Mercury Mastercard Review

Mercury Mastercard Review: An Unsecured Credit Card With No Annual Fee

In this Mercury Mastercard review, we will be talking about why you should consider the Mercury Mastercard (especially if you have bad credit), the rates and fees associated with it and general Mercury Mastercard pros and cons.

Mercury Mastercard’s tagline is: “build credit with no annual fee”. So…its an unsecured credit card with no annual fee which makes it a rarity in today’s marketplace.

Credit cards geared toward people wth bad credit usually have some sort of annual fee and the amount will sometimes change based on how low or high your score is.

If you are someone with a low credit score and want a real, unsecured credit card with no annual fee, the Mercury Mastercard might be your answer.

Here are some Mercury Mastercard pros and cons:

Mercury Mastercard Review: Pros and Cons

In this Mercury Mastercard review, we will be revealing the many pros and cons behind signing up for this card.

A lot of the Mercury Mastercard reviews out there on the internet will praise the fact that Mercury does not charge an annual fee, however; others will say that the card ends up being expensive anyways due to the high interest rates. Let’s go through all the advantages and disadvantages and see what the verdict is…

Pros:

Mercury Mastercard is one of the few credit cards out there that doesn’t charge an annual fee to its clients with low credit. Compare that with other bad credit credit cards which will often charge 50, 60, 70 dollars just to set up and use the card. Mercury definitely blows all the other unsecured cards out of the water with its no annual fee promise.

Other cards will tend to adjust the annual fee based on how low or high your credit score is. This can be annoying because once your score raises, you are still stuck paying the same high annual fee that you were when you signed up.

Mercury Mastercard does not discriminate based on credit score and gives all customers the same $0 annual fee.

Mercury Mastercard has a very simple way of giving their customers access to their credit scores. All you need to do is open the Mercury app and you will be given the option to view your score. This can be a really important feature if you’re on a time crunch to raise your credit score.

Perks of carrying a Mercury Mastercard include: 0$ fraud liability coverage, Mastercard ID theft protection and emergency wallet replacement. So if your credit card is ever stolen or compromised, you don’t have to worry about losing any money.

Mercury Mastercard is unsecured which is something people with bad credit tend to prefer. Secured cards required a deposit (which can range from $200-$1000) and it usually takes about a year to be approved for an unsecured card. Companies who offer an unsecured card right away to people with bad credit are preferred because you don’t have to put down a large sum of money just to use the card and you will often get approved for an increase in your credit limit in a matter of months.

If you are looking for a card that will help you build your credit quickly and provide you with a high credit limit, then the Mercury Mastercard could be your answer.

Cons:

You will find that in this Mercury Mastercard review, the pros and cons are almost equal.

The main thing that we don’t really like about the Mercury Mastercard is it’s APR rate. Mercury has a 25.25%-28.25% APR which is considered very high.

The national average APR rate for credit cards is 17%, so that gives you an idea on just how high this rate really is.

The good news is, you don’t have to pay the APR rate if you pay off your credit card balance in full each month. If you feel like this is a possibility for you then the Mercury Mastercard might be a good choice.

Does Mercury credit card have an app? Yes, but based on other Mercury Mastercard reviews, the app tends to malfunction and isn’t exactly user-friendly.

All we’re saying is don’t let the app be your deciding factor on whether or not you should apply for a Mercury Mastercard.

The card charges a 3% foreign exchange transaction fee which is not high, but not low either. There are some cards out there that have a 0% foreign exchange rate, so Mercury could definitely do better in that area.

Mercury Mastercard offers some rewards. It can vary between 1-2% cash back, but you might not get any rewards at all if your FICO score is too low. So rewards are a possibility, but not a guarantee.

Takeaways: Mercury Mastercard Review

As you have already read in this Mercury Mastercard review there are both advantages and disadvantages to using this card.

If you’re looking for an unsecured credit card with no annual fee, it’s one of the best options out there and if you are willing to pay off your balance in full every month, then it’s a no-brainer.

For those who don’t tend to pay their credit card off every month and need a lower APR rate, there are lots of credit cards out there for bad credit that yes, may have an annual fee, but the APR rate is more fair.

Blaze Mastercard has an APR rate of 29.99% and they charge a $75 annual fee, so compared to Blaze, Mercury is actually not so bad!

For people with bad credit, Mercury Mastercard could be your golden opportunity to build credit fast without having to pay high fees.

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