Here’s What Industry Insiders Say About Mercury Mastercard | mercury mastercard

Launched in late 2003, the Mercury Masters card from Bank of America is marketed as a premier credit card for people with good to excellent credit ratings. Marketed primarily towards people with credit scores ranging from 675 to 725, the Mercury Mastercard offers various benefits to credit cardholders. If you have a Mastercard, you can use it to make purchases at over one hundred and fifty locations across the United States. Although this is good news on your part, you need to read this Mercury review before you sign up.

Unlike many of the other credit cards available today, the Mercury Masters card does not base your qualification standards on your credit scores. In fact, you will be surprised to learn that your credit scores are not even required to apply. This is a big difference!

The beauty of the Mercury prepaid Mastercard lies in its zero percent APR guarantee. When you apply for the card, you will find out that you are qualified for a zero percent APR on all purchases for the full ninety days. But when it comes to foreign transaction fee, this offer does not last long. You must pay a ten thousand dollar transaction fee (FTC) when you use the card overseas. Fortunately, for you, this transaction fee is not a large amount and is worth it in order to receive these benefits.

One of the main reasons why people do not want to apply for a Mercury credit card is that they have bad credit utilization rates. Unfortunately, if you have not paid your bills in full in the past twelve months, you will have a low credit utilization percentage. This means that you will be assigned a high interest rate when you use your Mercury Mastercard. Unfortunately, many people do not realize that there is an option to fix their credit utilization rate: pre-approval. Through the pre-approval process, a customer will receive an interest rate that is close to the standard interest rate for a person with good credit.

The credit cardholders that have low or non-existent credit ratings can still apply for a Mercury prepaid Mastercard. However, their chance of approval is slim because they are assigned a high interest rate. There are three ways that cardholders can lower the interest rate of their pre-approved plan. These include paying off the entire balance of their account as soon as possible, purchasing a low-rate card from the bank with which they have an account and making use of their foreign transaction fee as a way to pay for their purchases.

Many people are of the opinion that obtaining a Mercury prepaid Mastercard pre-approved is easy but in actuality, it is not. When they apply for the card, it is sent to the collection agency just like any other ordinary application. They do not receive a hard copy of the application but they receive a written statement from the collection agency that informs them of their acceptance. The statement contains all the necessary information that the cardholder needs to know about their application such as their name, address, social security number, birth date, driver's license number, existing banking accounts, current employer and the reason why they are requesting a pre-approval letter. At that point, it is up to the cardholder if they wish to apply for an unsecured card or if they would prefer to apply for a secured card.

Another problem that cardholders face once they have obtained a mercury Mastercard is the high interest rate attached to their account. The average interest rate for new cardholders is close to 20 percent. Most cardholders have experienced an increase in their credit limit once their account has reached its maximum credit limit. This increase in credit limit can make it more difficult for cardholders to make payments on time because of the high interest rate attached to their account.

If a cardholder is interested in obtaining one of the many credit cards offered by mercury Mastercard, they should be aware of these fees. In addition to the high interest rate, many credit cards charge an annual fee for using their services. Some fees are non-refundable, which means that the credit card company does not return anything to cardholders in the event that they do not pay their bill on time. Others require cardholders to pay a transaction fee for each charge they make.

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