Are you low on credit score and finding it difficult to get your hands on a decent credit card?
Well, you have landed on the right page because DoubleYourLine VISA credit cards are just for you.
Merrick Bank gives you the opportunity to build or rebuild your credit score within a year by providing you an exciting offer via DoubleYourLine mail offer.
If you didn’t get a mail offer, you still can apply for these credit cards by following this article.
It will be quite hard for you to find any credit card that will give you an opportunity for rebuilding your credit score so easily by doubling your credit limit just after a responsible use of 7 months.
Surprised! I was too when I first heard about it a year ago.
Therefore, I decided to help everyone out by writing this article and introducing you to the what’s and how’s of DoubleYourLine credit card offer from Merrick Bank.
A Glance At DoubleYourLine
DoubleYourLine is a web portal for responding to a mail offer which you might have received from Merrick Bank. This offer invites you to apply for the Merrick Bank credit cards which have a feature of doubling the credit line.
There are two credit cards you can choose from, a secured one and an unsecured one. I’ll review both of these credit cards in a later section. So, you won’t have any difficulty in making a decision.
In addition to responding to the mail offer, you can apply to check whether you qualify for any DoubleYourLine offer or not from this platform without any mail offer as well. I’ll show you how to do that in a jiffy.
Note: DoubleYourLine platform only allows you to respond to an offer that ensures you are pre-qualified, you can’t apply for a credit card without an offer.
Responding To The Mail Offer
If you have received a mail offer from Merrick Bank, offering you their DoubleYourLine VISA credit cards, then get ready, you are up for a joy ride. Without any further ado, you should follow the steps below to respond to the mail offer.
- Visit www.doubleyourline.com platform.
- Take out the mail offer letter and find the Acceptance Certificate Number and your last name as it appears on the letter.
- Enter these details along with your email address in the given fields and hit ‘Apply Now’.
That’s it! You are done, all you have to do now is wait before you get your credit card delivered to you along with the welcome material.
Didn’t Get A Mail Offer?
Although the DoubleYourLine credit cards are invitation-only credit cards, you cannot apply for the cards directly, but you can apply for the invitation by email.
Isn’t that great? Just go through the following steps to get an email offer if Merrick Bank thinks you pre-qualify for the DoubleYourLine credit cards.
- Visit www.doubleyourline.com web portal.
- Click on the ‘Can’t find your Acceptance Certificate Number?’ link right under the Acceptance Certificate Number field.
- You’ll be redirected to a new form that will require you to enter a bit of personal information.
- After entering the information completely, hit the green ‘See if I Match’ button.
Now cross your fingers because the Merrick Bank system will be checking your details and will send you an invitation link via email if you pre-qualify for any DoubleYourLine offer.
If you are lucky to receive an offer via email, then click on the link given in the email to respond to the offer and follow the same steps as those described above.
Why You Should Respond To The DoubleYourLine Mail Offer?
Well, for starter you are not going to find an easier way to build or rebuild your credit score other than DoubleYourLine credit cards.
All you have to do is be responsible and pay at least the minimum payment on time for the first 7 months and your credit limit will be doubled automatically. This will result in a lower credit utilization ratio and hence improved credit score.
Moreover, you are going to get a monthly FICO score for free via your free online or mobile app account. So, you can easily keep track of your credit score and adjust the credit card usage accordingly.
Complemented with these benefits you will also be offered a paperless credit card statement and free financial education resources to help you build a better credit profile.
That’s not it! You will be protected against any fraud liability. If unfortunately, your card is lost, all you have to do is notify customer support and then you don’t have to bear any fraud liability.
You are going to get these benefits no matter which DoubleYourLine credit card you choose, however, each card has its own features as well. So, let us explore those quickly as well.
What Options Do You Have
- Unsecured Platinum VISA Credit Card
Unsecured means you don’t have to deposit any security or initial deposit to use this card. Depending on your credit history you may a credit limit anywhere between $500 to $1200.
After that use the card responsibly and pay at least the minimum payment for 7 months and your credit limit will be automatically doubled.
- Secured Double Your Line Visa Credit Card
The secured cards require an initial security fee deposit. For this card, you have to deposit $200 initially and that will be your credit limit as well. However, just after 7 months of considerate use, your credit limit will be increased to $400 and that too without any additional security deposit.
Furthermore, the APR associated with this card is considerably lower than the unsecured credit card. Your credit performance will be reported to all three major bureaus, allowing you to build your credit score right from the first month.
Moreover, this card has a lower APR rate than the Platinum VISA credit card, which will be favorable to several customers who can deposit a mere $200 as an initial deposit fee.
The Downsides Of The DoubleYourLine VISA Credit Cards
The DoubleYourLine credit card comes with a couple of additional fees attached to them. Starting from a $36 annual fee, charged as monthly installments of $3 after the first year, and a $12 fee for an additional credit card.
Moreover, there is a 2% foreign transaction fee charged from the user for every transaction he is going to make with a non-US merchant.
As far as the APR is concerned, the secured credit card has a 17.45%, whereas it goes as high as 26.99% for the unsecured Platinum credit card. Furthermore, a fixed APR of 22.5% is charged on cash advance, in addition to $4 or 10%, whichever is higher, cash advance fee.
Considering these negatives of the DoubleYourLine credit cards, you should look for a few other options as well before you make your mind in case these are unacceptable to you.
Both DoubleYourLine VISA credit cards, which is then secured and unsecured one, may be used to effectively build or rebuild your credit score.
You can improve your credit score even more vigorously after 7 months, as your credit limit will be doubled automatically.
All you need to do is use the credit card responsibly for 7 months by paying at least the minimum payment.
The unsecured Platinum credit card offers a much higher credit limit as compared to the secured DoubleYourLine VISA credit card, but also has higher APR and fees tagged with it.
The secured credit card will have a low credit limit of $200 only that may be doubled after 7 months to $400, without any additional security deposit and hassle.
I would like to end the article by saying that responsible use of these credit cards can help you rebuild the credit score, however, irresponsible use can further worsen your troubles. Therefore, keep it simple, keep it safe.
Thank you and Best of Luck!