Mercury Mastercard Review
Mercury Mastercard is an unsecured credit card issued from First Bank & Trust.
The Mercury card was primarily designed for “hard-working, middle market consumers” with a credit score range of 575 to 675.
While the Mercury Mastercard does have a higher than the average interest rate, it’s a decent card option if you are looking to build credit without carrying any monthly balance.
The online application process is easy to follow, but first, you will need to receive your Mercury invitation in the mail.
Mercury Mastercard Details
The Mercury card rates and fees were in effect for applicants up to June 30th, 2021 (they are subject to change after that time).
- Credit Limit: Credit limits range between $500 – $5000, with most users acquiring a starting credit limit of $1500.
- Annual fee: There is no annual fee.
- Annual Percentage Rate (APR): The APR currently ranges between 26.99% to 28.99%.
- APR for Cash Advances & Balance Transfers: The APR varies between 26.99% to 28.99%.
- Late Fees: Up to $40.
- Returned Fee: Up to $40.
- Balance Transfer Fee: Fees are $5 or 4% of the balance transfer amount, whichever is highest.
- Cash Advance Fee: Fees are $10 or 5% of the cash advance amount, whichever is highest.
- Foreign Transaction Fee: If you decide to use your card overseas, you’ll pay 3% of each purchase amount once it’s been converted to US dollars.
- Rewards Program: Some users report 1% to 2% cashback.
For more information, you can review the complete Mercury Mastercard cardmember agreement.
Does Barclays Own Mercury Mastercard?
Barclays does not own Mercury Mastercard. Back in 2017, Barclays sold over half a million Mastercard accounts which amounted to over 1.4 billion in accounts receivables.
In turn, the buyer, CreditShop LLC, converted those credit cards over to the Mercury Mastercard, which launched in May 2018.
CreditShop marketed the Mercury card, and First Bank & Trust issued the credit cards.
Reviews are mixed; some cardholders were content with the change from Barclays to Mercury, while others would have preferred to stay Barclays clients.
Mercury Mastercard Credit Card Pros and Cons
Pros of the Mercury Mastercard
1. Valuable Mobile App
The Mercury MasterCard offers a convenient mobile app for Apple and Android users. The app provides great security features such as using your fingerprint for access or scanning your face with FaceID.
You can rest easy knowing that no one else has access to your account – not even if they find your smart device!
Users can also use the app to manage a large variety of aspects through the dashboard. Activate your card, view your balance, check your FICO® score, set up auto-pay, and more.
2. No Annual Fee
The Mercury Mastercard is an excellent option for those searching for a credit card without having to worry about the costs of an annual fee.
It’s also a great opportunity for people looking to improve their credit utilization, snagging an extra card with no yearly fees.
3. Free Easy Access to Your FICO® Score
If you’re looking to repair or even establish your credit score, it’s best to be informed of what your FICO score is.
The Mercury app allows you to check your FICO score anytime with just a few taps.
Considered the gold standard in credit scoring, this app will enable you to check your score whenever you want.
If your credit is wanting, it’s a good idea to stay current with your score.
4. Free Fraud Liability Protection
Mercury Mastercard offers fraud liability protection at no additional cost to its cardholders.
Their zero liability for unauthorized transactions means that you will not be held liable for any unlawful purchases made on your Mercury card.
5. Mastercard Accepted Worldwide
Mastercard is among the two most widely accepted credit card networks.
Available to use in over 40 million merchants locations and more than 200 countries, you can use your Mercury Mastercard nationwide or during your travels.
Cons of Using The Mercury Card
1. Full Terms and Conditions Are Not Readily Available
When working hard to improve your credit, it’s essential to properly evaluate each product or service you decide to apply for.
The Mercury Mastercard cardmember agreement provides only basic information such as their lack of an annual fee, ARP rates, and late fees.
However, other important components are missing such as their eligibility criteria. While we know that CreditShop designed the Mercury Mastercard for people with FICO scores of 575 to 675, no further information is available.
Perhaps because their card is by invitation only, Mercury Mastercard did not deem it essential to list their eligibility criteria.
Plus, there is no mention of their rewards or cashback program. It seems unfair for hopeful applicants to rely solely on Mercury Mastercard reviews to learn what the card has to offer.
2. High Interest
With an APR that varies between 26.99% to 28.99%, the Mercury Mastercard is above average.
According to WalletHub’s recent article, the average APR for people with fair credit applying for new credit card offers is 22.46%.
3. High Balance Transfer Fee
The Mercury Mastercard should not be your first choice if you are shopping around for the best card to do a balance transfer.
They provide no promotional interest-free periods. Plus, you not only have to pay high interest from the start but there is also a transfer fee of $5 or 4% of the balance transfer amount.
4. Elevated Foreign Transaction Fee
If you’re not big on travel, then the foreign transaction fee is of zero consequence to you.
But if you enjoy traveling across the border or overseas, you may not be impressed with the 3% fee of your purchase amount.
Mercury Card Rewards and CashBack
Unfortunately, the Mercury Mastercard does not display any details online regarding their rewards or cashback programs.
Other than simply mentioning cashback rewards on their website’s preapproval page, there is no additional information.
Potential applicants have to rely on cardholders reviews to evaluate the card’s potential benefits before applying for Mercury Mastercard.
