First Bank & Trust is the issuer of the Mercury Rewards Credit Card, which was introduced in August 2022 by Hermes Financial, a technological business that strives to assist its clients in establishing credit. For those with limited credit histories, the Mercury debit credit card offers two pleasant benefits: incentives and the avoidance of annoying fees. However, there isn't enough helpful information about the product's characteristics on the card's website, which makes it challenging to compare credit card offers while seeking one.

5 Things to Know About the Mercury Credit Card

These are five factors to be aware of about the Visa Card for Mercury Rewards.

To Apply, You Must be Invited

The website for the Mercury bank card does not include a noticeable "apply now" option. Mercury, on the other hand, mails reservation codes along with pre-approved offers. Your credit profile's contents serve as the foundation for these preapprovals. You can enter your full last name, ZIP code, and the last four digits of the Social Security number you have on Mercury's website if you forgot your reservation code or simply want to check if you were pre-approved.

It Costs Little to Carry

Many credit card alternatives come with hefty fees, especially if you're just starting out with credit. Although annual costs are the most typical, some also impose one-time processing fees, monthly maintenance fees, and other charges. Carrying these kinds of cards may get expensive very fast. There are no costs associated with using the Mercury Platinum Visa Card. Just keep in mind that there are costs associated with things like missing payments or transactions made abroad.

There is Cashback on the Card

On every eligible transaction, the Mercury benefits Visa Card generates cash-back benefits, according to the card's website. The website does not list the number of points that each transaction will receive, which is important information to know if you want to buy the card.

It's also difficult to figure out how to redeem points or how much they are worth. On the website, you can't miss it if you blink, but you can use the points—worth one cent each—to spend on Amazon.com or redeem them for a statement credit. Other redemption alternatives are not stated if they exist.

The Software Offers Practical Tools

You may download the Mercury Trading Cards app from the Google Play and Apple app stores. In addition to checking your balance and paying bills, you can use it to evaluate various payment and interest situations, get advice on reaching your own financial objectives, divide bigger payments into smaller payments, and much more.

It's by no means the only app that lets you control your card. However, anything that helps people who are establishing credit by simplifying goal setting and tracking is beneficial.

Pay Attention to the Interest Rate

As of the moment, cardholders who incur credit card debt will face variable annual percentage rates (APRs) ranging from 29.99% to 30.24%. This is significantly higher than the average interest-bearing credit card rate of 22.77% as of the last month of 2023, as reported by the Federal Reserve. Due to your lack of credit history and inability to demonstrate to lenders that you are a responsible credit user, credit cards for those with poor or no credit typically have higher interest rates.

However, you should be aware that the Mercury card for credit has an annual percentage rate of about 30%. Credit card debt that results from not being able to meet your obligations in full can easily become out of hand. A guardrail-equipped credit-building card might be an alternative. In order to prevent overspending, these cards demand you create a funding account and place a cap on the amount you may charge to the contents of that account.

You also cannot incur debt because your payments are sent out in full each month. But because the Phoenix Rewards Visa Card works more like a regular credit card, you'll be more adept at handling one when the time comes to transition to other alternatives from various issuers.

How to Select from the Several Card Kinds that are Offered?

Selecting the appropriate credit card for your company might be challenging after you've made the decision to include one in your financial stack. Make sure you comprehend the demands of your firm first. Do you require travel benefits or rebates, for example? Do any more features that your business would benefit from? It's important to strike the correct mix between the plastic cards that make value for your company's spending habits and the bonuses your firm desires.

How do Charge Cards Differ from Credit Cards?

The use of charge cards and debit cards are the two primary credit card kinds that are available to new and small companies in the United States. Charge cards are frequently a better option for founders and owners of small enterprises who are interested in incentives and money management, even though they include characteristics that are comparable to those of typical corporate cards.

However, people frequently mix up or confuse the two due to their similarities. In addition, because the phrase "charge card" isn't as well-known, a lot of charge cards—including IO, in Mercury's case—are advertised as credit cards.

Charge cards are also frequently made to make it really simple to track your spending and reconcile your account, which will ultimately save you a ton of time. While this isn't always the case, certain charge cards might aid in building the credit history of your business.

They're also great substitutes for little or venture capital-backed businesses that don't want to depend on credit funding, which is sometimes exceedingly costly. Both kinds of corporate cards may require that you and your team spend a substantial amount of time on a monthly basis compiling documents and data on spending, purchases, and incentives on many platforms because they are frequently provided by other companies rather than your primary bank.

The Bottom Line!

The Mercury Rewards Credit Card is a cool option if you get an invite. No heavy fees attached, and you even get cashback on your purchases. But watch out for the interest rate—it's higher than the usual credit cards. The app they offer is handy for managing your card, and it's nice that there's no annual fee. Just be careful with the interest rates, and make sure they fit your needs before diving in.