The Mercury MasterCard emanates from the First Bank & Trust.
It’s a relatively unknown card, but ideal for people looking for no “roller-coaster” credit card.
With zero annual fees and a handy mobile application, the Mercury MasterCard is ideal for someone who’s had a bad credit history in the past.
Launched in 2018, the Mercury MasterCard is a relatively new credit card in the landscape.
Primarily, this mid-tier card is marketed towards people having a credit score ranging from 550 and 650.
As a mid-tier unsecured card with no annual fee, it helps people who have had credit issues in the past, and those who want to pay their full balance at the end of every month.
One noteworthy feature is that you cannot apply unless you get an invitation email from the credit card company.
At a glance, the interest rates of this card are a bit high, but clearing the whole balance offsets the burden of cardholders and defines a clear path for them to build their credit.
Mercury Mastercard Full Details
The Mercury Mastercard offers a number of perks. Here’s what you need to know before you apply.
- Annual Percent Rate (APR) – Ranges from 25.90% to 27.90% and can fluctuate based on the Prime Rate.
- APR for Cash Advances – Varies between 27.90% and 29.90% and can fluctuate based on the Prime Rate.
- Annual Fee – none.
- Late Fees – Up to $38.
- Balance Transfer Fee – Either $5 or 4% of the amount of the balance transfer, whichever is more.
- Cash Advance Fee – Either $10 or 5% of the amount of the cash advance, whichever is more.
- Foreign Transaction Fee – If you use your card overseas, you’ll pay 3% of each purchase.
- Credit Limit – Most users report a $1,500 credit limit, but some reviewers say they were given up to $5,000 in credit. Some users also report receiving an automatic credit limit increase.
Mercury Mastercard Credit Card – Pros
1. Mercury MasterCard App
One of the biggest benefits of the Mercury MasterCard is the app. You get easy access with FaceID and fingerprint scans with eligible devices. This helps to keep it secure from anyone but you. The app allows you to check your account balance, rewards, transactions, FICO score, notifications, and communication preferences. You can update your information and manage bank accounts while paying your bill. Finally, you get one-touch dialing for customer service.
2. Free FICO Score
Before you can build your credit score, you have to know what it is. The Mercury credit card gives you completely free access to it. You can check it for accuracy with your app. Additionally, it allows you to see what makes your credit score fluctuate easily. You can take all of this information and use it to build a strong credit score.
3. No Annual Fee
Unlike some credit cards, the Mercury credit card has no annual fee. You won’t have to pay for having the card. This way, you can use it as much or as little as you like without a problem. Having no annual fee is good for someone who doesn’t plan to use their credit card a lot. So you don’t have to worry about spending enough to offset this fee.
4. MasterCard Worldwide Acceptance
MasterCard is one of the most widely accepted credit cards available. You can use it worldwide at over 40 million different places. This is great news for people who don’t want to carry multiple cards because they’re afraid a vendor won’t accept it. Carry one card, use it anywhere, and build your credit at the same time.
5. $0 Fraud Liability
The Mercury MasterCard protects cardholders if they lose their card or someone steals it. You’ll get $0 fraud liability. This means that the lender won’t hold you accountable for any fraudulent purchases. As long as you report your card lost or stolen, they’ll fix it. The lender will close your card, wipe out any fraudulent balances, and issue you a new one.
Mercury Mastercard Credit Card – Cons
1. 3% Foreign Transaction Fee
Unfortunately, the Mercury credit card comes with a 3% foreign transaction fee. So if you run your card through any non-US bank, you’ll pay this fee. It happens every time you use your card with a non-US bank. If you travel, you can easily pay hundreds extra simply for using your card. It also adds it for online purchases through non-US banks or ATM withdrawals.
2. High Interest
For being a simple card, you’ll pay a higher interest rate. If you don’t plan to carry a balance from month to month, this won’t be a big deal. However, it’ll add up if you do. The interest rate is 26.40%, and it can vary based on the Prime Rate. Also, people with lower credit will pay more in interest fees.
