Best Credit Cards in September 2024Reviews
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How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Advertising Disclosure
LendingTree is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products. We are compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order).
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American Express Disclosure
Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.
American Express Disclosure
Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.
LendingTree's Review How LendingTree Rates Credit Cards? Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here. 
Updated:
Content was accurate at the time of publication.
Credit Line
Automatic account reviews for credit line increases.
FICO History
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Pre-Qualification
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Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It was not reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.
Updated:
Content was accurate at the time of publication.
Robin Ratcliff
Tracy Brackman
Our take: This card offers credit-building tools and the opportunity to double your credit line within the first year. But be aware that while it doesn’t require a security deposit, you may be subject to set-up and maintenance fees, which will, in turn, decrease the amount of your initial available credit.
Is the Merrick Bank Double Your Line® Mastercard® worth it?
If you’re new to credit or have made financial mistakes in the past that caused your credit to suffer, a credit card with a larger credit line can help boost your credit profile. As its name suggests, the Merrick Bank Double Your Line® Mastercard® offers the chance to double your credit line — and possibly boost your credit score — within the first year. It also reports your credit activity to the three major credit bureaus (Experian, Equifax and TransUnion) and provides free monthly credit scores.
This can mean an affordable path to credit with no security deposit for the right applicants: those with higher credit scores. However, if you have a lower credit score, you may find large fees lurking in the fine print of this unsecured credit card. What’s worse: You won’t know what those fees will be until after you apply and get approved for the card. You could land a $0 annual fee, or you could pay more than $100 in fees in your first year.
Quick facts
- Credit lines range from $550-$1,350 which double to $1,100-$2,700 after your account qualifies. No security deposit required.
- Double your credit line by making at least your minimum payment on time each month for the first 7 months your account is open.
- See if you are pre-approved within minutes, without affecting your credit score.
- Build or rebuild your credit. As you pay your bill every month, we report to all three major credit reporting agencies.
- Get your FICO® Credit Score for free each month.
- Fraud coverage if your card is lost or stolen. Access your account 24 hours a day, 7 days a week. Get help staying on track with available Auto Pay and account alerts.
- Card issued by Merrick Bank, Member FDIC.
- Recommended Credit
Credit scores ranges may vary. Your individual chance at approval may vary due to factors such as creditors using a particular variation at their discretion
300 600 660 720
Limited / Poor / Fair / Good
Get my free score
- Automatic credit line review
- Zero liability for unauthorized charges
- Free online and mobile account access
- Paperless statement option
- Opportunity to prequalify
- Mastercard benefits
Intro Purchase APR
N/A
Regular Purchase APR
24.70% - 29.70% *Variable
Intro BT APR
N/A
Regular BT APR
N/A
Annual Fee
$0 - $72
Cash Advance Fee
4%, Min: $10
Foreign Transaction Fee
2% of each transaction in U.S. Dollars.
Pros and cons
- No security deposit required
- Automatic credit line reviews
- Reports account activity to major credit bureaus
- Free monthly FICO Score access
- Potential setup and maintenance fee
- High APR
- No rewards program
What we like about the Merrick Bank Double Your Line® Mastercard®
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No security deposit
If you have bad or limited credit, some of the best card options available to help boost your credit are secured credit cards. However, those cards require a security deposit upfront — often starting at $200 — which will serve as your line of credit.
The Merrick Bank Double Your Line Mastercard, on the other hand, accepts applicants with good/fair/poor/limited credit and doesn’t require a deposit.
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Reports account activity to the credit bureaus
When trying to build credit, it’s important to find a card that reports your credit activity to the three major credit bureaus (Experian, Equifax and TransUnion), like the Merrick Bank Double Your Line® Mastercard® does.
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Reports account activity to the credit bureaus
After seven months, Merrick Bank will review your account activity and automatically double your line of credit if you’ve made at least your minimum monthly payment on time each month. Following the first year, Merrick Bank will review your account on a regular basis for possible credit line increases.
A larger credit line — up to $2,700, according to Merrick — can lead to a large score increase, since your credit utilization ratio (the amount of credit you’re using compared to the amount of credit you have available) accounts for 35% of your score.
What to watch out for with the Merrick Bank Double Your Line® Mastercard®
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Potential for high fees
The main drawback to the Merrick Bank Double Your Line® Mastercard® is that you may have to pay fees to set up and maintain your card. Furthermore, you won’t know what the fees will be until after you’ve applied and been approved for the card.
This could include the following:
- One-time setup fee: $0 to $75
- Annual fee: $0 - $72
- Additional card fee: $0 to $12 per card per year
In other words, you may have to pay $147 for the card in the first year, and a $72 annual fee each year after. In a short time, your fees could equal the deposit for a secured credit card, not to mention, they’re nonrefundable. Plus, you’re stuck paying the fees unless you close your account, which could be an obstacle when trying to increase the age of your accounts (another major factor in credit scoring).
That said, if you’re not happy with the amount you’re being assessed, you can still choose to reject the offer without incurring fees — as long as you haven’t used the account or paid a fee after receiving a billing statement.
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High APR
If you carry a balance on the Merrick Bank Double Your Line® Mastercard® from month to month, you’ll be subject to interest charges at an APR of 24.70% - 29.70% *variable. But while this is high, it’s in line with cards designed for those with bad credit.
Note: We recommend paying your balance in full every month — especially when trying to increase your credit score.
