When you receive an invitation to apply for a Merrick Bank Double Your Line credit card it maybe tempting to apply. The offer means you have high approval odds. The pre-approval doesn’t mean that the credit card is guaranteed. If your credit score changed since the offer was sent, you can get rejected.

After you are approved for the card it shouldn’t take too long to get it in mail. Read how long does it take to receive a credit card.

You can use the Double your Line MasterCard to make purchases in stores and online.

You may have heard about Merrick Bank Classic Secured Credit Card. In contrast Double your Line Visa Card from Merrick bank is an unsecured card. The purpose, however, is the same. Build credit score and establish credit history. Merrick Bank reports how you use it to all 3 major credit bureaus. These are Transunion, Experian, and Equifax. After you receive the card and pay a couple of statements, credit score should go up at least a few points. Make sure to keep your utilization low, because it has a great impact on credit score.

You can track credit score and factors that contribute to it using Capital One CreditWise. It is an accurate tool that doesn’t require you having an account with Capital One.

Credit limit of Double your line Card

Initial credit limit of Merrick Bank Double your Line Platinum can range from $500 and up to $1,300. However, after a year of payments on time bank can double your credit limit. This is why card’s name is double your line. And the absolute maximum credit limit is $3,000.

Having no need for a security deposit costs you an arm and leg. There are number of fees. Setup fee just to open the card is $75 and there can be an annual fee of up to $80. You should pay all fees upfront. So the credit card has $150 balance right at the very beginning. These fees make Merrick Bank Double your Line card a bad choice.

The APR on this card is extremely high and can go up to 30%. Another big NO is that this card has no rewards and no benefits. Other cards often have some cashback.

I think Merrick Bank Double Your Line Credit Card is not worth your time and you should avoid it. After all good credit score should to save you money, not to cost you money.

Starbucks is a well known brand of coffee shops. So you may wonder if Starbucks has a credit card. Yes, it does and if you are a fan of Starbucks – you may want to apply for a Starbucks Credit Card issued by Chase Bank.

To get this Starbucks credit card you need a good to excellent credit score. It means people with credit scores above 700 points can apply. Having a high credit score is not the deciding factor. Your debt to income ratio, credit utilization, and number of recent credit inquiries can affect your approval odds. To check these parameters you can use credit score tracking tool called Chase Credit Journey.

Starbucks Rewards program

Starbucks has its Rewards program that uses stars instead of points or miles. For 50 stars you can get a coffee with a pastry. If you go to Starbucks often this may sound like a good deal. Is it?

Starbucks Credit card offers 4,500 stars after you spend $500 within the first 3 months. The stars are worth 90 lattes with croissants. By some measurements the value of one star is around 3 cents. So if you want to measure value of Starbucks stars in cash, the bonus is worth approximately $200 at a Starbucks store. However, stars cannot be converted to cash. Beside signup bonus you earn 1 star for every $2 spent with the credit card in grocery stores, ride-sharing, public transit expenses, internet, cell phone and cable. 3 stars for every $1 spent for Starbucks purchases and 1 star for $4 on everything else.

You cannot cash the stars and cannot transfer the Starbucks Rewards anywhere else. Even though stars do not expire, don’t hoard them. Starbucks is known for devaluing its start from time to time.

Other benefits Starbucks Credit Card

Other benefits of the Starbucks Credit Card include purchase protection, extended warranty and trip cancellation insurance. These are valuable benefits, but Starbucks card is not the only card that offers such a perk.

The Starbucks Credit Card has no annual fee for the first year and $49 after that. It means that for the first year this credit card maybe a good one, but on the second year it becomes a burden to your budget.

For purchases in other currencies, credit card charges 3% foreign transaction fee. It means you should take some other card when you travel outside of the US.

The final conclusion is that a Starbucks credit card is fine for Starbucks fans and only for the first year. For everyone else it is not worth the annual fee.