Mercury IO Mastercard® Review for 2023
This article is part of a larger series on Best Small Business Credit Cards.
Mercury IO Mastercard®, a business prepaid card, offers automatic 1.5% cash back on all purchases. This is best for those with existing Mercury accounts that can deposit a minimum of $50,000 and for startup and e-commerce companies that don’t need a traditional bank. With it, card holders gain access to premium perks, like software discounts and credits, and the benefit of not having to pay additional fees.
Note that Mercury is a business financial technology (fintech) platform backed by both Federal Deposit Insurance Corp. (FDIC)-insured Evolve Bank & Trust and Choice Financial Group.
When evaluating business prepaid cards such as the Mercury IO Mastercard®, we first consider the features included in their expense management systems, then we look at their fees and rewards.
Grading Criteria | Card Score | Highest Possible Score |
|---|---|---|
Features (Expense Management System) | 50 | 60 |
Fees | 20 | 20 |
Rewards | 15 | 20 |
Total Score | 85 | 100 |
Who the Mercury IO Mastercard® Is Best For
- Those with at least $50,000 in an active Mercury account: You’ll need to have at least $50,000 in your Mercury checking or savings account to qualify for this card.
- Those who don’t deal with cash frequently: Mercury is an online-only bank, so if you don’t need in-person services, such as for depositing cash, then this card is a good fit.
- Startup and ecommerce companies: Startup and ecommerce companies who don’t need a traditional bank account can utilize this card due to the lack of requirements needed and only needing to secure $50,000 in an active Mercury account.
If this card doesn’t fit your business needs, then see our recommended alternatives below.
Mercury IO Mastercard® Rewards
Mercury IO Mastercard® offers unlimited 1.5% cash back rewards on all purchases.
Cardholders also get the following perks:
- Free two-day shipping from hundreds of online stores from ShopRunner
- Software discounts for new customers on Salesforce, TurboTax, and QuickBooks
- Standard one-year free Zeplin and Intercom
- $5,000 in Amazon Web Services (AWS) credits
- Up to 100% off on Namecheap
- 30% off on QuickBooks Online
- 25% off on Slack
Cash Back Rewards Explained
You first need to pay the card balance to have your earned points deposited automatically into your chosen payment account.
Use the following rewards calculator to compute the potential rewards you can earn with the Mercury IO Mastercard®. Input your projected monthly spending and let our calculator do the rest.
Mercury IO Mastercard® Features
Cards
There’s no limit to the number of virtual cards you can make for your employees. Each team member is eligible to get one physical card as well.
What makes Mercury’s cards unique is that the physical cards, which have a radio frequency identification (RFID) chip for contactless payment, don’t have any card number, card verification value (CVV) security code, expiration date, or signature. This makes them more secure than any other physical credit card.
Funds
Business owners will need to have at least $50,000 loaded up in a Mercury account to qualify for a Mercury IO Mastercard®. You can deposit checks through your Mercury dashboard by heading over to “Add Funds,” but Mercury doesn’t support cash deposits into your account.
Expense Management System
Mercury’s expense management system is managed through its Google Workspace integration, making it easier for business owners to set custom spending limits and issue cards for different purposes. Mercury also offers three layers of access to its expense management system:
- Admin access: Can receive a debit card, move money, add team members, and change their permissions.
- Bookkeeper access: Won’t receive a debit card and can’t move money and add or edit users
- Custom access: Can either move money around unrestricted, not at all, or with admin approval. While users with this access can be issued with a debit card, they cannot access security settings or manage the team
Mercury is available on PC (Windows and Mac), iOS, and Android. The Mercury app is rated 4.9 out of 5 on the App Store, and users said it was easy to use for their daily business needs. Meanwhile, on Play Store, it received a rating of 3.6 out of 5, and reviewers noted it was difficult to open an account, even after they provided all relevant information.
Security Features
- Zero liability protection: Mercury offers 24/7 Mastercard Global Emergency Assistance on unauthorized purchases.
- MasterRental: This covers physical damage and theft of a rental vehicle if it’s paid with your Mercury IO Mastercard® and certain conditions are met.
User Features
- Accounting tools integration: Mercury ensures that it is fully integrated with QuickBooks Online, Xero, and NetSuite, and you can sync your transactions automatically to these tools.