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No rewards program
Few credit-building cards come with rewards programs, and the Merrick Bank Double Your Line® Mastercard® is no exception. If you have limited / poor credit and want to earn rewards for the purchases you make, you may want to consider the Discover it® Secured Credit Card card instead.
Alternate cards to the Merrick Bank Double Your Line® Mastercard®
Merrick Bank Double Your Line® Mastercard® vs. Discover it® Secured Credit Card
How Does LendingTree Get Paid? LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
Discover it® Secured Credit Card
Apply Now
on Discover's secure site
Discover it® Secured Credit Card
N/A
28.24% Variable APR
$0
Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.
- No credit score required to apply.
- No Annual Fee, earn cash back, and build your credit history.
- Your secured credit card requires a refundable security deposit, and your credit line will equal your deposit amount, starting at $200. Bank information must be provided when submitting your deposit.
- Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit.
- Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.
- Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
- Get an alert if we find your Social Security number on any of thousands of Dark Web sites. Activate for free.
- Terms and conditions apply.
300 600
Limited / Poor
Get my free score
How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
The Discover it® Secured Credit Cardrequires a security deposit of at least $200, but you may find it’s a more affordable option over time than the Merrick Bank Double Your Line Mastercard. There’s a $0 annual fee and no maintenance fees, and the card comes with a slightly more reasonable 28.24% Variable APR.
Plus, the card comes with a rewards program: Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases. And Discover will match all the cash back you’ve earned at the end of your first year.
After seven months, Discover will begin conducting monthly account reviews to see if you qualify to upgrade to an unsecured card. This means you could have your deposit refunded in less than a year, rather than throwing away money on fees.
Merrick Bank Double Your Line® Mastercard® vs. OpenSky® Secured Visa® Credit Card
How Does LendingTree Get Paid? LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
OpenSky® Secured Visa® Credit Card
Apply Now
on Capital Bank, N.A.'s secure site
OpenSky® Secured Visa® Credit Card
N/A
25.64% (variable)
$35
Earn up to 10% cash back* on everyday purchases
- New feature! Earn up to 10% cash back* on everyday purchases
- No credit check to apply. Zero credit risk to apply!
- Looking to build or rebuild your credit? 2 out of 3 OpenSky cardholders increase their credit score by an average of 41 points in just 3 months
- Get free monthly access to your FICO score in our mobile application
- Build your credit history across 3 major credit reporting agencies: Experian, Equifax, and TransUnion
- Add to your mobile wallet and make purchases using Apple Pay, Samsung Pay and Google Pay
- Fund your card with a low $200 refundable security deposit to get a $200 credit line
- Apply in less than 5 minutes with our mobile first application
- Choose the due date that fits your schedule with flexible payment dates
- Fund your security deposit over 60 days with the option to make partial payments
- Over 1.4 Million Cardholders Have Used OpenSky Secured Credit Card To Improve Their Credit
- *See Rewards Terms and Conditions for more information
300 600
Poor
Get my free score
How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
The OpenSky® Secured Visa® Credit Card may be even easier to get approved for than the Merrick Bank Double Your Line® Mastercard® and the Discover it® Secured Credit Card, since it doesn’t require a credit check. It’s a good option if you have poor credit or don’t want your credit score to take another hit from applying for a credit card. It’s also a safer bet if you’ve been denied from other secured credit cards.
Just know, the card charges a $35 annual fee and requires a security deposit of at least $200.
Compare the Merrick Bank Double Your Line® Mastercard® to similar cards
| Credit Cards | Our Ratings | Annual Fee | Rewards Rate | Regular APR | |
|---|---|---|---|---|---|
| Merrick Bank Double Your Line® Mastercard®* Learn More | 2.2 | $0 - $72 | Non-rewards card | 24.70% - 29.70% *Variable | Learn More |
| Discover it® Secured Credit Card Apply Now on Discover's secure site | 4.2 | $0 | Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases. | 28.24% Variable APR | Apply Now on Discover's secure site |
| OpenSky® Secured Visa® Credit Card Apply Now on Capital Bank, N.A.'s secure site | 2.3 | $35 | Earn up to 10% cash back* on everyday purchases | 25.64% (variable) | Apply Now on Capital Bank, N.A.'s secure site |
*The information for the Merrick Bank Double Your Line® Mastercard® has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms Apply.
Is the Merrick Bank Double Your Line® Mastercard® right for you?
If you’re confident that your credit score is high enough that you can avoid the fees associated with the Merrick Bank Double Your Line® Mastercard®, then give it a try. However, unless you’re comfortable with the uncertainty of paying fees, you should consider applying for a different credit card.
A secured credit card that requires a deposit and charges no fees may be the best route to take. You may have to pay more upfront to open the account, but you won’t have to pay expensive fees to keep your card open. Plus, you can recoup your entire deposit (provided you don’t have any unpaid balance) once you close the account.
Frequently asked questions
Merrick Bank will double your credit line for the Merrick Bank Double Your Line® Mastercard® after you make at least the minimum payment due on time every month for seven months.
After the first year, Merrick Bank will review your account account on a regular basis for possible credit line increases.
Yes, you can use your Merrick Bank Double Your Line® Mastercard® anywhere credit cards are accepted.
You can activate your Merrick Bank credit card online by entering your 16-digit card number, the last four digits of your Social Security number and date of birth here. You can also activate your card over the phone by calling 800-204-5936.
The information related to the Merrick Bank Double Your Line® Mastercard® has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.
