Mercury Credit Card Review – Mercury MasterCard Pros & Cons
The Mercury credit card comes from the First Bank & Trust. It’s a relatively unknown card, but it’s an option for people looking for a no-frills credit card. We’re going to go over the Mercury credit card with pros and cons. Our goal is for you to decide if this is a viable option for you or not. To do that, you need the good and the bad plus anything that makes this card stand out. So read on to find out more about the Mercury MasterCard.
Mercury 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 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.
Miscellaneous Information About the Mercury Credit Card
When you apply for this credit card, it impacts your credit. It can either positively or negatively impact it. To make it more complicated, there are many things that factor into the impact. The lender isn’t clear on what the factors are either.
The lender will send you a pre-approval notice for the Mercury credit card. It comes with a reservation code, and this is how you start the application. You have to go to the website and input the code to start the application. You’ll fill in and review your name, address, and important account information. Once you submit, you’ll get an instant approval or denial.
One unique point is that you can only apply for the Mercury credit card if you get a pre-approval letter. So if you don’t have the reservation code, you can’t access the application. The lender won’t accept it otherwise.
Credit Card Review & Application Alternatives – Fair Credit Score or Better + Rewards
Mercury MasterCard Bottom Line
The Mercury credit card is a unique option to look into. However, you can’t apply without a reservation code. This cuts out many potential applicants. The app itself is a large selling point that can be beneficial. All in all, it’s worth a look if you do get a pre-approval notice.
Credit Fast has reviewed the best card offers on the market. Some of the credit card offers are from our advertising partners. So Credit Fast has objectively reviewed the features and benefits of each business credit card application.
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