- Monthly statements: You can download your statements found in the Documents tab of your Mercury dashboard.
- Payroll provider integration: Aside from Mercury being integrated with several accounting tools, you can authorize wire drawdowns with payroll providers, such as Gusto, Sequoia One, ADP, and TriNet.
Pros & Cons of the Mercury IO Mastercard®
| PROS | CONS |
|---|---|
| Doesn’t charge additional fees on purchases and creation of physical and virtual cards | Requires businesses to have at least $50,000 in a Mercury account to qualify |
| Offers 1.5% cash back on all purchases | Doesn’t support cash deposits |
| Has liability protection and coverage on rented vehicles | Cannot be used to build business credit |
| Lets you choose when you want to pay off your balance | Deposits earned cash back only after the card’s balance is paid off |
Mercury IO Mastercard® Fees
You won’t pay fees when using the card for business purchases and creating multiple physical and virtual cards for your employees. However, the card does charge for certain advanced features—such as making mass payments on its application programming interface (API), accessing Treasury account management, exchanging money in non-United States dollar (USD) currencies, and sending USD internationally.
- Linked external bank account: Log in to your Mercury dashboard. In the upper right corner of your dashboard, click “Move Money” and select “Transfer between accounts.” Input a dollar amount and choose the accounts you want to transfer to and from. Should you need to link a new external bank account, scroll to the bottom and click “Link a bank account.” Check the details included, and if everything is accurate, click “Transfer.” Note that it will take up to three business days to complete the transfer.
- Wire transfer: Log in to your Mercury dashboard, click “Move Money,” and then select “Add or Receive Funds.” Click “Wire” when you see the “How do you want to add funds?” screen.
How To Make Payments
Mercury will automatically deduct your monthly balance from your chosen Mercury account, which you can change at any time. Another option is to pay off your card early and/or adjust your payment date.
When To Consider Mercury IO Mastercard® Alternatives
You Prefer to Establish Your Business Credit
As a business prepaid card, Mercury IO Mastercard® will not help in establishing your business credit. If you wish to establish or rebuild your business credit and earn fixed rewards, we recommend the Valley Visa® Secured Business Credit Card as it has both a 0% introductory period and unlimited cash back rewards.
Valley Visa® Secured Business Credit Card
BEST FOR:
Those who need a secured business credit card with fixed-rate cash back rewards
Intro APR
0% APR for nine billing cycles
Regular APR
15.95% to 27.50% variable
Annual Fee
None
Credit Needed
Poor, Limited
- 1% unlimited cash back on all purchases
Pros
- Customers with limited credit history or credit issues can still qualify
- Offers 0% APR for nine months
- No annual fee
- Offers 1% unlimited cash back on all purchases
Cons
- Credit limits are up to $25,000 only
- Requires a security deposit equivalent to 110% of requested credit limit
- Up to 25 free employee cards only
- Online account access
- Immediate fraud protection alerts for suspected fraudulent transactions
- Visa purchase alerts
- The card reports account information and transactions to major credit bureaus each month, helping users build credit with responsible use
Intro APR
0% APR for nine billing cycles
Regular APR
15.95% to 27.50% variable
Annual Fee
None
Credit Needed
Poor, Limited
- 1% unlimited cash back on all purchases
Pros
- Customers with limited credit history or credit issues can still qualify
- Offers 0% APR for nine months
- No annual fee
- Offers 1% unlimited cash back on all purchases
Cons
- Credit limits are up to $25,000 only
- Requires a security deposit equivalent to 110% of requested credit limit
- Up to 25 free employee cards only
- Online account access
- Immediate fraud protection alerts for suspected fraudulent transactions
- Visa purchase alerts
- The card reports account information and transactions to major credit bureaus each month, helping users build credit with responsible use
- Requires a security deposit of 110% of your desired credit limit, up to $25,000
- Can only issue up to 25 free employee cards
The Valley Visa® Secured Business Credit Card’s features are why it joined our roundup of the best secured business credit cards.
You Want an Alternative Business Prepaid Card
Mercury IO Mastercard® doesn’t let you issue different types of cards for all kinds of business spending needs. If you need that feature, our suggestion is Bento for Business Visa® Debit Card.
