This is a complete guide to mercury credit card review 2022 where we researched a lot about this credit card and mention Mercury Mastercard pros and cons.
Mercury Credit Card, also known as Mercury MasterCard, has no annual fee, an unsecured credit card is specifically designed for people who have had credit problems in the past but plan to pay off their balance at the end of each month.
Mercury Credit Card is part of First Bank & Trust, South Dakota; the map has over half a million members. Here are some of the important things to know about the Mercury Credit Card before moving on to the full Mercury Credit Card review.
The card has high-interest rates, but if the cardholder pays off the balance in full, he no longer has to worry about high-interest rates and is on his way to success in building credit for himself.
As mentioned above, the Mercury credit card does not charge an annual fee because it is an unsecured card. The Mercury credit card is ideal only for those who have received a pre-approval letter from the card issuing company.
Cardholders can also access the Mercury mobile app for a better experience. The Mercury credit card was launched in the year 2018, which represents a relatively new entry into the card market.
The Mercury credit card is intended for those with a credit score between 550 and 650 and is also a mid-tier card. However, the Mercury credit card is by invitation only. Therefore, only people who received an invitation email can apply for the credit card, making it difficult for many strangers to get in.
Table of Contents
Mercury Credit Card Review
Some of the most important aspects of the Mercury credit card are the following, it is important to know them before proceeding with the card application.
The Mercury credit card has a normal APR of 25.65% – 28.65%.
While the credit card has no annual fee, several other fees apply such as late payment fees, which charge up to $38 APR from 25.90-27.90%; this charge depends on the prime rate.
In addition, the cash advance APR ranges from 27.90 to 29.90%, which is also based on the prime rate. Another thing about the cash advance fee is that 5% to 10% of the cash advance fee is based on the amount of the cash advance.
The credit report is prepared for the three major credit bureaus.
One of the downsides of the Mercury credit card is that it is not liable for fraud.
The minimum credit limit for the Mercury credit card is 1,500.
For the various overseas transactions that would be made with the Mercury Credit Card, the commission is 3% of the international purchase.
The transfer fee for the balance is 4% – 5% of the amount transferred.
Some of the benefits of applying for and obtaining a Mercury credit card include the following; uses a mobile app, available for both Android and IOS, which is known to be technically sound and has an extremely user-friendly interface.
Cardholders can now easily manage their finances, view their credit and rewards score and FICO score, and pay their bills before the due date, all with just a few clicks.
It should be noted that applicants are usually invited to apply for the Mercury credit card. However, there are no known sign-up bonuses, rewards, or additional benefits provided to cardholders.
In addition to the mobile app, if cardholders have problems with their credit card or company, they can also contact customer service through their official website or the contact details on the website.
While it was mentioned earlier in the article that the Mercury credit card is for people who have had credit problems in the past, it is not to be suggested that the bank allows people with a low or bad credit score to proceed with the application of the credit card.
The card is intended for those with a reasonable credit score and it has been observed that those with a reasonable credit score are the ones who receive the invitation email with a registration code that allows the user to proceed with the application.
Another important thing is that since the Mercury Credit Card has no annual fee, cardholders don’t have to worry about canceling the card, which is important if you want to build a good credit history. Finally, to reduce your credit card usage, you get an extra credit card limit, which is handy.
Mercury Mastercard Full Details
- The Mercury Mastercard card offers several benefits. Here’s what you need to know before signing up.
- Annual Percentage Rate (APR): Ranges from 25.90% to 27.90% and can fluctuate based on the prime rate.
- Cash Advance APR: Ranges between 27.90% and 29.90% and may fluctuate depending on the prime rate.
- Annual fee: none.
- Late Payment Fee: Up to $38.
- Balance transfer fee: $5 or 4% of the balance transfer amount, whichever is greater.
- Cash Advance Fee: $10 or 5% of the advance amount, whichever is greater.
- Foreign transaction fees: If you use your card abroad, you pay 3% of each purchase.
- Credit Limit: Most users report a $1,500 credit limit, but some reviewers say they received up to $5,000 in credit. Some users also report receiving an automatic credit limit increase.
Now that we have discussed the various details related to the Mercury credit card, let’s move on to the Mercury Mastercard pros and cons. Once we’re done listing them, we can decide if the card is for you or not.
Mercury Mastercard Pros And Cons
The Mercury Mastercard offers several advantages, but also has disadvantages. Here’s what you need to know.
5 Benefits Of The Mercury Mastercard
Here are five good things that make Mercury Mastercard a good option for those with decent credit scores.
1. Handy mobile app
Reviewers seem to love the Mercury Mastercard mobile app, which is available for Apple and Android devices.
Cardholders can do a lot with the app. With a smartphone, you can check your balance, pay your bill, keep track of your FICO® score, and view your transactions as you shop.
2. Free access to your FICO® Score
The Mercury mobile app lets you view your FICO® score whenever you want. Since about 90 percent of lenders use the FICO scoring model, this is a great tool if you want to restore your credit score.
