Merrick Bank Double Your Line Visa Card Review

If you have bad credit and need help getting back on track, a secured credit card is a great place to start. Secured credit cards require a security deposit that generally acts as your credit line. The Merrick Bank Double Your Line Visa credit card works the same way, except your initial deposit and credit line are set at $200. One standout feature, however, is that your credit limit will double to $400 after you make at least the minimum payment for each of the first seven months after opening an account.

Pros Explained

• Potential to double your credit limit quickly: Everyone loves to be rewarded for good behavior, and it can be a pain to have a low credit line. If you make at least the minimum payment each of the first seven months after opening your account, your credit line will double from $200 to $400.
• Free access to your FICO score: Free credit scores have become a ubiquitous benefit on mainstream cards, but aren’t nearly as common on cards for consumers with bad credit, oddly enough. Plus, some card issuers offer scores that are less widely used by lenders, such as the VantageScore. The FICO score is the most popular score with lenders and is particularly good to monitor as you rebuild your credit.

Cons Explained

• Annual fee: It is very possible to find a secured credit card with no annual fee, so at $36 per year, the Double Your Line card be seen as costly—especially because it doesn't offer rewards.
• Can't increase credit line with a bigger deposit: For most secured credit cards, your initial credit limit will be equal to the amount you put down for your secured deposit. Some companies even let you add money after your initial deposit to increase your credit limit. Neither of these applies to the Double Your Line card; the $200 deposit and initial credit limit are fixed.

How to Get the Most out of This Card

Chances are you have a poor credit score if you’re looking at this card. If so, make sure to pay your bills on time, month in and month out. It’s the best thing you can do to rehabilitate your credit. That’s partly because payment behavior is the single biggest factor in a FICO credit score calculation, making up 35% of your credit score. Plus, if you pay on time, you’re likely to get that higher credit limit—giving you more wiggle room and improving your credit utilization ratio. (Scoring systems like to see that you’re using less than 30% of your available credit.) 

You should also aim to pay your balance in full, if at all possible. Interest charges can balloon your credit card debt, increasing your chances of falling further behind.

Customer Experience

Merrick Bank offers 24/7 customer support by phone, and a mobile banking app that you can use to check your balance, pay bills, and get your free credit score.

Security Features 

The Double Your Line Visa card offers standard security features.

Fees to Watch out For

The Double Your Line Visa Card doesn't have an account set-up fee, but it does have a $36 annual fee. The first year, this fee is billed at once; after that, it's billed at $3 per month. The card also charges 2% for foreign transactions and $40 for late payment fees.