Mercury Corporate Credit Card Review 2024

Disclaimer: Mercury is a financial technology (fintech) company, not a bank. Startup banking services are provided by its partner banks Choice Financial Group and Evolve Bank & Trust, Members FDIC.

Fintech company Mercury has launched a corporate card, the IO Mastercard, to help startups scale their businesses. The IO Mastercard offers automatic 1.5% cash back on all settled transactions, with zero annual fees, no personal credit check, and a 23-day interest-free window on repayment. 

Mercury offers a range of banking services, including free checking and savings accounts, debit and credit cards, ACH payments and checks, free domestic and USD international wire transfers, treasury management, access to an API, as well as guidance in finding funding, such as venture debt. 

With all that in mind, let’s explore the Mercury IO Mastercard and whether it’s the best fit for your startup’s needs.

What Is the Mercury IO Mastercard?

The Mercury IO Mastercard is a business credit card offered by Mercury, a fintech company that provides banking services for startups and small businesses. This card caters to the specific needs of technology companies and entrepreneurs, offering features like high credit limits, cash back rewards, and integration with Mercury’s digital banking platform. The Mercury IO Mastercard also boasts no annual fees and provides virtual card capabilities, allowing businesses to generate unique card numbers for different vendors or expenses.

Mercury IO At a Glance

Mercury Eligibility Requirements

The Mercury card is only open to US businesses that have an Employer Identification Number (EIN). But Mercury will not accept applications from a sole proprietorship or trust (even those with an EIN), and neither will it accept applications from companies in the money services, adult entertainment, marijuana, or internet gambling industries.

To open an account, you must submit details about your business, including a copy of its formation documents. Personal details, such as your SSN and ownership interest in the company, will also be required. There is no minimum balance requirement for a standard account. Sign-up is free. 

Moreover, no personal credit check is made, nor is your personal credit score taken into account.

If your company can maintain $250,000 or more in deposits, it will have access to Mercury Treasury, an automated cash management account that puts surplus cash balances into money market funds for improved yield and security. Mercury Treasury accounts can earn up to 2.6% interest.

Pros & Cons of Mercury IO Mastercard

Pros

• Approval not dependent on personal creditworthiness
• No minimum balance requirement
• No monthly or annual fees
• Mobile Android and iOS apps
• Access to Mercury’s suite of business banking services

A Mercury account gives your company access to startup capital, the ability to customize the application to better suit your needs through its application programming interface (API), and a decent rewards program that delivers 1.5% cash back on all domestic and international purchases.

Cons

• It’s a charge card rather than a credit card
• Sole proprietors are not eligible
• Requires a Mercury account
• Cannot be used to build credit

Mercury IO Mastercard Fees & Features

The Mercury IO Corporate Card, like many business cards, is a charge card rather than a credit card. The card balance must be paid off in full every month. However, you can take advantage of a repayment moratorium that puts your due date up to 23 days after the close of each billing period. The amount that can be charged is determined by your Mercury account balance. 

Benefits include a free FICO score, the ability to issue unlimited virtual cards and set custom spend limits, 1.5% cash back, Treasury accounts with high APY for high balances, zero liability protection, and access to capital and venture debt investors. Mercury also offers numerous perks, including a wealth of discounts and promotional offers from a range of partnerships with business software companies, including Google Workspace integration. 

The IO card requires opening a Mercury checking account, which gives access to a suite of banking, accounting, and administrative services. Mercury is not a traditional bank, but in collaboration with The First Bank and Trust Company, offers FDIC-insured checking and savings accounts.

Since IO is a Mastercard, it will be accepted in the 210 countries and jurisdictions where the card network giant has a presence. 

There are also Mercury Credit Card apps for both iOS and Android. 

Rewards and Benefits

• 1.5% cash back on all domestic and international purchases
• 23-day interest-free repayment period on purchases
• Free two-day shipping from hundreds of online stores, through delivery service ShopRunner

Interest Rates

• Purchase APR: 23.99%–28.99% 
• Balance Transfer APR: 23.99%–28.99%
• Cash Advance APR: 25.99%–30.99%

Annual Percentage Rates (APR) are based on the Prime Rate and will vary with the market. There is a grace period of 23 days before interest is charged on funds expended on purchases.

