芝加哥商业交易所ury IO Mastercard® Review for 2023
This article is part of a larger series onBest Small Business Credit Cards.
芝加哥商业交易所ury IO Mastercard®, abusiness prepaid card, offers automatic 1.5% cash back on all purchases. Those who are Invite Only (IO) can getadditional 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.
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:芝加哥商业交易所ury is anonline-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 seeour recommended alternativesbelow.
芝加哥商业交易所ury 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.
芝加哥商业交易所ury IO Mastercard® Rewards
芝加哥商业交易所ury 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 shippingfrom hundreds of online stores from ShopRunner
- Software discountsfor new Salesforce, TurboTax, and QuickBooks customers
- Up to $100,000 creditsfrom AWS
- 25 free seatsfrom Loom
- Free or 50% offon 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.
芝加哥商业交易所ury 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
水星的刺管理费用管理系统ough 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
芝加哥商业交易所ury is available on PC (Windows and Mac),iOS, and安卓. 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:芝加哥商业交易所ury 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 |
芝加哥商业交易所ury IO Mastercard® Alternatives
If you wish to compare one card over another, clickAdd to compareto view the details in a side-by-side comparison.
Bento for Business Visa® Debit Card
- Bento for Business Visa® Debit Card is ourtop 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 ourleading 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
Bottom Line
芝加哥商业交易所ury 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.