Merrick Bank Secured Credit Card Rates And Fees
Merrick Bank Secured Visa minimum payments vary by cardholder, but will equal the current and past-due balances and fees, plus 1% of your new balance and fees or $35, whichever amount is greater. An increase in variable rates will also an increase in your minimum payment amount.
Like most other secured credit cards, a Merrick Bank Secured Visa cardholders variable APR is based on the market based on the prime rate and the cardholding individual’s creditworthiness. There arent over-the-limit or balance transfer fees since the Merrick Bank Secured Visa credit card doesnt allow these features.
An expedited phone payment fee will be charged to make payments over the phone a customer service representative will disclose the amount before completing your transaction. A replacement card fee will be charged for each replacement Merrick Bank Secured Visa card or PIN that you request. Merrick Bank also charges $2 per page for making copies of billing statements, sales slips or payment copies at your request.
Its important to note that the cost of fees will reduce how much credit you have available to you. For example, if you enroll with the minimum $200 deposit, your available credit will be $164 after the initial annual fee comes out of your account.
|$12 per year, then $1 monthly|
Frequently Asked Questions About Merrick Bank
Can I use my Merrick Bank Secured Visa Card to get cash?
Yes, you can use your card at ATMs nationwide. But keep in mind the high fees and 22.45% variable interest applied immediately to your cash advance.
How can I get a copy of my credit report?
If youre denied credit, youre entitled to a free credit report within 60 days of the date of your denial by contacting any of the major credit bureaus.
The Merrick Bank Secured Visa® from Merrick Bank comes with free monthly access to your FICO score to keep up on your progress toward improved credit.
What is the FDIC?
The Federal Deposit Insurance Corporation is a federal agency that promotes public confidence in banking institutions by insuring your deposits and accounts at banking institutions, and monitoring overall banking practices.
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Benefits Of The Merrick Bank Credit Cards
Both the unsecured and secured Merrick Bank cards are good for building or rebuilding credit as they offer frequent automatic credit limit increases. Because they report to all three credit bureaus, these cards can be a good tool if used properly, which means paying on time and not carrying a balance.
The secured card offers better rates and fees than the unsecured, although it of course requires a security deposit that isnt refunded until you close your account and pay your balance in full.
Merrick Bank Secured Visa Credit Card Review
Merrick Bank Secured Visa is a great secured credit card for rebuilding credit because the issuer reports to all three major credit card bureaus and provides automatic credit line reviews. Initial security deposits are a minimum of $200, but cardholders can deposit up to $3,000 for a higher credit line this is more than the maximum limit set by many secured credit card issuers.
As with many secured credit card accounts, the security deposit is FDIC-insured but doesnt earn interest. Merrick Bank Secured Visa deposits are refundable only after your account has been closed and all balances are fully paid.
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Who Is This Card For
While Merrick Bank serves three million cardholders, it isnt the most well-known institution out there. Thats because it caters to a specific niche. According to Merrick, it specializes in credit programs that assist people looking to build or rebuild their credit.
That essentially means the Merrick Bank Platinum Visa card is meant for individuals who have bad to fair credit and are looking for concrete steps to improve it. Since this is an unsecured credit card, you dont need to put down a security deposit.
However, similar to the Indigo Platinum Mastercard, the card has a sliding scale of fees that are entirely based on your creditworthiness.
- Annual Fee: From $0 to $72 the first year. Billed $0 to $6 per month thereafter.
- Account Set-Up Fee: From $0 to $75 one-time fee
- Additional Card Fee: From $0 to $12 per additional card issued, per year.
These fees can add up, as youre essentially paying to improve your credit. If youre eager enough to make significant progress on your financial standing, this card could be an option. However, well get to other and in most cases, better possibilities.
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Merrick Bank Double Your Line Respond To Pre Approved Mail Offer
If youre done with your poor credit card score and want to be qualified for a better credit card then Doubleyourline can serve you. Your credit line can be increased within a few days if you make the first seven payments right on time.
Doubleyourline Credit Credit & MasterCard is officially issued by the Merrick Bank from the United States. If you have received pre-approved mail offer then you can apply on www.doubleyourline.com by the below method. This MasterCard has many amazing features with a bit high charges but they are worth it. As this credit card can make your credit history from low to high in a very few days.
Moreover, it has no penalty charges if you cant make the payments on time.
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What Are Double Your Line Platinum Card Benefits
This is an unsecured credit card that comes with a high starting maximum credit limit, which not many cards of this type provide. Users can basically choose their own credit limit at the beginning. Every 7 months, the credit limit is doubled automatically if youve made all of the minimum payments on time. It also comes with several other benefits:
- Free monthly FICO score checks: Every cardholder has a free FICO score check each month. They can do the check through their accounts.
- Online account: The online account gives valuable information and insights in your balance, spending, and allows you to perform all important actions.
- Different payment options: You can make payments through the online account, via a phone call, or check.
- No payment fees: The card has no payment fees.
- Monthly reports to credit bureaus: All of your monthly activity will be reported to the three major credit bureaus.
- Fraud liability protection: You arent accountable in case your card gets stolen or is abused by someone.
Double Your Line Customer Reviews:
Here are Few customer Reviews gathered from different forum and website.
1- This has been a excellent credit card to have. I have received 2 limit increases in less than 1 year. My limit is currently almost 3 times the amount of my initial limit. Its nice to see a company reward their customers for good spending habits.
2-I have never dealt with such a good company before. I had my first ever purchase dispute and they were so good to me the whole time until the issue was resolved. The app is very user friendly and they definitely award good payment history. Id recommend Merrick Bank to anyone.
3- I got the Merrick Bank credit card offer about 4 years ago. I had never heard of them before and did some researching. It seems that offer 2 different cards, one secured and one that is not. I was going to give 5 stars but took one away after reading some other reviews. I took one star away based on they are closing accounts of long time customers based on no activity without warning them. Lowering their credit tremendously and then finally cut off. Why cut off customers that should be considered as being loyal and has been a great benefit for both the business and the customer.
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I Got The Card Now What
Youre on your way to rebuilding your overall credit history and financial health. Here are some important tips to help making your payments a little easier.
- Manage your account online. Set up an online account to monitor and stay on top of your spending. Consider setting up autopay to guarantee on-time payments.
- Avoid unnecessary interest. After the close of each billing cycle, you have a grace period of 25 days to pay your balance. If you do, you wont pay interest on your purchases.
- Avoid fees. Returned payments come with hefty fees of up to $40. Balance transfers, cash advances and foreign transactions also come with fees.
- Contact customer service. If you have questions, youre limited to calling Merrick Bank at 800-204-5936.
Merrick Bank Secured Visa Credit Card
The Merrick Bank Secured Visa® lets you choose your own line of credit by putting down a security deposit between $200 and $3,000. The amount of money you put down becomes your initial line of credit, and you can increase your credit line at any time by adding more money to your security deposit, up to that $3,000 limit.
Not only is the Merrick Secured Visa a high-limit secured credit card, but Merrick will add another $200 to your line of credit if you make at least the minimum payment on time for the first seven months of card ownership. This makes the Merrick Bank Secured Visa card similar to the Double Your Line card in that you can increase your total credit by $200 if you build a history of on-time payments. The increased credit line you can earn with this card can give you more available credit , which helps you have a low debt-to-credit ratio to help build your credit score.
Like the Double Your Line card, the Merrick Bank Secured Visa charges a $36 annual fee the first year, followed by a $3 fee charged per month. Youll pay a $40 fee on late and returned payments, and your interest rate on purchases will be a variable 17.45% APR.