![]() ![]() There's no question that the Merrick Bank Platinum card has many potential fees that seriously limit the usefulness of this card. The factors that make up your FICO score. You can keep credit utilization low by spending less on the card, but your credit limit is set by the bank. Your credit utilization ratio is the percentage of your credit limits that you are using and is one of the more important factors that determine your credit score. This limit is regularly reviewed for increases after that time period, too.Īn increased credit limit means you won't have to worry about maxing out on your card - but more importantly, it can help your credit utilization ratio. That means if you are initially approved with a $550 credit line and you pay on time for seven months thereafter, you'll notice your credit limit jump to $1,100. (Hence, the "Double Your Line" card name.) Initial credit limitĪ 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. Unlike a secured card, the Merrick Bank card provides a revolving line of credit without the need to pay a security deposit. Since the card reports to the major credit card bureaus (TransUnion, Equifax, and Experian), this allows you to build a credit history that eventually can help you be approved for future financial products. The main draw for the Merrick Bank card is the ability to improve your credit score. Related reading: How to check your credit score absolutely free How the card works However, we'll get to other - and in most cases, better - possibilities. If you're eager enough to make significant progress on your financial standing, this card could be an option. These fees can add up, as you're essentially paying to improve your credit. Additional Card Fee: From $0 to $12 per additional card issued, per year.Account Set-Up Fee: From $0 to $75 one-time fee.Annual Fee: From $0 to $72 the first year.However, similar to the Indigo Platinum Mastercard, the card has a sliding scale of fees that are entirely based on your creditworthiness. Since this is an unsecured credit card, you don't need to put down a security deposit. That essentially means the Merrick Bank Platinum Visa card is meant for individuals who have bad to fair credit and are looking for concrete steps to improve it. The Points Guy will not share or sell your email. I would like to subscribe to The Points Guy newsletters and special email promotions. According to Merrick, it specializes in "credit programs that assist people looking to build or rebuild their credit." That's because it caters to a specific niche. While Merrick Bank serves three million cardholders, it isn't the most well-known institution out there. The card details on this page have not been reviewed or provided by the card issuer. The information for the Merrick Bank Platinum Visa Credit Card has been collected independently by The Points Guy. New to The Points Guy? Want to learn more about credit card points and miles? Sign up for our daily newsletter. Let's look a little more into the details of the Merrick Bank credit card to see if it might make sense for you. If used correctly, it's a card that can materially help in fixing damaged credit - but it comes at a potentially serious cost. Utah-based Merrick Bank is no exception, with its Platinum Visa card (also known as the Double Your Line card). That's because the banks that issue these types of cards are taking on more risk in the event that you are unable to pay off your balance. This page includes information about the Discover it Secured that is not currently available on The Points Guy and may be out of date.Ĭredit cards that are intended to help individuals build or repair credit often have the most fees and highest APR rates. Card Rating*: ⭐⭐ *Card Rating is based on the opinion of TPG's editors and is not influenced by the card issuer. The card is worth a look if you are in need of rebuilding your credit, but with annual fees, set-up fees, and a high APR, it's a card that should largely be avoided. ![]() While the standout feature of the Merrick Bank card is the ability to easily double your credit limit, there are better options for those with poor to fair credit. Merrick Bank Platinum Visa Credit Card Overview Update: Some offers mentioned below are no longer available. ![]()
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