The Mercury Mastercard is a terrific alternative for anyone seeking a basic, no-frills credit card, as it has no annual fee and is a simple mobile app. It is a relative newcomer to the credit card world, having been introduced in 2018.
You are able to increase your credit score.
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The Mercury Mastercard, which is marketed especially to consumers with credit scores between 575 and 675, is an excellent option for establishing credit.
Here is a summary, with pros and cons to consider.
The OpenSky® Secured Visa® Credit Card is our card of choice for people seeking to restore their credit.
The OpenSky® Secured Visa® Credit Card does not need a credit check and does not require a regular bank account; you may fund the deposit and pay your bill using a money order.
The Mercury Mastercard provides a variety of benefits. Here is everything you must know before applying.
- Annual Percentage Rate (APR) – ranging from 25.90% to 27.90% and subject to change according to the Prime Rate.
- The annual percentage rate (APR) for cash advances varies between 27.90 percent and 29.90 percent, dependent on the Prime Rate.
- Annual Fee – none.
- Late Fees as Much as $38
- Balance Transfer Fee – Either $5 or 4 percent of the transferred balance, whichever is greater.
Cash Advance Fee – The greater of $10 or 5 percent of the amount of the cash advance.
- Foreign Transaction Fee – If you use your card abroad, you will be charged 3% of each transaction.
- Credit Limit – The majority of customers report a $1,500 credit limit; however, some reviews claim to have received up to $5,000 in credit. Some consumers have also reported obtaining an automatic increase in their credit limit.
The cardmember agreement contains the entire terms and conditions for the Mercury Mastercard.
Barclays Acquired Mercury?
No, technically. In 2017, the British bank Barclays sold over $1.6 billion in “risky” credit card balances to Credit Shop, which reorganized these amounts into Mercury Mastercard accounts.
This resulted in a large number of Barclaycard cardholders receiving notification that their card was being switched to the Mercury Mastercard. In no way is the Mercury Mastercard linked with Barclays.
Mercury Mastercard’s Pros and Cons
The Mercury Mastercard has some advantages, but it also has some disadvantages. Here is the pertinent information.
Five Pros of the Mercury Mastercard
Here are five reasons why the Mercury Mastercard is a fantastic option for people with good credit.
1. Convenient Mobile App
The Apple and Android-compatible Mercury Mastercard mobile app appears to be well-liked by reviewers.
With the app, cardholders can accomplish a great deal. You can check your balance, pay your bill, monitor your FICO® score, and view your transactions as you make purchases using a smartphone.
2. Access Your FICO® Score for Free
With the Mercury mobile app, you may check your FICO® score at any time. Given that around 90 percent of lenders utilize the FICO scoring algorithm, this is an excellent tool for repairing your credit score.
3. No Yearly Fee
The Mercury Mastercard is fee-free annually. This is a valuable feature for people who wish to obtain a card in order to increase their credit usage but who do not intend to use the card frequently.
4. No-cost Fraud Prevention
Mercury Mastercard cardholders receive complimentary liability coverage against fraud. This means that if your card is lost or stolen and used to make fraudulent purchases, you will not be charged.
5. Most retailers accept Mastercard.
Mastercard, like Visa, is accepted by the vast majority of retailers domestically and internationally. Cardholders of the Mercury card will seldom find situations where they cannot use their card.
Four Cons to the Mercury Mastercard
Despite its benefits, the Mercury Mastercard has a few disadvantages. Here are four considerations.
1. High Rate of Interest
In comparison to other credit cards, the Mercury card’s interest rate is relatively high. US News reports that the average APR for credit cards in 2020 will vary between 16.53 and 23.68 percent.
In comparison, the variable APR for the Mercury card ranges from 25.90 percent to 27.70 percent and fluctuates with the Prime Rate.
2. High international Transaction Fee
If you travel internationally frequently, the Mercury Mastercard may not be the best option. This is due to the fact that cardholders pay a 3% international transaction fee on the total value of any overseas purchase charged to their card.
3. Exorbitant Transfer Fee
If you’re seeking a card for the sole purpose of transferring a balance from another card, the Mercury Mastercard is probably not the ideal option.
The Mercury card, unlike balance transfer cards, does not provide incentives such as 0% APR and interest-free grace periods of one year.
Instead, all balance transfers incur a fee of $5 or 4% of the transferred amount. Worse, the interest rate begins immediately.
4. Information About Terms and Conditions is Hard to Locate
Although Mercury’s cardmember agreement is accessible online, Mercury withholds key essential details.
For instance, it is difficult to obtain information on eligibility requirements or the parameters Mercury uses to identify the people it pre-screens for offers.
Additionally, it is difficult to locate specific information regarding Mercury’s credit limits and rewards program. Internet user evaluations provide some discussion on these concerns, but Mercury does not make these publicly accessible.
This might be challenging for people attempting to get the greatest credit card offer.
Each credit card application counts as a hard inquiry on your credit record, so you should ensure that the Mercury card is a suitable fit before applying. This might be challenging if you lack a comprehensive understanding of the terms and conditions.
The invitation-only application process is one of the most distinguishing features of the Mercury Mastercard, among other credit cards.
Before you may submit an application, you must get a letter of preapproval from Mercury. The mail includes a reservation code that enables you to proceed with the application.
