Merrick Bank Double Your Line card review: A costly way to increase credit
Editor’s note: This is a recurring post, regularly updated with new information and offers.
Merrick Bank Double Your Line Credit Card Overview
While the standout feature of the Merrick Bank Double Your Line® card is the ability to easily double your credit limit, there are better options for those with poor to fair credit. The card is worth a look if you need to rebuild or build your credit, but with multiple fees and a high APR, it’s a card that should largely be avoided. Card Rating*: ⭐⭐
*Card Rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.
Credit cards intended to help you build or repair credit often have the highest fees and APR rates. That’s because the banks that issue these types of cards are taking on more risk if you cannot pay off your balance.
Utah-based Merrick Bank’s Double Your Line card is no exception. If used correctly, it’s a card that can help fix damaged credit — but it comes at a potentially serious cost. Its annual fee ranges between $0 and $72 for the first year. After that, you’ll be charged up to $6 per month to hold this card.
Since this is a credit-building card, you do not need a good credit score to be approved. Let’s examine the details of the Double Your Line credit card to see if it makes sense for you.
Related: How to assess and build your credit card portfolio
The information for the Merrick Bank Double Your Line credit card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Merrick Bank Double Your Line pros and cons
| Pros | Cons |
|
|
Related: How to choose the best credit card for you
Merrick Bank Double Your Line welcome offer
It’s uncommon to see a welcome offer for a credit-building card, and the Double Your Line card is no exception. You won’t receive a traditional welcome offer with this card.
The closest thing to a welcome offer the Double Your Line card has is the ability to double your credit line after paying the minimum payment on your account for the first seven months your account is open.
While this won’t give you any rewards, having a higher credit line can help improve your credit score by lowering your credit utilization — which can help you be eligible for more lucrative rewards cards later.
Related: This month’s best welcome offers
Merrick Bank Double Your Line benefits
As a credit-building card, Double Your Line’s main draw is improving your credit score. It reports to the major credit card bureaus (TransUnion, Equifax and Experian), which allows you to build a credit history that eventually can help you be approved for future financial products.
Unlike a secured card, the Double Your Line card provides a revolving line of credit without requiring a security deposit. Your starting credit line will be between $300 and $1,500, a nice range for a starter card. This credit line will automatically double after you make at least the minimum payment on your account for seven months.
Other card benefits include the ability to monitor your FICO score, fraud protection and customer support.
While these are nice, they’re only beneficial for those focused on improving their credit scores. If you’re looking for a starter card with more than minimum benefits, you’ll want to explore other options.
Related: The best 0% APR and low-interest credit cards
Earning and redeeming rewards on the Merrick Bank Double Your Line
The Double Your Line card is not a rewards card, meaning you won’t earn any cash back, points or miles on this card.
Again, the main purpose of this card is to build your credit rather than earn rewards that can be redeemed for travel or other products and services. Still, some credit-building cards earn rewards, so fully research your options before deciding on a card.
Related: The best rewards credit cards
Which cards compete with the Merrick Bank Double Your Line?
The Merrick Bank Double Your Line card may be the right fit for you. Before choosing a starter card, however, it’s worth considering some other options.
- If you prefer Chase: The Chase Freedom Rise℠ is another option geared toward building credit, and it earns 1.5% cash back on every purchase. It’s especially good for anyone who already banks with Chase because your approval odds increase substantially if you already have a Chase checking or savings account with at least $250. To learn more, check out our breakdown of the Chase Freedom Rise.
- If you want a secured card: The Capital One Quicksilver Secured Cash Rewards is a solid choice for a secured credit card. Like the Freedom Rise, this card offers a flat 1.5% cash back on all purchases. While you’ll need a security deposit to get a credit line with this card, that deposit can be as low as $200. To learn more, check out our full review of the Capital One Quicksilver Secured Cash Rewards.
- If you’re a student: The Capital One SavorOne Rewards for Students is a good card to look into if you’re currently a student. It has a great earning structure, with 3% cash back on dining, entertainment, streaming services and grocery stores. To learn more, check out why we like the Capital One SavorOne Rewards for Students.
For additional options, check out our list of the best starter cards.
The information for the Chase Freedom Rise credit card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Related: What is a secured credit card?
Is the Merrick Bank Double Your Line card worth it?
If you want the guarantee that your credit line will be doubled after several months of responsible payments, this card may be worth seriously considering. However, the card comes with some significant fees, making it a weak competitor compared to other starter cards. Most will be better off with a secured credit card or a different starter credit card.
Related: How to earn points and miles with a low credit score
Bottom line
The Merrick Bank card is far from the best option, even for those with poor credit. On one hand, the fairly simple way to increase your credit limit is beneficial. However, with many fees and a high APR, I’d recommend looking elsewhere. A secured card is likely your best option, since you can build credit and get your deposit back eventually.
Related: The best credit cards for college students
As of this publication, Merrick Bank only accepts new Double Your Line cardholders who received a mailed offer.
