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Merrick Bank Double Your LineTM Platinum Visa® Credit Card
REVIEW

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By : Mr Credit Card

Merrick Bank Doubles Your Credit Line After 7 Months

The Merrick Bank Double Your Line Visa Credit Card is a unique credit card that will double your credit limit if you pay on time for 7 months. The starting credit limit ranges from $500 to $1,350. After 7 months of on-time payments, your credit limit will double to between $1,000 to $2,700. No other card offers such a guarantee in terms of increasing credit limit. As we shall soon find out, it is also very competitive in terms of fees and features. Your approval odds for the Merrick Bank Double Your Line Visa is best if your credit score is in the upper end of the bad credit range (ie from 600 to 650) and if you have been paying on-time on your other credit obligations for the last year. It is also one of the rare credit cards that allows you to pay via electronic payment systems like Western Union or Moneygram.
 


Card Details

Annual Fee $0-$72
One-time Application Fee N.A.
Monthly Fee N.A.
Regular APR 19.45% - 28.45%*Variable
Cash Advance APR 24.95% - 33.45%*Variable
Late Payment Fee Up to $40
Starting Credit Limit $500 - $1350
Credit Line Increase After 7 consecutive time payments, credit line doubles to $1,000-$2,700
Free Credit Score FICO score by either TransUnion or Experian from goscore


The table above shows the main features of this card. The annual fee will range between $0 and $72 and there is also no monthly maintenance fees that are common with other cards. That means you could possibly be approved for a no annual fee card.

Another interesting aspect of this card is that you can get a Free FICO score from TransUnion or Experian from goscore.

Most importantly, if you pay 7 consecutive timely payments on just your minimum payment, your credit line will double from your initial credit limit. Furthermore, after the initial doubling of credit line, Merrick Bank also has a track record of further increasing your credit limits.
 


Card Details
Merrick Bank Annual Fee = $0-$72
Upfront Fee=N.A.
Monthly Fee=N.A.
APR=19.45% - 28.45%*Variable
Free Credit Score = Yes - FICO 8 Score
Credit Line Increase = Yes, after 7 consecutive timely payments
First Digital Annual Fee = $75 1st Year, Then $48
Upfront Fee=$95
Monthly Fee=$0 1st Year, then $6.25/month

APR=35.99%
Free Credit Score = N.A.
Credit Line Increase - Yes - but no guarantee
Total Visa Annual Fee = $75 1st Year, Then $48
Upfront Fee = $89
Monthly Fee = $0 1st Year, Then $6.25/month
APR = 34.99%
Free Credit Score = N.A.
Credit Line Increase = Yes - but no guarantee
Surge Mastercard Annual Fee = $135 1st Year, then $96
Upfront Fee=N.A.
Monthly Fee = $10/month
APR = 29.90%
Free Credit Score = Yes
Credit Line Increase = Yes but no guarantee
Credit One Bank Annual Fee=$0 to $99
Upfront Fee=N.A.
Monthly Fee = N.A.
APR = 19.49% to 25.49%
Free Credit Score = Yes
Credit Line Increase = Yes - but no guarantee
Indigo Annual Fee=$0 to $75
Upfront Fee=N.A.
Monthly Fee = N.A.
APR = 24.9%
Free Credit Score = N.A.
Credit Line Increase = N.A.


As you can see from the table above, the Merrick Bank card compares very well with the better cards in the bad credit space in terms of features and features. It's annual fee of between $0 and $72 is very competitive with cards like Credit One, Indigo (whose annual fee ranges from $0 to $99). Like these cards, Merrick Bank also does not charge any monthly maintenance fees and one-time application fees. So from a fee perspective, Merrick bank is very competitive.

Another nice feature they offer card members is that everyone will get access to their FICO score for free. This is better than some cards like Credit One, which offers a free credit score but is not a FICO score (rather it is the Experian Vantage Score). The FICO score is provided by goscore and uses the FICO 8 score by either TransUnion or Experian.

However, the best feature of this card is that after 7 months of paying your minimum on time, your credit limit will automatically double. This is a great feature because when you have bad credit, your starting credit limit on a credit card tends to be very low ($300 to $500). Increasing your credit line could potentially help your credit utilization ratio. Some cards like Indigo and Milestone do not increase your credit line at all. And while other cards like Credit One Bank and Surge Mastercard do, only Merrick Bank guarantees it if you meet their critieria.
 