- Lets you issue different types of cards, depending on how each card will be used for your business
- Is free for the first 60 days after your application is approved; after that, a monthly subscription fee will be charged depending on the number of cards you need
- Does not charge setup, card load, interest charge, card issuance, domestic or international transaction, decline or overdraft, and cancelation fees
It’s part of our best business prepaid cards, best business cards for fair credit, and best business credit cards for bad credit.
You Prefer a Traditional Bank & Have Fair Credit Score
While Mercury IO Mastercard® does not charge additional fees such as interest rates and transfer fees, it is still not a traditional bank that has a physical location and ATM network access. If you have at least Fair Credit, prefer to get a card from a traditional bank, and wish to earn rewards when making purchases, our recommendation is the Capital One® Spark® Classic for Business, as you can earn rewards and get a 0% introductory period.
Capital One® Spark® Classic for Business
BEST FOR:
Those with fair credit
Intro APR
N/A
Regular APR
30.49% variable
Annual Fee
$0
Credit Needed
Fair
- 1% cash back every time you swipe
- Build your business credit through responsible usage
- Issue employee cards for free
Pros
- Opportunity to build business credit
- Only requires fair credit to qualify
- Doesn’t charge annual and balance transfer fees
Cons
- Charges high ongoing APR
- Has no 0% introductory APR
- No sign-up bonus
- Automatic payments: Setting up AutoPay in the Capital One mobile app will save you from having to worry about signing in to your account every month
- $0 fraud liability: If your card is either lost or stolen, you can get an emergency replacement and cash advance.
- Purchase records: You can download all purchase records quickly and securely in multiple formats, including Quicken®, QuickBooks®, and Excel®.
- Extended warranty: Get free additional warranty and protection on eligible items purchased with your business credit card.
- Free employee cards: You can create multiple employee cards, track employee spending, and customize spending limits while earning all the rewards from their purchases.
Intro APR
N/A
Regular APR
30.49% variable
Annual Fee
$0
Credit Needed
Fair
- 1% cash back every time you swipe
- Build your business credit through responsible usage
- Issue employee cards for free
Pros
- Opportunity to build business credit
- Only requires fair credit to qualify
- Doesn’t charge annual and balance transfer fees
Cons
- Charges high ongoing APR
- Has no 0% introductory APR
- No sign-up bonus
- Automatic payments: Setting up AutoPay in the Capital One mobile app will save you from having to worry about signing in to your account every month
- $0 fraud liability: If your card is either lost or stolen, you can get an emergency replacement and cash advance.
- Purchase records: You can download all purchase records quickly and securely in multiple formats, including Quicken®, QuickBooks®, and Excel®.
- Extended warranty: Get free additional warranty and protection on eligible items purchased with your business credit card.
- Free employee cards: You can create multiple employee cards, track employee spending, and customize spending limits while earning all the rewards from their purchases.
Capital One® Spark® Classic for Business’s rewards earned it a spot in our lists of the best business credit cards for fair credit and best business credit cards with instant approval.
See our list of the best small business credit cards for more options.
Frequently Asked Questions (FAQs)
In addition to securing $50,000 in your Mercury checking or savings account, you also need the following documents to apply for a Mercury account:
- US company with a federal employer identification number (EIN)
- Official formation documents
- A picture of your government ID, such as a passport or US driver’s license
Business prepaid cards require you to load them with money before making a purchase. Corporate charge cards, also known as purchasing cards (p-cards), are linked to an organization’s account, where the business owner controls where they can be used. Lastly, secured business credit cards are funded by your security deposit and are ideal if you are unqualified for an unsecured card due to low or bad credit.
Learn more about how business prepaid cards work and other possible alternatives by reading our article.
Bottom Line
Mercury IO Mastercard® is a viable business prepaid card for those who have $50,000 in their active Mercury accounts. Not only will you earn 1.5% cash back on all purchases, but you’ll also be protected from unauthorized transactions through Mastercard’s Zero Liability Protection. The card offers discounts from notable software such as QuickBooks, Salesforce, and TurboTax. However, it doesn’t support cash deposits, and earned cash back will be deposited only after the card balance is paid.
