As an IO accountholder, you're required to pay off your full balance each month. To do this, we require you to set up autopay when the account is first created.
Setting up autopay
When you first set up autopay, you'll be asked to set one of your Mercury checking or savings accounts as your primary payment account. You can also set an optional backup account, which will be used to replenish your primary account if you don't have enough funds to cover your payment at the time of processing.
You'll also need to decide how often you want the autopay to pay off your full balance. You can choose either daily or monthly. If monthly, you can choose a specific day you want the autopay to process.
Setting up dynamic autopay
You can also set up an additional "safety net" payment, which we call dynamic autopay. This setting is totally optional, but allows you to run an additional off-cycle automatic payment if you get close to hitting your credit limit.
You can choose the threshold at which the autopay processes ("when I only have 20% of my credit limit available") and a maximum daily payment amount ("make a maximum payment of $12,000"). If you don't choose a maximum daily payment, we'll attempt to pay the full balance at the time the autopay is processed.
Editing autopay settings
- Go to your Credit Card page.
- Near the top of the page, hover your mouse over the grey box with your current autopay date, then select Edit Autopay.
- In the window that opens up, update any settings you'd like to change, then click Done.