Merrick Bank Double Your Line™ Platinum Visa® review
Read this Merrick Bank Double Your Line Platinum Visa review and find out about how this card can easily double your credit limit.
If you want to rebuild your credit score, have a look at this card, but keep an eye open for its fees and APR
This card is an option for individuals who are trying to build or repair their credit. Here is our Merrick Bank Double Your Line™ Platinum Visa® review.
- Credit Score: Bad – Fair
- APR: 17.45% to 27.70% based on creditworthiness
- Annual Fee: $0 to $72 based on creditworthiness
- Fees: $0 to $75 one-time account set-up fee based on credit worthiness, $0 to $12 per additional card also based on creditworthiness
- Welcome bonus: N/A
- Rewards: N/A
Credit cards intended for people who want to build or repair credit usually mean high fees and high APRs.
This happens because when banks make these cards available for people with bad credit they are taking on greater risk and must be compensated in accordance.
Merrick Bank Double Your Line™ Platinum Visa®: how does it work?
The Merrick Bank Double Your Line™ Platinum Visa® card reports to all three major credit bureaus (Equifax, Experian and TransUnion). This means your credit card activity counts for building your credit score.
The card provides a revolving line of credit without you having to pay a security deposit, unlike a secured card.
A great advantage of this card is that you can automatically double your initial credit limit of $550 or $1,250 (based on creditworthiness) after seven months of making on-time payments.
That is where the “Double Your Line” name comes from.
Once you have doubled your initial credit limit, the issuer will regularly review your new credit limit for future increases.
This makes it easier for you to avoid overutilizing your total available credit, which further contributes to you improving your credit score.
The card has many potential fees that limit its usefulness. If you have poor credit, you might have to pay a high annual fee, which will be deducted from your overall credit line.
The same is true for the account set-up fee.
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Significant benefits and disadvantages you of the Merrick Bank Double Your Line™ Platinum Visa®
Now that you are familiar with this card’s ins and outs, it is time for us to compare its pros and cons. Our Merrick Bank Double Your Line™ Platinum Visa® card review would not be complete without it.
So have a look at the list of benefits and disadvantages we have prepared for you below.
- Does not require good credit
- Reports to all three major credit bureaus
- Auto rental collision damage waiver
- Zero liability policy
- Potentially high annual fee
- Potentially high APR
- Potentially high account set-up fee
Is a good credit score required for applicants?
The Merrick Bank Double Your Line™ Platinum Visa® card is intended for people who would like to improve their credit.
So its main target audience are not people with good credit. Applicants with bad credit may qualify.
Learn how to apply and get a Merrick Bank Double Your Line Platinum Visa card
Like what you have seen in this Merrick Bank Double Your Line™ Platinum Visa® card review? So how about taking the next step?
Click the link below and we are going to guide you through this card’s application process.
About the author / Danilo Pereira
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