3. High Balance Transfer Free
If you’re getting a credit card to do balance transfers, this isn’t the card for you. You’ll pay either $5 or 4% of the transfer amount each time you do a balance transfer. The lender will charge you whichever amount is greater. Also, you’ll start paying the 26.40% interest straight away. There is no grace period.
Mercury MasterCard Rewards Review
Mercury doesn’t provide any preliminary information about the rewards that users should expect to earn.
According to myFICO, there is a significant disparity in the users to whom the company gives rewards and those it doesn’t.
There have been many reviews made by users on myFICO forum about the cash backs they receive on purchases. Some reviewers report having a 1 to 2 % cashback on purchases coupled with $10 for every 1,000 points earned.
Unfortunately, it is quite impossible to say how much reward points you’ll receive as well as the credit limits and credit limit increases. This is because these elements are tailored for each cardholder.
Is the Mercury Credit Card Worth It?
The Mercury Credit Card is a fine card for someone with fair credit who wants to improve their credit score. Honestly, though, it is hard to say much more on the card.
I don’t even know if it offers rewards!
Plus, it seems as though their pre-approved offers and sign-up codes are not exactly as good as they sound. Some people reported getting denied for the card after supposedly being pre-approved – which dings your credit in the short term.
4 Steps to Apply for a Mercury Mastercard
Applying for the Mercury Mastercard is a straightforward process, but you’ll need an invitation (which Mercury calls a “reservation code”) to get started. Assuming you have one, you can apply in four steps.
1. Have Your Reservation Code Handy
You can’t start the Mercury card application without a reservation code, which you’ll receive as a prescreened offer in the mail. When you have this code, visit mercurycards.com and select “respond to mail offer.”
2. Enter Your Reservation Code
Next, you’ll be taken to a screen that congratulates you on being pre-approved. You’ll need to enter your reservation code and the last four digits of your social security number.
3. Fill Out the Application
Once the system has verified your reservation code, you’ll move forward to the credit card application. You’ll need to provide basic identifying information, along with some financial information, such as your income.
You submit your application online. Note that Mercury might require certain financial documentation, such as proof of income or a copy of your most recent pay stub.
If you need to submit additional documentation, you can usually do this by scanning your documents and uploading them to the lender’s system. However, you might need to make copies and mail them in.
4. Wait for a Decision
Cardholders say it typically takes between four and five days to hear back from Mercury. If you’re approved, you should receive your card in the mail shortly after you get notice that your application was accepted.
How Much Will You Earn in Rewards and Cash Back with Mercury Mastercard?
Because Mercury Mastercard doesn’t provide information about rewards and cash back offers online, applicants are stuck relying on cardholder reviews to get an idea of what kind of rewards they can expect.
One reviewer on the myFICO forums noted that Mercury sent them a prescreened approval offering unlimited 2% cash back on purchases.
Another myFICO reviewer reported receiving 1% cash back on purchases and $10 for every 1,000 points earned.
As with credit limits, it seems that cash back perks and other rewards are tailored to the individual cardholder.
How to increase Credit limit of Mercury MasterCard?
While Mercury doesn’t explicitly outline the criteria for a credit increase on this MasterCard, some users have reported an automatic increment in their credit increment.
The credit limit varies between different people considering that some users have reported having a modest $150 limit while others have had their limits going up to $3000 and $5000.
Mercury MasterCard Client Reviews
Several cardholders across the web report being satisfied with the Mercury MasterCard.
Positive reviewers say that it’s an incredibly straightforward way for them to build their credit history.
For instance, one cardholder reported that they attained a credit limit of $2000 without a lot of problems at Credit Karma.
Other users have reported an automatic increase in their credit limit from a few hundred dollars up to $4,500, while some reviewers claimed that they improved their score by over 100 points in less than a year of usage.