3. No Annual Fee
The Mercury Mastercard has no annual fee. This is a useful benefit for people who want to open the card to increase their credit usage, but don’t necessarily plan to use the card a lot.
4. Free Fraud Protection
Mercury Mastercard cardholders receive free fraud liability protection. This means you won’t pay anything if your card is lost or stolen and you use it to make unauthorized purchases.
5. Most merchants accept Mastercard
Like Visa, Mastercard is accepted by most merchants across the country and around the world. With the Mercury Card, cardholders rarely find themselves in a situation where they cannot use their card.
4 disadvantages of the Mercury Mastercard
Despite its advantages, the Mercury Mastercard has some drawbacks. Here are four to consider.
1. High interest
Compared to other credit cards, the Mercury card has a relatively high-interest rate. According to US News, the average APR for credit cards in 2020 ranges from 16.53% to 23.68%.
In contrast, the Mercury Card APR ranges from 25.90% to 27.90% and can fluctuate with the Prime Rate.
2. High foreign transaction costs
If you travel abroad a lot, the Mercury Mastercard might be a bad choice. This is because cardholders pay a foreign transaction fee of 3% of the purchase amount for each foreign purchase debited from the card.
3. High Balance Transfer Fee
The Mercury Mastercard is probably not the best option if you’re looking for a card for the express purpose of transferring a balance from another card.
Unlike cards marketed as balance transfer cards, the Mercury card does not offer benefits such as 0% APR and one-year interest-free grace periods.
Instead, all balance transfers come with a fee of $5 or 4% of the amount transferred. Worse, the interest goes into effect immediately.
4. Difficulty finding information about terms and conditions
Although Mercury makes your cardholder agreement available online, it does not disclose certain critical information.
For example, it is difficult to obtain information about the eligibility criteria or what factors Mercury uses to identify the people who are shortlisted for offers.
It’s also quite difficult to find concrete details about Mercury’s credit limits or rewards program. Internet user reviews offer some discussion of these points, but Mercury itself does not make them publicly available.
This can be frustrating for those looking for the best credit card deal.
Each credit card application counts as one in-depth examination of your credit report, so make sure the Mercury Card is right for you before you apply. This can be tricky if you can’t get a full picture of the terms.
Mercury Mastercard Eligibility Criteria
One of the main things that set Mercury Mastercard apart from other credit cards is its invitation-only application process.
To be eligible to apply, you must first receive a pre-approval letter from Mercury. The letter contains a reservation code with which you can proceed with the application.
Mercury does not publish precise eligibility criteria. However, the card is sold to people with credit scores between 575 and 675, so you’re unlikely to receive a pre-screened offer if your score falls below this range.
How to Apply For Mercury Mastercard
Applying for the Mercury Mastercard is a simple process, but you need an invite (which Mercury calls a “backup code”) to get started. Assuming you have one, you can apply it in four steps.
#1. Have your reservation code hand
You cannot start your Mercury Card application without a reservation code, which you will receive in the mail as a pre-selected offer. If you have this code, go to mercurycards.com and select ‘respond to an offer by mail’.
#2. Enter your reservation code
You will then be taken to a screen congratulating you on your pre-approved approval. You must enter your reservation code and the last four digits of your social security number.
#3. Complete the application
Once the system has verified your reservation code, proceed with the credit card application. You must provide basic identifying information, along with certain financial information, such as your income.
You submit your application online. Please note that Mercury may require certain financial documentation, such as proof of income or a copy of your most recent payslip.
If you need to provide additional documentation, you can usually do this by scanning your documents and uploading them to the lender’s system. However, you may need to make copies and post them.
#4. Wait for a Approval
Cardholders say it typically takes four to five days to get a response from Mercury. If approved, you should receive your card in the email shortly after you receive notification that your application has been accepted.
How much do you earn in rewards and cashback?
Because Mercury Mastercard doesn’t provide information about rewards and cash-back offers online, applicants are forced to rely on cardholder ratings to get an idea of what kind of rewards to expect.
A reviewer on the myFICO forums noted that Mercury sent them a pre-screened approval that offered 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 turns out that cashback benefits and other rewards are tailored to the individual cardholder.
Can you get a credit limit increase with the Mercury Mastercard?
Mercury cardholders say they can get credit limit increases on the Mercury card, and some users report receiving automatic credit increases.
However, it is unclear whether Mercury has a specific process or list of criteria for offering cardholders automatic credit limit increases.
The amount of the raises also seems to vary widely, with some users receiving a modest $150 raise and others ranging from a maximum of $3,000 to $5,000.
Does Mercury have a mobile app?
The Mercury Card has a highly rated mobile app for Apple and Android devices.
Cardholders can do the following with the app:
- Check bill
- Retrieve account information
- View transaction details
- View FICO® Score
- Paying the bill
- Receive paperless statements
Mercury Mastercard reviews from all over the web
Overall, web reviewers seem happy with Mercury Mastercard. Positive reviews say the card is an easy way to build credit.
For example, a Credit Karma user said he received a $2,000 credit line with no problems.
Another reviewer got an automatic credit line increase from $1,800 to $4,500.
