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3. Merrick Bank Double Your Line® Mastercard® review

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487 reviews from Intuit Credit Karma members

2.5

Rating: 2.5 out of 5.

Great for automatic credit limit increases

Annual Fee: $0

This content is curated by Intuit Credit Karma’s Editorial team using data from members who were approved for this card or similar cards, or who self-matched this card or similar cards. Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse this content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

Here’s the average credit limit of members who matched their Merrick Bank Double Your Line® Mastercard® or similar cards.

% of members by credit limit range

The average credit limit for members who have matched with this card or similar cards is $926, with $300 being the most common.

Here’s the average credit score of members who matched their Merrick Bank Double Your Line® Mastercard® or similar cards.

% of members by credit score range

The average credit score for members who have matched with this card or similar cards is 570, with 557 being the most common. Note this is just one of the deciding factors when it comes to getting approved.

Member stats

Updated daily

63.4%

Average credit utilization (or what percent of the card’s credit limit is being used) of members who matched with this card or similar cards.

47 years

Average age of members who matched this card or similar cards.

$76,387

Average annual income of members who matched this card or similar cards. Note: Income may be estimated for some members by Credit Karma and may differ from members’ actual incomes.

Pros and cons

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Reports to the three major credit bureaus

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Automatically doubles your credit line in your first year when you make on-time payments

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No security deposit required

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Must be invited to apply

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Low starting credit line

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One-time setup fee

5 things you need to know about the Merrick Bank Double Your Line® Mastercard®

1. Good opportunity to build credit

If you’re looking to build credit, the Merrick Bank Double Your Line® Mastercard® could help.

The Merrick Bank Double Your Line® Mastercard® reports to all three major credit bureaus. This gives you the opportunity to demonstrate a positive credit history by making on-time payments.

When possible, you might be able to further boost your credit by paying off your balance in full each month before your statement balance closes. This could help lower your credit card utilization, which is another key component that goes into determining your credit scores.

2. Not much spending power

When it comes to spending, the Merrick Bank Double Your Line® Mastercard® doesn’t give you much room.

Your initial credit limit will be somewhere between $750 and $1,500, though you may see different terms if you apply through Credit Karma.

But after you make your first seven payments on time (paying at least the minimum amount due each month), the Merrick Bank Double Your Line® Mastercard® will automatically double your credit line with a credit limit increase, which is another way to lower your credit utilization ratio and potentially boost your scores.

Because your credit usage is another key factor in building credit, it’s important to use no more than 30% of your available credit each month.

That means until Merrick raises your credit line, it’s a good idea to keep an eye on your balance.

3. Watch for interest charges

If you can, pay off your balance in full each month. Not only will this help your credit, but it could also save you money on interest charges.

The Merrick Bank Double Your Line® Mastercard® charges a variable purchase APR of 29.7% (you might see a different rate if you apply through Credit Karma or directly through Merrick). With an APR this high, interest charges could add up pretty quickly if you carry a balance from month to month.

4. No collateral required

The Merrick Bank Double Your Line® Mastercard® is an unsecured credit card. By definition, you won’t be required to pay a security deposit like you would with a secured credit card.

Some secured credit card security deposits are refundable. But this card’s lack of deposit could make it more attainable for people who don’t have the cash on hand.

5. Charges fees upfront

For a card that has no security deposit, the Merrick Bank Double Your Line® Mastercard® has a lot of upfront costs. There’s a one-time account set-up fee of up to $75. That’s in addition to the card’s $0 annual fee, though you might see different annual fees on Credit Karma.

You’ll have to pay close attention to the confusing fee structure. Merrick lists this fee as part of a range, so it’s unclear exactly how much you’ll be charged. And unlike a security deposit, this fee isn’t refundable.

It’s important to note that Merrick may subtract the cost of the set-up fee from your total credit line before you even begin using the card. For example, let’s say you’re approved for a credit limit of $550. If Merrick charges you a set-up fee of $75, your total available credit limit will only be $475.

What else you need to know

There are a few more things you should keep in mind before you apply for the Merrick Bank Double Your Line® Mastercard®.

• By invitation only — The Merrick Bank Double Your Line® Mastercard® isn’t open to everyone — you must be invited to apply. This could either come in the form of an offer through your Credit Karma account or an invitation you receive by mail directly from Merrick Bank.
• Make sure you pay on time — The Merrick Bank Double Your Line® Mastercard® charges a hefty late fee of up to $40.
• No rewards — Some cards give you a little something back while you build credit, which can be a good motivator to continue making progress. But the Merrick Bank Double Your Line® Mastercard® isn’t one of them.

Who this card is good for

The Merrick Bank Double Your Line® Mastercard® is geared toward people who are looking to build credit for the first time, as well as those with poor credit who want to rebuild their credit.

This card could be a good fit if you can’t afford a security deposit upfront. The problem is, with the one-time set-up fee, you’ll still have to fork over cash that you won’t get back down the road.

Not sure this is the card for you? Consider this alternative.

• Petal® 1 Visa® Credit Card: If you want more spending power, this card could be a good option.