However, like in any other service, the Mercury MasterCard has some negative reviews by some cardholders. Luckily, most negative reviews cycle around the transition from Barclays to Mercury and are about change in credit scores.
For instance, one user from the myFICO forum reported a decrease in their credit limit from $4000 to $3000 in the change from Barclays to Mercury. On the other hand, another user reported an increase in their credit limit by almost 100% during this transition.
Best Mastercard credit cards of 2021
Best no-annual-fee Mastercard Citi Rewards+℠ Card
- Rewards: Earn 2X ThankYou® points at supermarkets and gas stations for the first $6,000 per year and then 1X points thereafter. Plus, earn 1X ThankYou® points on all other purchases
- Welcome bonus: Earn 15,000 bonus points after you spend $1,000 in purchases with your card within 3 months of account opening
- Annual fee: $0
- Intro APR: 0% APR for the first 15 months on purchases; 0% APR for 15 months on balance transfers from date of first transfer
- Regular APR: 13.49% – 23.49% variable on purchases and balance transfers
- Balance transfer fee: 3% of each balance transfer; $5 minimum
- Foreign transaction fee: 3%
- Credit needed: Excellent
Best cash-back Mastercard: Citi Double Cash Card
- Rewards: 2% cash back: 1% on all purchases and an additional 1% after you pay your credit card bill
- Welcome bonus: No current offer
- Annual fee: $0
- Intro APR: 0% for the first 18 months on balance transfers; N/A for purchases
- Regular APR: 13.99% – 23.99% variable on purchases and balance transfers
- Balance transfer fee: 3%, minimum $5
- Foreign transaction fee: 3%
- Credit needed: Excellent
Best travel Mastercard: Citi Premier Card
- Rewards: 3X points at restaurants, supermarkets, gas stations, and on hotels and air travel, 1X points on all other purchases
- Welcome bonus: 60,000 bonus ThankYou® Points after you spend $4,000 in purchases within the first 3 months of account opening
- Annual fee: $95
- Intro APR: None
- Regular APR: 15.99% to 23.99% variable APR on purchases and balance transfers
- Balance transfer fee: 3%, $5 minimum
- Foreign transaction fee: None
- Credit needed: Excellent
Best balance transfer Mastercard: Citi Simplicity Card
- Rewards: None
- Welcome bonus: None
- Annual fee: $0
- Intro APR: 0% for the first 18 months on purchases and balance transfers
- Regular APR: 14.74% to 24.74% variable
- Balance transfer fee: 5%, minimum $5
- Foreign transaction fee: 3%
- Credit needed: Excellent/Good
Best student Mastercard: Deserve EDU Mastercard for Students
- Rewards: 1% cash back on all purchases
- Welcome bonus: None
- Annual fee: $0
- Intro APR: None
- Regular APR: 18.74% variable
- Balance transfer fee: N/A, balance transfers are not available
- Foreign transaction fee: None
- Credit needed: N/A
Best Mastercard for bad credit or no credit history: Capital One Secured Mastercard
- Rewards: This card doesn’t offer cash back, points or miles
- Welcome bonus: No current offer
- Annual fee: $0
- Intro APR: N/A for purchases and balance transfers
- Regular APR: 26.99% variable on purchases and balance transfers
- Balance transfer fee: None
- Foreign transaction fee: None
- Credit needed: No credit history
Is the Mercury Mastercard Right for You?
According to reviews from various credit forums, the Mercury Mastercard seems to be a good option if you need a second or third credit card to increase your credit limit.
With its higher than average interest rate, however, the Mercury card is probably best suited for building credit and improving your credit utilization rather than regular use.
If you receive a pre-approval invitation, the Mercury card might be worth checking out.
Final Words
Generally, MasterCard has a mammoth of positive reviews from clients – especially those who want to build their credit from scratch.
However, the common downside is the high-interest rates, which you can offset by keeping your credit utilization, preferably below 30%.
If you get an invitation letter from Mercury, it would be great to complete the application and look at it as a means to improve your credit score.
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