Mercury does not provide detailed qualifying requirements. However, the card is promoted to consumers with credit scores between 575 and 675; thus, it is doubtful that you would receive a prescreened offer if your credit score falls below this range.
Four Steps to Obtain a Mercury Mastercard
The application procedure for the Mercury Mastercard is simple, but you’ll need an invitation (which Mercury refers to as a “reservation code”) to get started. Assuming you have one, there are four stages to applying.
Have Your Reservation Number Available
You cannot apply for the Mercury card without a reservation number, which you will get in the mail as a prescreened offer. Once you have this code, go to mercurycards.com and click “reply to a mail offer.”
2. Enter Your Reservation Number
You will then be sent to a screen congratulating you for getting pre-approved. The reservation code and last four digits of your social security number are required.
3. Complete the Application
After your reservation code has been validated by the system, you will proceed to the credit card application. You will be required to supply basic identifying information and certain financial details, such as your salary.
You submit your application online. Mercury may request some financial paperwork, such as income verification or a copy of your most recent pay stub.
If you are required to provide extra evidence, you may often do so by scanning and uploading your documents to the lender’s system. You may be required to create copies and ship them in.
4. Wait for a Choice
According to cardholders, it normally takes between four and five days for Mercury to respond. If approved, you should get your card immediately after receiving notification that your application has been accepted.
How Much Can You Expect to Receive in Rewards and Cash Back?
Due to the fact that the Mercury Mastercard does not give information regarding rewards and cashback offers online, applicants must rely on cardholder reviews to determine the nature of the benefits.
One reviewer on the myFICO forums mentioned that Mercury offered them a pre-approval providing limitless 2% cash back on purchases.
Another reviewer of myFICO mentioned earning 1% cash back on purchases and $10 for every 1,000 points gained.
Similar to credit restrictions, it appears that cash back bonuses and other rewards are personalized for each cardholder.
Can the Credit Limit on a Mercury Mastercard be Increased?
Mercury cardholders claim that the credit limit may be increased, and some users have reported getting automatic credit limit increases.
However, it is unclear whether Mercury has a precise method or set of criteria for automatically increasing cardholders’ credit limits.
In addition, it appears that the amount of the increases vary greatly, with some customers receiving a tiny $150 boost and others moving from a $3000 restriction to a $5,000 limit.
Is There a Mobile App for Mercury?
The Mercury credit card features a highly rated mobile app for both iOS and Android smartphones.
Using the app, cardholders may accomplish the following:
- Examine account
- Obtain account details
- Review transaction details
- See your FICO® score
- Pay bill
- Get paperless statements
Mercury Mastercard Opinions from Across the Internet
Online reviews appear to be pleased with the Mercury Mastercard. Positive reviews indicate that the card is an easy method to establish credit.
For instance, one Credit Karma customer reported receiving a $2,000 credit limit without difficulty.
Another reviewer’s credit limit was raised automatically from $1,800 to $4,500.
Using the Mercury card, one five-star reviewer increased their credit score by 130 points in less than a year.
However, not all Mercury Mastercard cardholders are satisfied. The good news is that many of the negative ratings concern unfavorable client experiences during the Barclays to Mercury transition.
For instance, one reviewer on the myFICO forums was dissatisfied when their credit limit dropped from little more than $4,000 to $3,000 after switching from Barclays to Mercury.
In contrast, a separate myFICO forum reviewer reported that their credit limit grew from $1,500 to $3,750 when they switched from Barclays to Mercury.
Is the Mercury Mastercard the Best Option for You?
If you need a second or third credit card to enhance your credit limit, the Mercury Mastercard appears to be a solid alternative, according to reviews from numerous credit sites.
Due to its higher-than-average interest rate, the Mercury card is likely best suited for credit-building and credit usage enhancement rather than regular use.
If you receive a pre-approval invitation, it may be worthwhile to investigate the Mercury card.
Mercury Mastercard Replacements
Understandably, the Mercury Mastercard’s higher APR may discourage some people.
If your credit score is at or above the mid-500s and you wish to improve it, try the following three options.
1. Capital One Platinum Credit Card
The Capital One Platinum Credit Card is intended for people with average credit. The credit-builder card also has no annual fee and an increased credit limit after five timely payments.
2. Merrick Bank Double Your LineTM Credit Card
Want to increase your available credit twofold? The appropriately-named Merrick Bank Double Your LineTM Visa credit card might be an excellent choice.
After seven months of on-time payments, the Double Your LineTM Visa automatically raises the credit limit.
3. Capital One’s Quicksilver One Cash Rewards Credit Card
With limitless 1.5% cash back on all transactions, the Capital One Quicksilver One card is well-liked. There is a $39 annual fee, but after five months of on-time payments, cardholders are eligible for credit limit increases.
Contact Particulars: How to Contact Mercury through Telephone and Post
The contact information page on the Mercury Mastercard website indicates that cardholders may reach customer support 24 hours a day, seven days a week.
The Mercury Mastercard generally receives excellent comments from cardholders; nonetheless, the majority of users observe that the card’s higher interest rate makes it more suitable for boosting credit use than for routine expenditures.
If you receive a pre-approval letter, it may be worthwhile to investigate it as a method of improving your credit score.