Mercury IO Mastercard® Review for 2023
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
Nancy Fernandez is a Credit Card and Insurance Expert at Fit Small Business, specializing in business credit cards and business insurance.
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. Those who are Invite Only (IO) can get additional discounts, such as up to $100,000 credit on Amazon Web Services (AWS), 25 free seats on Loom, and 30% off for six months on QuickBooks Online. You can also choose your preferred date and pay in full every month using the funds found in your Mercury account.
Note that Mercury is a business financial technology (fintech) platform backed by Federal Deposit Insurance Corporation (FDIC)-insured Evolve Bank & Trust.
How We Evaluate Business Prepaid Cards
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 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.
If this card doesn’t fit your business needs, then see our recommended alternatives below.
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 application programming interface (API), accessing Treasury account management, exchanging money in non-United States dollar currencies, and sending USD internationally.
Mercury IO Mastercard® Rewards
Mercury IO Mastercard® offers unlimited 1.5% cash back rewards on all purchases. After the card balance is paid off, earned points will be deposited automatically into your chosen payment account.
Cardholders also get the following perks:
- Free two-day shipping from hundreds of online stores from ShopRunner
- Software discounts for new Salesforce, TurboTax, and QuickBooks customers
- Up to $100,000 credits from AWS
- 25 free seats from Loom
- Free or 50% off on domains from Namecheap
How To Transfer Funds on the Mercury IO Mastercard®
- Linked external bank account: Log in to your Mercury dashboard, and 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 once everything is accurate, click “Transfer.” Note that it will take up to three business days to complete the transfer.
- Wire transfer: Login to your Mercury dashboard and click “Move Money” and select “Add or Receive Funds.” Click “Wise” when you see the “How do you want to add funds?” screen.
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 4.8 out of 5 on App Store, and users said it was easy to use for their daily business needs. Meanwhile, on Play Store, it received a rating of 3.5 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.
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® Alternatives
If you wish to compare one card over another, click Add to compare to view the details in a side-by-side comparison.
Bento for Business Visa® Debit Card
- Bento for Business Visa® Debit Card is our top business prepaid card
- Enables you to deposit via Bento Transfer, with a maximum of $10,000 per day
- Allows you to make a maximum card purchase of $25,000 per day, although the account owner can lower the limit on individual cards or set category spending restrictions
- Lets you withdraw $500 per day at an ATM, with the account owner only having access to it
- Charges depending on the number of cards needed to be issued
Citi Purchasing Card
- Citi® Purchasing Card is our leading purchasing card
- Doesn’t charge annual fees, and costs can be customized depending on your business needs
- Requires you to pay the balance in full every month
- Offers robust spend controls and streamlined purchasing and payment processes
Bank of America® Business Advantage Unlimited Cash Rewards Secured Credit Card
Business Advantage Unlimited Cash Rewards Secured Credit Card
BEST FOR:
Those who cannot qualify for unsecured business credit cards
Intro APR
None
Regular APR
26.49%
Annual Fee
None
Credit Needed
Poor
- Earn unlimited 1.5% cash back on all purchases
Pros
- Doesn’t charge annual and foreign transaction fees
- Lets you earn unlimited rewards
- Can help you build your business credit score
Cons
- Minimum $1,000 security deposit is required
- Has no 0% introductory APR on purchases and balance transfers
- No sign-up bonus
- Overdraft protection: An optional service available to cardholders who have a Bank of America® business checking account. If you opt-in, link your credit card to your checking account (done through Balance Connect®, their overdraft protection service).
- Free access to your business credit score: You can view and monitor your Dun & Bradstreet business credit score free via Business Advantage 360, Bank of America®’s Small Business Online Banking.
- Travel and emergency services: Offers travel benefits, including $100,000 in travel accident insurance. You’ll also have access to additional services, such as auto rental insurance, emergency ticket replacement, lost-luggage assistance, and legal and medical referrals when traveling.
- Cash flow management tools: Bank of America® offers a suite of online services to help you manage your business.
- Zero liability protection: Protects you against unauthorized transactions. You’ll have additional protection for certain purchases against loss, damage, theft, and fire, and you can enjoy extended warranty coverage.
Intro APR
None
Regular APR
26.49%
Annual Fee
None
Credit Needed
Poor
- Earn unlimited 1.5% cash back on all purchases
Pros
- Doesn’t charge annual and foreign transaction fees
- Lets you earn unlimited rewards
- Can help you build your business credit score
Cons
- Minimum $1,000 security deposit is required
- Has no 0% introductory APR on purchases and balance transfers
- No sign-up bonus
- Overdraft protection: An optional service available to cardholders who have a Bank of America® business checking account. If you opt-in, link your credit card to your checking account (done through Balance Connect®, their overdraft protection service).
- Free access to your business credit score: You can view and monitor your Dun & Bradstreet business credit score free via Business Advantage 360, Bank of America®’s Small Business Online Banking.
- Travel and emergency services: Offers travel benefits, including $100,000 in travel accident insurance. You’ll also have access to additional services, such as auto rental insurance, emergency ticket replacement, lost-luggage assistance, and legal and medical referrals when traveling.
- Cash flow management tools: Bank of America® offers a suite of online services to help you manage your business.
- Zero liability protection: Protects you against unauthorized transactions. You’ll have additional protection for certain purchases against loss, damage, theft, and fire, and you can enjoy extended warranty coverage.
- Bank of America® Business Advantage Unlimited Cash Rewards Secured Credit Card is our best secured business credit card
- Has no annual fees
- Lets you earn unlimited 1.5% cash back on all purchases
- Lacks an interest-free financing option on purchases and balance transfers
Check our guides to the best business prepaid cards and best small business credit cards for additional options.
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.