Luckily myFICO, Credit Karma, and WalletHub users openly share their experiences.
Multiple Mercury card user mentions obtaining 1% in cashback on purchases. Rewards being redeemable on the app in $10 increments.
One longtime cardholder who initially started as a Barclays customer now earns 2% cashback on gas, groceries, and utilities.
At the same time, one user reports the rewards only being applicable towards statement credit.
Based on the available reviews, cashback and rewards seem to be offered on a case-by-case basis.
Does Mercury Mastercard Give Credit Limit Increases?
Mercury Mastercard’s official credit limit increase criteria remain unknown; however, some cardholders report receiving a credit limit increase in as little as three months.
Credit limit raises also vary in amounts, some receiving increases of $550, 750, others $1500 and up.
Does Mercury Have a Mobile App?
Ther Mercercy Mastercard has a mobile app available to both Android and Apple users.
Their app offers users a variety of tools of convenient tools at the tip of their fingers.
Cardholders can use the app to perform the following tasks;
- Activate your card
- View card transactions
- View account balance information
- Set up auto-pay
- View accumulated rewards
- Review your FICO® Score
- Update your private information
- Manage your PIN
- One-touch dialing for customer service help
- And more
Applying for a Mercury Mastercard: 4 Easy Steps
If you’re interested in applying for a Mercury card, you will have to await an invitation.
Applications can only be submitted once you receive a preapproval card in the mail containing a reservation code.
1. Keep Your Preapproval Card
Once you’ve received a mail-in offer, you can head off to the Mercury cards homepage. There you will click on the “Respond To Mail Offer” button.
2. Insert Your Reservation Code
You will be redirected to a preapproval page. Here you will need to enter your reservation code. You will also need to provide the last four digits of your social security number (SSN).
Suppose you cannot find your reservation code. In that case, there is an option called “Don’t have a reservation code? Click here“.
This link will redirect you to another page where you can enter your name, the last four digits of your SSN, and your Zipcode for Mercury cards to locate your reservation code.
3. Complete the Application Form
It’s now time to fill in the credit card application. You will need to provide some personal identification and financial information.
4. Await a Decision
Mercury will need to evaluate your application before approving you.
Some users state the approval process takes 7-10 business days from submitting their application to receiving their Mercury Mastercard in the mail.
Mercury Mastercard Cardholder Reviews
The Mercury Mastercard is generally well-received by cardholders.
There are plenty of positive reviews from users, happy with the rapid response time, general application process, and issued credit limits.
One user at Credit Karma rated the card five stars due to receiving their Mercury card within a week, getting a starting credit limit of $2500, cashback rewards, and a $750 increase after six months of use.
Another cardholder praised the card for approving them with a low credit score and providing a $2500 credit limit.
As with most companies, there are always a few drawbacks. Some common complaints included rude customer service agents, higher than average minimum payments, and APR.
Also, credit limit increases are not evaluated upon request but are at the company’s discretion and schedule.
Mercury Mastercard Alternatives
1. Petal 1 Credit Card
The Petal 1 credit card is a unique unsecured credit card that focuses on your general banking history instead of the standard credit score evaluation.
Annual fee: $0
APR: variable: APR of 19.99% – 29.49%
Rewards: The program offers 2% – 10% cashback from select merchants.
Oversea fees: No international transaction fees
Credit Limits: $500 – $5000 credit limit. Plus, they offer a leap program for increasing your credit limit if you are below the $5000 limit.
Petal 1 also offers a convenient and easy preapproval verification process on their site.
2. Capital One Platinum Credit Card
The Capital One Platinum Credit Card is an unsecured credit card accessible to those with fair credit.
Annual fee: $0
APR: Variable APR 24.99%
Credit Limits: They offer automatic credit limit reviews after six months of use.
International fees: No foreign transaction fees
OpenSky Secured Visa Credit Card
Although the OpenSky Secured Visa Credit Card requires a deposit, it’s a great way to get your foot through the door and start building some positive credit history.
No credit checks
Security deposit: Start with as low as $200, up to $3000.
Credit Reporting: Reports to all three credit bureaus each month.
Annual fee: $35
Mercury Mastercard Contact Information
For mobile, website, or new application assistance, dial: 833-766-4844.
To make a payment by phone or speak with customer service 24 hours a day, contact: 866-686-2158. For international collect calls: +1-706-494-5025.
You can dispute a transaction by completing a form and mailing it in.
Payments can be sent by mail but must include your name and the last 4 digits of your account number to ensure your account is properly credited.
To contact Mercury Mastercard by mail, you can use the following address, provided you include your name and the last four digits of your account number in your letter.
Many credit cards offer higher interest rates; the Mercury Mastercard is one such card. With an APR of 26.99 to 28.99%, the interest rate is quite steep.
However, combined with no annual fee, it’s an appropriate option for those looking to improve their credit utilization rather than use it for day-to-day purchases.
However, many other options are available if you are searching for a card with a lower interest rate than the Mercury Mastercard.
About the author
Clara is the founder of Credit Rise Up, an entrepreneur, personal finance expert, and credit repair enthusiast. She’s committed to helping her readers get on the right track and take actionable steps towards improving their credit by using the experience that allowed her to join The 800 Club. Find out more.