Barclaycard sold $1.6 Billion in “risky” credit card balances to CreditShop, who released the Mercury Card. The card is issued by First Bank & Trust.
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What is a Mercury credit card?
The Mercury Mastercard is issued by First Bank & Trust, which is headquartered in South Dakota.
Based on their website, there isn’t much information on a rewards system. The benefits are minimal and they state that there’s no annual fee with an exception. CreditShop states, “Less than 10% of the converted accounts will continue to be charged an annual fee”.
- Check your FICO score for free.
- $0 fraud liability.
- No annual fee.
- Mastercard is one of the most widely accepted companies.
- 3% foreign transaction fee.
- High-interest rate (25.15% to 28.15%).
- $5 or 4% of the amount of a balance transfer (whichever is greater).
- The only way to apply is a pre-approved offer via mail.
Did Barclay get bought by Mercury?
In March 2017, CreditShop acquired a $1.6 billion MasterCard credit card portfolio from Barclaycard. When a business is sold to another, the buyer acquires the seller’s accounts receivable as an asset.
There were more than half a million accounts that were sold to CreditShop, which released the Mercury Card.
Based on their website, they targeted people with a credit score between 575 and 675.
Many of the cards that were converted were the Barclays Rewards MasterCards, but some Barclays Arrival Plus cardholders were affected as well.
Loan sales and conversions occasionally happen as financial institutions evaluate the level of acceptable risk they’re willing to take on. Depending on the threshold that’s agreed upon, accounts that don’t meet the criteria will be converted.
Is there a mobile app?
You can pay your Mercury Mastercard through the mail, over the phone, on their website, or through the mobile app.
Payment Mailing Address:
PO Box 70168
Philadelphia, PA 19176-0168
Overnight via Express Mail:
400 White Clay Center Dr
Newark, DE 19711
Note: Include your full name and the last 4 digits of your account number.
To pay by phone: 866-686-2158
Online Account Access: Mercury Card Online Banking
How do I apply for the Mercury Mastercard?
Mercury mails pre-approved offers based on criteria and data that they receive from credit bureaus. If you receive an offer, a reservation code will be included, which you’ll use to apply online. At this time, Mercury is only accepting applications if you’ve received a pre-approval offer.
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Featured photo courtesy of Mercury Mastercard®.
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David Em is the Founder and Chief Editor of More Money More Choices. He launched the site in 2019 to empower individuals for financial health. David has a finance and leadership background. It enables him to share practical money management and growth tips and advice.