The www.doubleyourline.com Merrick Bank Platinum Visa is an unsecured credit card with terms that vary wildly depending on your current credit score. While things may start with a moderate annual fee, high interest, and fees for additional cards, you may end up with a card with no annual or additional card fees, high interest, and a decent credit limit.
The doubleyourline.com Visa credit card is a great card for people who are interested in an unsecured credit card that will allow them to rebuild their credit. This is a program that does start with some fees, and most of them are reasonable. However, if you use your card wisely, you can avoid the high interest and eventually negotiate your way down to zero additional annual fees.
The interest on the Merrick Bank Platinum Visa is its biggest initial drawback. The lowest APR you can get is 21.45% on purchases, and this may vary with the Prime Rate The highest APR for purchases is 29.7%. This latter number is what the target demographic for this card is likely to encounter.
The APR for cash advances is a much different story. Here, you can expect APR as high as 34.7% that can vary with the Prime Rate. Taking out a cash advance with this card at that rate is still much less than a payday loan, but still far from ideal.
Merrick Bank is special when it comes to unsecured Visa cards and credit limits. For starters, the average limit of a Merrick Bank credit card is over $500 and can go up to $10,000 over time if you make payments. Your credit line will be doubled, hence the www.doubleyourline.com branding, if you make payments on time.
Not only that but no matter what line of credit you start with, simply making a set number of payments on time can result in your credit line doubling within the first year. Very few cards that allow you to start with a poor to fair credit score are this generous with their credit limit overall.
- Annual Fee – The annual fee for the Merrick Bank Platinum Visa will vary depending on your credit score when you apply. It could be as high as $72 or as low as $0. It's also worth noting that this fee is billed all at once for your first year. Every year after that you will see a small monthly charge that will add up to your total annual fee for the year.
- Cash Advance Fee – The cash advance fee for the Merrick Bank Platinum Card is the greater of $10 or 4% of the total amount of the transaction. Cash advances are limited to a set portion of your available credit. This can vary per account.
- Foreign Transaction Fee – The Merrick Bank Platinum Visa does have a foreign transaction fee of 2% of the total transaction in USD.
- Late Payment Fee – The late payment fee for the Merrick Bank Platinum Card is up to $40 per late payment.
- Return Payment Fee - The returned payment fee for the Merrick Bank Platinum Card is up to $40 per late payment.
- Authorized User Fees – Authorized users and additional credit cards can cost up to $12 per year per card. For those in good standing or that apply with a better credit score, there may be no fee for having an authorized user on your Merrick Bank Platinum Visa credit card.
- Balance Transfer Fee – Balance transfers to this card are not allowed at the time of this writing.
- Account Set-Up Fee – The account set-up fee for a new Merrick Platinum Visa card isn't a given. Not everyone will be charged this fee. However, if you are charged a set-up fee it will be $75 or less and only charged once. Keep in mind that both the setup and the annual fee will be charged to your credit card the first month. This means you need to pay it off by your due date or this will generate interest like any purchase might.
The Merrick Bank Platinum Visa may include a rewards program by invitation only or may offer certain limited rewards to qualifying patrons. However, this is extremely rare. There is no advertised or overall rewards program for this credit card.
Pros – Advantages of the www.doubleyourline.com Visa
The Merrick Bank Platinum Card comes with a host of benefits for all cardholders but most of these points are best for those building up their credit.
- Reduced Fees Over Time – As your credit improves this card will be even easier to keep as it's possible to negotiate your way out of most annual fees, including additional card and authorized user fees.
- Generous Unsecured Credit Limit – With the Merrick Bank Platinum Visa, you start with a relatively high limit for this type of card and it's easy to get a higher limit with good behavior and automated, free credit line increases.
- Approval For Those With Fair Credit – Fair credit is the range below good credit and exists somewhere upwards of 500 and below 650. While approval for those in this range isn't guaranteed, it's been proven possible and even likely, with an invitation and pre-approval.
Cons – Disadvantages of the Merrick Bank doubleyourline.com Offer
The disadvantages of the Merrick Bank Platinum card are either things the card lacks altogether or things that may be reduced over time. Except for the APR and interest.
- High Overall APR – The APR on this card is high no matter what score you apply with. This is especially true for cash advances. Because of this, this isn't a great way to split up the cost of a big purchase if you can avoid it.
- Fees – A set-up fee and an annual fee are something that will be hard to avoid with a low score. The annual fee, however, may be able to be waived in subsequent years.
- By Invitation Only – The Merrick Bank Platinum Card is a credit card that only those who receive an offer in the mail can apply for. You must have received a www.doubleyourline.com Visa invitation letter with a reservation code to apply for this offer.
The Merrick Bank Platinum Visa credit card is one of those cards that it never hurts to have if you have great credit or better. If you have poor credit or fair credit, this is a great card to start building things back up with as it's the kind of card with few penalties, fair fees, and a program that allows your creditworthiness to grow quickly.