A five-star reviewer noted that they improved their credit score by 130 points in just over a year using the Mercury card.
However, not all cardholders are happy with Mercury Mastercard. The good news is that many of the negative reviews relate to poor customer experiences when switching from Barclays to Mercury.
For example, one reviewer on the myFICO forums was disappointed to see his credit limit drop from just over $4,000 to $3,000 when switching from Barclays to Mercury.
On the other hand, another reviewer from the myFICO forum said that his credit line was automatically increased from $1,500 to $3,750 upon the transition from Barclays to Mercury.
Is the Mercury Mastercard Right for You?
Based on reviews from various credit forums, Mercury Mastercard seems like a good option if you need a second or third credit card to increase your credit limit.
With a higher-than-average interest rate, the Mercury Card is probably better suited to building credit and improving your credit utilization than normal usage.
If you get a pre-approved invite, the Mercury card is worth a look.
Alternatives to Mercury Mastercard
Understandably, Mercury Mastercard’s higher APR is keeping some people from signing up.
If your credit score is in the mid-’50s or higher and you want to boost it, here are three alternatives to consider.
1. Capital One Platinum Credit Card
The Capital One Platinum credit card is marketed to those with an average credit score. The credit builder card also offers no annual fee and a credit limit increase after five payments on time.
2. Visa Double Your Line™ from Merrick Bank
Do you want to double your available credit? The aptly named Merrick Bank Double Your Line™ Visa Credit Card could be a good option.
The Double Your Line™ Visa offers automatic credit line increases after seven months of on-time payments.
3. Capital One Quicksilver One Cash Rewards Credit Card
With unlimited 1.5% cash back on purchases, the Capital One Quicksilver One Card receives positive reviews. There is a $39 annual fee, but cardholders are eligible for credit limit increases after five months of on-time payments.
Contact Information: How can you contact Mercury by phone and email?
According to the contact information page on the Mercury Mastercard website, cardholders can contact customer service 24 hours a day, seven days a week.
Contact options include phone, email, and regular mail.
Mercury card contact details
How can I pay for my Mercury credit card?
The easiest way to pay for your Mercury credit card is to log into your account, where you can also set up automatic payments to avoid late fees, or by calling (866) 686-2158. Alternatively, you can pay as a guest or use the Mercury Credit Card app for iOS and Android. Finally, you can also send a payment by post.
How to pay for your Mercury Credit Card:
- Online: To make a Mercury Credit Card payment online, log in to your account using your credentials.
- Phone: To pay by phone, call Customer Service at (866) 686-2158 and follow the instructions.
- As a guest: You can also pay online as a guest. You only need to provide your date of birth and your credit card number or social security number.
- Mobile App: Mercury credit card payments are also available through the iOS and Android mobile apps.
- Mail: To pay for your credit card by mail, send a check or money order (but not cash) to the following address:
- Card services
- PO Box 70168
- Philadelphia, PA 19176-0168
Payment address next day:
- Vault services
- Box #70168
- White Clay Center 400 Dr.
- Newark, DE 19711
If you choose to make a Mercury Credit Card payment by mail, please make sure to send it at least 7-10 days before the due date so it arrives on time.
How long does it take to get my mercury credit card?
Once your application has been approved, it usually takes 7-10 business days to receive your Mercury credit card in the mail.
If it’s been more than 10 days and you still haven’t received your card, call Mercury Customer Service at (800) 854-7642.
How to get a credit line increase with Mercury credit card?
You can only get a Mercury Credit Card credit line increase if the issuer offers it to you.
Your account will be reviewed periodically to see if it qualifies for a raise. Unfortunately, there is no set time frame for these assessments. If you qualify for a higher credit limit, the issuer will notify you. The good news is that getting a credit line increase on your Mercury credit card won’t cause any problems, so your credit score won’t be affected either.
To increase your chances of a raise, always pay your bills on time and try to work on your credit score and income.
Conclusion – Mercury Mastercard Pros And Cons
Honestly, there’s not much to say about the Mercury credit card, given that the company operates in secret, and given that the invite-only feature isn’t open to everyone. This completes the Mercury credit card assessment.
Mercury Credit Card has kept a significant amount of information to itself, which doesn’t make many people happy or even attracted to the offer.
The card is for people who have had a difficult credit history, yet hope to improve and have a fair credit score on top of everything else.
As mentioned earlier in the article, pre-approval is important when it comes to the Mercury Credit Card. Still, to our surprise, many people have complained that their Mercury Credit Card has been declined even after being pre-approved, which is a huge disservice to customers.
Since the Mercury credit card claims are ambiguous and their authenticity cannot be confirmed, it is highly recommended that applicants apply for the credit card at their own risk if they do or instead look for a better, safer, and more secure option because there are many on the market.
We hope we can answer and clear all of your concerns and questions about the Mercury Credit Card and the services and benefits it offers.
It’s a great option for people who have had problems with their credit history and don’t want to bother paying an annual fee for the services offered.
As mentioned above, there are not many reliable sources that can confirm Mercury Credit Card’s claims and offers; one should proceed with the application at one’s own risk.