Is Merrick Bank for bad credit?
The Merrick Bank credit cards are designed for individuals with bad credit and those trying to build (or rebuild) their credit histories. However, they come with too many fees for us to recommend them over other cards that will likely be available to these consumers, such as the Secured Mastercard® from Capital One.
Is Merrick Bank a legitimate bank?
Merrick Bank is a legitimate bank that specializes in helping consumers rebuild bad or low credit. Compared to some other secured credit cards, however, Merrick Bank’s products have high annual fees, and the cards offer no rewards on credit card purchases.
Does Merrick Bank give instant approval?
Merrick Bank’s focus is consumers who have suboptimal or nonexistent credit. The approval process is quick, and applicants can easily check online for prequalification without damaging their credit score.
What is double your line?
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.
What is the highest credit limit for Merrick Bank?
Pros Explained. Credit Limit as High as $3,000: With the Merrick Bank Secured Visa, you can put down a security deposit ranging from $200 to $3,000, which then serves as your credit limit. Many secured cards have much lower credit limits.
How often does Merrick bank increase credit limit?
A great upside to this card is that your initial limit of $550 to $1,250 (again, based on creditworthiness) will be automatically doubled after seven months of on-time payments.
How long does Merrick Bank take to approve?
It can take Merrick Bank up to six weeks to process your application and security deposit and mail your Merrick Bank Secured Visa card to your home address.
How often does Merrick Bank increase your credit limit?
Is there an annual fee for Double Your Line Visa card?
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.
Where can I get a double yourline credit card?
You can order your doubleyourline credit card online, but preapproval is required. You will just need to fill out an online application form and submit it. You will not have to wait for a long time for their reply.
Is the Merrick Bank Double Your Line Visa card an option?
Luckily, the Merrick Bank Double Your Line Visa Card is an option, though it has some credit line limitations. Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
Is there a credit limit for Double Your Line?
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.