Fees

• Balance Transfer Fee: 4% (min $5)
• Cash Advance Fee: 5% (min $10)
• Foreign Transaction Fee: 0%–3%
• Max Late Fee: $40
• Returned Payment Fee: $40
• No annual fees

Mercury is free to use; however, certain advanced features may incur fees. These include making mass payments through the Applications Programming Interface (API), accessing Treasury account management, exchanging money in non-USD currencies, and sending USD internationally with optional premium processing. There are no account minimums, overdraft fees, monthly fees, or account opening fees. 

How Does Mercury Compare?

While the Mercury IO Mastercard is a great credit option for businesses, there are several competitors with unique credit offerings to consider before you decide on the right corporate card for your startup. Three of the most popular corporate credit card providers for startups are BILL, Brex, and Rho. Here’s how they stack up against Mercury’s offerings. 

BILL Divvy vs. Mercury

Mercury and BILL both offer corporate credit card options tailored for businesses, but they have distinct features. The Mercury IO Mastercard focuses on tech startups and small businesses, offering high credit limits, cash back on business expenses, and seamless integration with the company’s digital banking platform. It has no annual fees and provides virtual card capabilities. 

BILL, on the other hand, emphasizes expense management and budgeting tools alongside its credit card offering. BILL’s platform allows for real-time expense tracking, custom budget creation, and automated expense reports. 

Brex Corporate Card vs. Mercury

The Brex Corporate Card and Mercury IO Mastercard are both designed for startups and tech companies. Brex is known for its generous rewards program, offering high points multipliers on categories like software subscriptions and travel. It also provides instant approvals without personal guarantees, basing credit limits on a business customer’s cash balance and equity funding. 

Mercury’s card, integrated with its banking services, offers cash back rewards on business expenses and high credit limits. While Brex operates as a standalone card service, Mercury requires users to have a Mercury bank account thereby providing a more integrated financial ecosystem. Brex offers more extensive travel perks and integrations with popular business software while Mercury focuses on seamless banking and credit card unification. Both cards have no annual fees, but Mercury might be more accessible to early stage startups.

Rho vs. Mercury

Like the Mercury card, the Rho card is a charge card with nice cash back rewards and no annual fee. What it does have, however, is top-of-the-line repayment options. Despite being a charge card, you will have up to 60 days to pay off an account balance. And a range of digital tools that allows you to tailor services for optimum efficiency and results. 

However, unlike the Mercury, signing up for the Rho card requires your company to maintain a minimum bank account balance of $50,000 ( $100,000 if your company is international) or spend $5,000 or more a month through corporate credit cards.

Below is a table comparing the key features of Mercury, BILL Divvy, Brex, and Rho corporate credit cards.

Features Comparison

Is the Mercury Corporate Credit Card Right for Your Startup?

The Mercury IO Mastercard has carved out a unique niche in the corporate credit card market because it’s tailored specifically for modern, tech-focused businesses. With its integration into Mercury’s digital banking platform and features designed to support growing companies, it offers a distinct value proposition. But, like any financial product, it’s essential to consider whether or not it aligns with your business needs. Let’s break down who might benefit most from this card and who might want to look elsewhere.

It’s particularly well-suited for:

• Tech startups and small businesses looking for high credit limits
• Companies that want seamless integration between banking and credit card services
• Businesses seeking cash back rewards on common expenses like software subscriptions

However, it may not be the best fit if:

• You’re not willing or able to open a Mercury business bank account
• You need a card that offers a traditional APR-based revolving credit line

The bottom line? The Mercury IO Mastercard is an excellent choice for tech-savvy startups and small businesses that value a unified banking and credit card experience — especially businesses looking to secure other business banking services like a business debit card or savings account. It offers attractive rewards and high limits without annual fees, but requires commitment to Mercury’s ecosystem. Consider your business’s specific needs and growth stage when deciding if this card is right for you.

Frequently Asked Questions