A low credit score can present many issues, and there aren’t many options for improving it. This is why there are new issuers that offer credit repair cards like Merrick Bank Double Your Line Platinum Visa. The Merrick Bank has divided their cards into 2 categories, the Merrick Bank Secured Visa meant for people with very bad credit score (down to 300 and less) and Platinum Visa for bad to Fair credit (from 400 up to 700). The Platinum card isn’t designed for people with a very bad score but for those who have a low score but would like to get it back on track really fast. Only a select group of people can get the card, as it is the Cadillac of credit repair cards. There are no credit checks during the application, but you need to receive an invite from the bank itself to get the card. If the bank decides that you are credibly eligible to get one, the person can apply for it.
Who Is This Card For?
As we said earlier, it’s meant for people who have a credit score ranging from 400 to 700. At the same time, people who have no credit activity whatsoever can also get these cards. The important thing is that you are either a member of the bank or you’ve used some of their services. The bank basically chooses potential members that can use their exclusive card and build their credit score. There isn’t a stain on your credit activity as the bank does no credit checks when deciding who is eligible to get their card. If you have a really poor credit score, you can get their other Secured Visa card, and once you’ve made progress, the bank will offer you the Platinum option.
Related: Secured Credit Cards
What are Double Your Line Platinum Card Benefits?
This is an unsecured credit card that comes with a high starting maximum credit limit, which not many cards of this type provide. Users can basically choose their own credit limit at the beginning. Every 7 months, the credit limit is doubled automatically if you’ve made all of the minimum payments on time. It also comes with several other benefits:
- Free monthly FICO score checks: Every cardholder has a free FICO score check each month. They can do the check through their accounts.
- Online account: The online account gives valuable information and insights in your balance, spending, and allows you to perform all important actions.
- Different payment options: You can make payments through the online account, via a phone call, or check.
- No payment fees: The card has no payment fees.
- Monthly reports to credit bureaus: All of your monthly activity will be reported to the three major credit bureaus.
- Fraud liability protection: You aren’t accountable in case your card gets stolen or is abused by someone.
Are there Any Disadvantages?
It’s tough to get a credit rebuilding card without any downsides. Any card issuer that claims their card doesn’t have a catch is simply lying to you.
- High fees. The card comes with an annual fee that’s not high considering all the other perks of this card. At the same time, it has an account activation fee.
- High interest. Card’s APR can go up relatively high. However, the issuer has added this high APR rate only as a safety measure. Unless you break the payment deadline and you owe more than you’re allowed, you won’t be charged with interest.
- No rewards. The card is solely targeted to build credit and gives no bonuses or rewards for cardholders.
Should You Use this Card?
In case you are already a member of the bank, and you would like to repair your credit score then you might want to get this card. This card comes with reasonable fees that you need to pay instantly but then don’t have to worry about them for a year. If you want to fix your score very quickly and bring it up to a healthy level with ease, this is the right card for you. It doesn’t add a lot of expenses while allowing you to get a credit line up to $2,500. This makes this card really effective for keeping credit utilization really low. Furthermore, if you are a Visa card user, you will love the Merrick Bank Platinum, as it has all the capabilities of a Visa card with some added perks.
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