Pros and Cons

pros

  • Reasonable Annual Fee - Your annual fee for this card will range between $0 and $72. This is very reasonable compared to other cards who are targeting those of you with bad credit.

  • No Monthly Fee or One-time Application Fee - Unlike many other credit cards targeting those with poor credit, this card does not charge any monthly fee (on top of an annual fee). Nor does it charge any one-time application fee.

  • Good Initial Credit Limit - New card members will get an initial starting credit limit of between $500 and $1350. That is higher than a typical unsecured credit card targeting those with bad credit, which normally gives you a starting limit of between $300 and $500.

  • Double Your Limit After 7 Months of On-Time Payment - One of the truly unique feature of this card is that if you pay your minimum payment on time for 7 months, your credit line will automatically double. For example, if your starting credit limit is $1,000, then it will double to $2,000.

  • Free FICO Score - As a card member, you can get your FICO score for free every month. This is a great feature that more subprime credit cards are offering these days and Merrick Bank is one of them. The score is provided by a service called goscore and uses FICO 8 scores from either TransUnion or Experian.

  • No Penalty Rates or Over the Limit Fees - This card does not have penalty rates or over-the-limit fees

  • Pre-qualify First - No Hard Pull - Before you can apply for the card, Merrick Bank requires that you go through a pre-qualification process. It will not result in a hard pull. If you pre-qualify, only then will you be able to apply for the card.

  • Can use Moneygram or Western Union to pay bills - Merrick Bank is one of the rare firms that allows cardholders to pay via electronic payment systems like Moneygram and Western Union. That means that those off you without a checking account or debit card can still apply and pay for this card.

Cons

  • High Interest Rates - The APR on this card is not the lowest. We always recommend that everyone pays their bills in full so that the interest on the card does not matter.


 


Our Take

The Merrick Bank Double Your Line Visa Credit Card is one of the best credit cards for those of you with bad to fair credit. It charges a very reasonable annual fee that ranges between $0 and $72. There is also no monthly maintenance fee or one-time application fee. That means in theory, you could get this credit card for no annual fee. From a fee perspective, they are competitive with cards like Credit One Bank and Indigo Mastercard.

Another nice feature they have is that you can get your FICO score every month for free. Some cards like Credit One and cards from Continental Finance like Reflex Mastercard also offer free credit score. But this one offers an actual FICO score and not just a Vantage score.

But the best feature of this card is that if you pay your bills (at least minimum payment) on time for 7 months, your credit limit will be doubled. As a recap, the initial starting credit limit ranges between $500 and $1,350. That means after 7 months of timely payments, your credit limit will increase to between $1,000 and $2,700. While some cards will increase your credit limit after a while, this card explicitly guarantees that if you meet their criteria. Furthermore, Merrick Bank has a track record of further increasing your credit limit after the initial doubling of your credit line after 7 months.

Merrick Bank is also one of the rare cards that allow you to pay via electronic payment systems like Western Union and Moneygram. That means that those of you without a checking account or debit card can still apply and use this card.

Merrick Bank is for those of you with a FICO score of at least 620 and above (ie, you fall on the "upper end" of the bad credit spectrum). They also require that you have at least one year of on-time payments on your other credit obligations and not have too many hard inquiries recently. If your credit score is at least 620 and you meet the other criteria, then this is the credit card that I would recommend.


How to apply?

Before you apply for the Merrick Bank Double Your Line Visa, you first have to get pre-approved. The pre-approval process involves a soft inquiry and has no impact on your credit score. Below is a screenshot of the pre=approval application page. You only need to fill in basic information and your social security number (for the soft inquiry on your credit report). If you are pre-approved, then you can proceed to fill in the full application form where you will be asked to fill in more information.

merrick bank 2x application merrick bank 2x application


expand text FAQS


Contact Information

Customer Service Inquiry

Merrick Bank
Customer Service
P.O. Box 9201
Old Bethpage, NY 11804-9001
Phone: 1-800-204-5936
TTY/TDD: 1-800-253-4563

For Making Payments

Phone: 1-800-204-5936
TTY/TDD: 1-800-253-4563

Check or Money Order Address

Merrick Bank
P.O. Box 660702
Dallas, TX 75266-0702

For overnight mailings, send directly to:

Merrick Bank
Attn: Lockbox Operations #660702
2701 East Grauwyler Road, BLDG 1
Irving, TX 75061