Merrick Bank Double Your Line® Secured Credit Card Review
This card offers the chance to improve your credit while enjoying the benefits of a secured card. With responsible use, you can build your credit and perhaps qualify for a higher credit limit seven months after account opening.
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Key Features
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- This card encourages responsible use by doubling your initial credit limit when you make at least your minimum payment on time each month for the first seven months your account is open.
- Your payment history is reported to all three major credit bureaus, so responsible use with this card could improve your credit score over time.
- Use this card just like you would any Mastercard, offering you the security and protections that come with using a credit card instead of cash or a debit card.
- While not unusual among secured cards, this card doesn't offer any rewards. Rewards aren't the primary goal when you're looking at secured cards, but they are nice to see and there are a few cards out there that offer them.
CardName BENEFITS
The decision to apply for a credit card is quite personal. There is no "cookie cutter" approach to the process and you’ll never find a card that is "one-size-fits-all." You need to take the time to thoughtfully evaluate your financial needs, take an honest assessment of your personal finances and find the card that suits you best.
The process might seem daunting, or even intimidating, but you’ll find that obtaining the right credit card for you is well worth the effort. A credit card can be an excellent way to learn fiscal responsibility and help in your monthly budgeting. Of course, using a credit card responsibly can help improve your credit rating, which will be essential when you want to apply for additional loans, such as a mortgage or a car loan.
But even if you’re a "cash person" by nature, having a credit card in your wallet is an excellent safeguard in case of an emergency and, as we already mentioned, responsibly using a credit card is among the best ways to build your credit. But if you don’t have excellent credit or a well-established credit history, getting your first card might feel like an uphill battle and that’s where a good secured credit card, such as the CardName, could come to the rescue.
WHAT IS THE CardName SECURITY DEPOSIT?
The biggest stumbling block for most people when it comes to obtaining a credit card is poor credit. This is where a secured credit card, such as the CardName, comes in.
Secured credit cards like this one require you to put up a security deposit, usually equal to your credit limit, in order to establish the line of credit. That deposit will be returned to you when you close the card as long as your account is fully paid off.
The deposit amount varies from one card issuer to the next, but for the CardName, the deposit is a flat $200 to establish your initial $200 line of credit; however, as the card name implies, you have the chance to double your credit limit. If you make timely payments for seven consecutive months, your credit limit will be increased to $400 with no additional deposit required.
One of the primary goals of having a secured card should be to increase your credit score and ultimately qualify for a non-secured card, so don’t let that extra credit limit lead you to spend more than your budget can actually afford. The extra limit should improve your credit utilization ratio – that is, the amount of credit you’re using compared to the amount available to you – which is a factor that affects your credit score. Keep your utilization low and you’ll see a positive impact on your score.
CardName FEES
The CardName is not without its potential downsides, one of which is the fees it charges. We’ve already mentioned the security deposit, which is required of all secured cards, but there is also an annual fee to consider: AnnualFees. That fee will be charged to your card and will immediately take a large chunk out of your initial $200 credit limit, not to mention shoot your credit utilization up to 18% if this is the only credit available to you. In subsequent years, the fee is charged in monthly installments, which will make it easier to deal with.
It should also be noted that this card charges a foreign_fee fee on all foreign transactions. This, therefore, is not your "go-to card" when you travel overseas or shop online with merchants who process your purchase in a foreign currency.
Hopefully, you’re using the card responsibly and sticking to a budget so you can pay off your balance in full each cycle, but if you do need to carry a balance, be aware of the RegAPR APR.
HOW DOES THIS CARD COMPARE TO SIMILAR CARDS?
CardName vs. CardName
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The CardName is a secured credit card that offers flexibility with your initial deposit. In this case, your deposit can be anywhere from a minimum of $200 to a maximum of $3,000. If you make a deposit below the maximum, you have the option to increase your deposit, up to the maximum, at any time. Additionally, OpenSky® doesn’t require a credit check as part of your application.
Both cards offer an incentive to make on-time payments. The Merrick Bank card will double your credit line to $400 if you make seven consecutive on-time payments, which, in essence, gives you $200 of "unsecured" credit. Opensky will give you the opportunity to transition to an unsecured card if you make six months of on-time payments, which would mean your initial security deposit would be returned.
Both cards charge annual fees (it’s AnnualFees for OpenSky®) and foreign transaction fees (foreign_fee for OpenSky®). The decision could come down to whether you want to avoid a credit check and whether you’d rather be considered for a higher credit limit without an increased deposit like will happen with the Merrick Card.
CardName vs. CardName
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CardName offers several features that the CardName does not. At the top of the list is CardName charges no annual fee. This is important for folks who may already be trying to dig out of a financial hole.
The Discover card requires at least a $200 security deposit to establish your initial $200 line of credit, but you can deposit up to $2,500 to increase your limit.
Discover doesn’t double your credit line, but after seven months will begin automatically reviewing your account for a history of responsible use and payment that may qualify you to transition to an unsecured Discover It card.
Perhaps the feature that sets apart the CardName most, though, is its rewards program. You can earn 2% cash back on gas purchases and at restaurants on up to $1,000 in combined purchases each quarter. You earn 1% cash back on all other eligible purchases. Plus, as an introductory offer, CardName will match, dollar-for-dollar, all the cash back you’ve earned during your first year with the card. Rewards are rare with secured cards and introductory bonus opportunities are even more unusual.
For those traveling overseas, CardName doesn’t charge foreign transaction fees.
CardName vs. CardName
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CardName potentially allows you to establish your initial $200 credit limit with a securty deposit as low as $49. Depending on the specifics of your credit history, you might not need to deposit $200 to get a $200 credit limit on your card; you might need to only deposit $99 or even just $49 to get that $200 limit. Obviously, this provides a consumer with a degree of fiscal flexibility, but utlimately your required deposit – either $49, $99 or $200 – will depend on your credit worthiness.
You also save some money with CardName‘s $0 annual fee. This gives it an edge on up-front cost compared to Merrick Bank secured card. However, the devil is in the details. While Merrick Bank only charges an interest rate of RegAPR, the Capital One card charges a whopping RegAPR APR. The difference of is substantial and can really add up over time if you find youreself carrying a balance.
Both cards offer you the chance to increase your credit limit if you have been making on-time payments over a period of time.
IS CardName A GOOD CARD?
If you are a person with poor credit in need of repair or a new consumer with little or no credit, a secured credit card is an excellent way to repair and build your credit score to a healthy level. To that end, CardName is a decent, no-frills choice.
There is no rewards program that might tempt you to spend beyond your means. The deposit system is straightforward and easy to understand. And you can add an extra $200 to your credit limit simply by being a responsible cardholder over a period of time.
Disclaimer:The information in this article is believed to be accurate as of the date it was written. Please keep in mind that credit card offers change frequently. Therefore, we cannot guarantee the accuracy of the information in this article. Reasonable efforts are made to maintain accurate information. See the online credit card application for full terms and conditions on offers and rewards. Please verify all terms and conditions of any credit card prior to applying.
This content is not provided by any company mentioned in this article. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any such company. CardRatings.com does not review every company or every offer available on the market.
