Merrick Bank was founded in 1997 and currently serves more than 3 million customers, with approximately $6 billion in credit. It aims to provide clients with consumer finance, merchant categories, and the issuance of credit cards.
Merrick Bank credit cards serve individuals with bad or limited credit. Accepting some of the lowest credit scores in the market, that is, 300, Merrick Bank helps these individuals to build or rebuild their credit histories.
Card issuers consider whether an account has qualified to be upgraded from a secured account to an unsecured one if the cardholder has built remarkable account usage history. Merrick bank has two secured card products:
- Double Your Line Secured Credit Card
- Classic Secured Credit Card
What would make a credit card a highly preferred option?
We shall outline some key features of a credit card that would make it stand out. You may then use these features as a litmus test to determine if the Merrick Bank Double Your Line Secured Card fits the description.
They are:
- What are the card’s credit score requirements?
- Does the card have welcome bonuses and introductory offers?
- What is the card’s APR?
- Does the card charge annual and/or monthly fees?
- Does the card offer accessible ATM points?
- Does having the card for periods affect your credit score in any way?
- What are the card’s benefits and rewards?
- What are the card’s drawbacks?
- How do the contemporaries and competition perform?
- Will this be your only credit card or an additional alternative?
Features of the Merrick Bank Double Your Line Secured Card
- Regular APR of 20.45%
- Purchase introductory APR offer of 20.45%
- Zero welcome bonus
- Annual fee of $36 for the first year, then $3 per month
- A credit score of 300 is acceptable
- Foreign transaction fees
- A minimum deposit of $200 is required
- Late payment and return payment penalty fee is $40 each
- Foreign transaction fee: 2% of the amount, in US dollars
- Cash advance transaction fee: $10 or 4%, whichever is greater, of each cash advance
Eligibility requirements
In general, obtaining a Merrick secured card will require you to make a security deposit first. This is refundable. You should also have a valid and verifiable Social Security Number and a physical home address.
Further, you should not be bankrupt or on the brink of it and be clear of any tax obligations. You should not already have a Merrick Bank Secured Credit Card if you apply for one.
After a successful application, it will take up to two weeks to get your card.
Perks of the Merrick Bank Double Your Line Secured Card
Top Perk: Your credit line is doubled. Merrick Bank requires you to deposit $200, which will become your credit line to $400 at least 7 months after you open your account. You should make punctual minimum payments each of these months. Merrick Bank does not require you to make further deposits to achieve this double.
Merrick Bank reports credit activity to Equifax, Experian, and Transunion monthly. This will be aptly reflected if you are making positive remedial or progressive steps regarding your credit history. Remember the golden rule in payments: pay in full, on time, every time.
Other perks include:
- You get a free FICO credit score each month.
- The card offers you zero fraud liability; you will not be responsible for any unauthorized purchases.
- ATM access in all 50 US states.
- Merrick Bank has a sturdy online banking platform and a quick customer service response team. You can access their products and services through their mobile app on Google Play and the Apple App Store.
- Unlike other cards, cardholders have lauded the card for the lack of hidden fees.
Drawbacks of the Merrick Bank Double Your Line Secured Card
Everything that has a good side has a bad one too. It’s a widely accepted reality. Even the Merrick Bank Double Your Line Secured Card has its drawbacks.
Top drawback: Merrick Bank will only double $200 despite how much you have deposited. Secured cards require an initial deposit. However, this initial deposit will equal your credit line. The security deposit acts as collateral and is required within 20 days of applying. The minimum is $200.
The Merrick Bank Double Your Line Secured Card has these other demerits:
- It has no major benefits, even compared to some of its competitors.
- It has very few rewards. However, unlike unsecured cards, most secured cards will not provide their holders with rewards.
- Its annual fee and the consequent monthly fees are unfavorable. Failure to pay these fees on time may cause you to be reported to credit bureaus.
- It has a higher APR than most credit cards. The APR is reviewed quarterly based on the current prime rate. You can avoid paying interest in general if you pay the balance in full each statement period.
- Its 2% foreign transaction costs may be inconvenient for travelers.
Contemporaries
The Merrick Bank Double Your Line Secured Card is not an island in the market. When comparing rates, features, and personal preferences, it is important to consider these other secured cards:
- Discover It® Secured Credit Card
- Petal® 1 ‘No Annual Fee’ Visa® Card
- Bank of America® Customized Cash Rewards Credit Card for Students
- Capital One Platinum Secured Credit Card will not require any yearly fees to maintain the account.
Is it worth it?
Let’s be blunt. There are better-secured credit cards out there. Most of the other cards we mentioned above perform better than Merrick Bank. Some cards provide better options for individuals with poor credit.
However, if you have limited funds for your first deposit, say $200, or seek to establish credit for the first time, maybe consider the Merrick Bank Double Your Line Secured Card.
Our honest opinion is this: Check out all your options before settling on Merrick Bank Double Your Line Secured Card.
