www.doubleyourline.com is for credit cards issued by The Merrick Bank. This is typically for an unsecured rather than a secured credit card. A secured credit card means that the bank requires a security deposit from the customer before approving them for the credit card. Many credit cards designed for those with poor credit are secured and require the user to put down a certain amount of money before being approved. The bank gives the cardholder a grace period of 25 days to pay off the monthly balance before the annual percentage rate is applied. Also, only individuals that are over 18 years old are able to apply for this credit card.
Reasons to Respond to Doubleyourline.com Invitations
One advantage that this credit card has over other credit cards designed for users with bad credit is a generous credit limit. This credit card starts with a spending limit of anywhere from $550 to $1250, which is higher than average when compared to other credit cards designed for users with bad credit. One standout feature, however, is the credit limit. That limit doubles after seven months of making timely payments. Furthermore, the bank will regularly review your account for increases even after that. Also, this bank requires no fee for increasing the credit limit contrary to other cards, which might charge a 25% increase for the fee.
Another benefit of this credit card is that it has a lower than average security depository requirement in comparison to other secured credit cards. Other secured credit cards require at least $300 or $400 before the user can open an account. However, the Merrick Bank only requires a minimum deposit of $200 before the user can open an account. There is also no monthly account maintenance fee that comes with this credit card.
Also, a great benefit of The Merrick Bank Double Your Line credit card is that it was created to help those with poor credit increase their credit score. Every time an individual makes a payment on time, they are building to their overall credit score. Credit One bank reports to the major credit bureaus every month. Cardholders that want to increase their credit score may notice an improvement in just a few months.
Cardholders will also get complimentary access to their FICO score after opening an account. Access to free credit scores is not very common for credit cards that are designed for users with bad credit. The FICO score is the most widely used scoring system with lenders.
There are other miscellaneous benefits to having this card as well. For example, this credit card is straightforward to apply for. Customers can pre-qualify without harming their credit score. Customers will need to enter personal demographics such as date of birth, employment details, and income details for their application. Another benefit of this Merrick card is that it is on the Visa network. Visa network is accepted at almost every location, and users will also get rental-car insurance benefits.
Reasons to Pass on www.DoubleYourLine.com
The Double Your Line Visa card comes equipped with various fees, which can be avoided with other credit cards. For example, examining a www.doubleyourline.com flyer, this card has an annual fee of $36. $36 is not a high number, but it is when you consider the fact that many other secured credit cards have no annual fee at all. The fee gets charged to the cardholder in monthly installments of $3 after the first year. There is also a $12 fee for those users who request an additional card. Many competing credit cards do not require a fee at all for requesting an additional credit card. The Double Your Line Visa card also comes with a 2% foreign-transaction fee making it an expensive card for individuals that want to use it internationally.
The Merrick Bank Double Your Line credit card has an annual percentage rate of about 17.45%. Other competing credit cards have a lower annual percentage rate. However, when carrying a balance is not a good idea considering the fact that the user put down their own money for the initial credit line. Therefore, they essentially are charging themselves a high-interest rate. The Merrick Card also has a cash-advance APR of 22.5%, which is higher than average in comparison to other credit cards. There is also a fee of 4% or $10 (whichever is higher) for cash advances. Another disadvantage of the Merrick Bank Double Your Line card is that balance transfers are not allowed. This card is also off-limits to specific individuals with bad credit. Secured credit cards are usually easy to be approved for since the bank collects a deposit upfront as a security measure. However, they can still require some kind of qualifications to be met. In the case of this credit card, the applicant cannot have an undischarged bankruptcy pending or unpaid tax debts. Another disadvantage of the Merrick Bank Double Your Line card is that it does not come with a reward or point system for usage.
The Merrick Bank Double Your Line Visa is an average option for those users who have poor credit and want to improve it. While it does not beat credit cards designed for customers with good credit, it has several features that make it stand out against cards built for users with bad credit. Before accepting a www.doubleyourline.com offer, it is important to research other credit cards also designed for customers with poor credit before committing to one. It can help those customers improve their credit score in a quick amount of time.