Capital One Platinum vs Merrick Bank Double Your Line

Intro: Battle of 2 Subprime Rebuilder Cards

Both the Capital One Platinum Mastercard and the Merrick Bank Double Your Line Mastercard are targeted at rebuilders looking for an unsecured credit card. Unlike many of their peers, both these card do not charge any monthly fees or one-time application fees. They also come with reasonable credit limits and have modern features like mobile apps. In this comparison, we will look at these two cards side by side and determine which is the better card.

The Basics

Capital One Platinum Mastercard Basics

The Capital One Platinum Mastercard is a card targeted at rebuilders and those with fair credit. It has no annual fee and like all CapOne cards have no foreign transaction fee. It is a vanilla card that has been known to give decent limits (compared to other subprime unsecured credit cards). You will be considered for a credit limit increase after 6 months. Being Capital One, you will get the CapOne mobile app and they also provide free Vantage 3.0 scores from TransUnion through CreditWise (which also provideds identity theft monitoring).

Merrick Bank Double Your Line Basics

The Merrick Bank Double Your Line has made a reputation for itself by giving consumers a generous starting credit limit and doubling the credit limit after 7 months if they pay the first 7 monthly bills on time. The initial credit ranges from $550 to $1,350. After 7 months of timely payments, it will double to between $1,100 to $2,700. Merrick Bank also has a track record of increasing credit limits after the initial increase. The annual fee ranges from $0 to $72 so you do have a chance of getting a no annual fee card. Merrick Bank comes with a slick mobile app and you also get a free credit score.

Similarities

• Credit Limit Increases - Both cards offer credit limit increases. The CapOne Platinum will consider you for a credit limit after 6 months. Merrick Bank goes further than that. If you pay your first 7 monthly bills on time, you will double your initial credit limits.


• Mobiel App - Both cards have mobile apps. While many of you expect this in all credit cards, many subprime credit cards do not have mobile app.


• Free Credit Scores - Both cards provide free credit scores for card members. Merrick Bank provides a free FICO score while Capital One provides free Vantage 3.0 score from TransUnion.


• Pre-Approval Process - Both cards require that you go through a pre-approval process that involves a soft pull and will not impact your credit scores.

Differences

• Annual Fee - While CapOne Platinum has no annual fee, Merrick Bank has an annual fee that ranges from $0 to $72.


• Foreign Transaction Fee - Like all Capital One credit cards, the Platinum Mastercard has no foreign transaction fees. Merrick Banks charges the standard 3% for any foreign transactions.

Which is better?

Both the Capital One Platinum Mastercard and Merrick Bank Double Your Line are very reputable rebuilder credit cards and very popular. Unlike many other subprime credit cards, they both have reasonable annual fee and credit limits. They also provide you with a mobile app and free credit scores. Whilst this may be normal in the prime world, the subprime world is riddled with clunky websites that are not mobile friendly.

In terms of annual fee and foreign transaction fee (or rather the lack thereof), the Capital One Platinum is better than Merrick Bank in this aspect. However, Merrick Bank will double your initial credit after paying on time for the first 7 months and probably has the slightly track record of credit limit increases. In fact, you read more about Merrick Bank increasing credit limits and also a lot of stories of Capital One not increasing credit limits in many forums.

If you are a rebuilder and looking for a rebuilder card and you are considering these two cards, you should go through the pre-approval process for both and see which card will pre-approve you and what their terms are. If you are pre-approved for both, you could apply for the one that offers you the better term or even both.