Although there is uncertainty regarding this attractive credit card, But there are also credit cards with no annual fees attached to building your credit. How good is a credit card? See details!
Overview of the Mercury Credit Card
The Mercury or Mastercard credit card is issued by First Bank & Trust. This card was created a few years ago when Barclays sold credit card balances at About $1.6 billion “at risk” to CreditShop, creator of the Mercury Card
Key specs of the Mercury credit card:
- Normal April: 25.65% to 28.65% at the time of publishing this review (variable)
- Initial credit limit: vary
- Credit reporting: Report to all three major credit bureaus.
- Fraud Liability: Liability and Fraud Protection $0
- Annual fee: $0
- Foreign transaction fees: 3%
- Late payment fees: Up to $38
- Balance transfer fees: 5 dollars or 4% of the transferred amount Whichever number is greater
- Cash advance fees: 10 dollars or 5% of the cash advance amount Whichever number is greater
- Registration bonus: Unknown – assumed to be $0
- reward: Unknown – Some users indicate there is a reward, others do not.
- Applying for a credit card: You can apply only with an invitation and booking code.
- Customer service: According to the website, cardholders can call 866-686-2158 to have Mercury customer service representatives available to help 24/7.
Who is The Mercury Credit Card suitable for?
Mercury credit cards are best for building your credit from fair to good.
- 800-850: Excellent
- 740-799: very good
- 670-739: good
- 580-669: fair
- 300-579: Terrible
As already mentioned This card is suitable for those who have fair Credit score, which is a step above terrible credit (Bad credit) and no credit At least from what we can gather. It looks like those with enough points will be given a sign up code to sign up.
Because this card has no annual fee. Therefore, it is a good option to build your credit score from fair to good. and hope to go even higher Specifically, your credit score has three components that this card can help build:
- You don’t have to worry about canceling this card. Because there is no annual fee This will build your credit history.
- You can get an additional credit limit with this card. This reduces your credit utilization.
- If you pay your credit card on time and in full every month as you should, it helps build your payment history.
Advantages and disadvantages of the Mercury card
Advantages of the Mercury card
No annual fees: Mercury and Mastercard credit cards have no annual fees. This makes it a great affordable card to help build credit over the long term.
Several small privileges: Mercury cardholders enjoy other benefits that are table stakes for mid-tier credit cards:
Free FICO Score: You can check your score for free with Credit Karma or you can get a free credit report from annualcreditreport.com This is a great thing for the card to offer. But it’s not a game changer.
Fraud protection: This is a great benefit in protecting against credit card fraud. But it’s standard for most cards today.
mobile app: They have a mobile app. But again, the app isn’t anything new and is just another feature common to most credit cards.
Seller’s acceptance: Most stores accept Mastercard nationwide.
Disadvantages of the mercury card
High interest: The Mercury credit card has a relatively high interest rate, or APR (annual percentage rate), which is at least a higher interest rate than most similar cards.
Foreign transaction fees: If you are not traveling abroad The 3% foreign transaction fee won’t matter to you, however, a 3% fee will be added for those planning to use this card abroad.
Registration code required: Even if you’re interested in a Mercury Card, you can’t just go out and apply. Remember, this is the most exclusive mid-level credit card. You have to wait for Mercury to select you to have a chance to apply.
Hard to find information: Last and most important This card is too mysterious for my liking. Cardholder agreements available online are vague. By leaving out important information like whether they have a rewards program or not.
The Mercury Credit Card is a good card for people with fair credit who want to improve their credit scores.
Additionally, it seems like the pre-approved offers and signup codes aren’t as good as they could be.
Some people report being rejected for cards after expecting pre-approval. This will hurt your credit in the short term.