Most U.S. based businesses qualify for an IO credit account on their first day with Mercury. Customers start with daily repayment schedules until they reach a total Mercury balance of $15k, at which point they can qualify for higher limits and choose between monthly or daily repayment schedules.
You can determine if your Mercury account qualifies for IO by going to your Credit Card page (Cards > Credit from your sidebar on web). If you qualify, you’ll be prompted to set up your IO account and card. If not, you’ll see instructions to apply.
Introductory access with daily payments
Most businesses qualify for an introductory IO account that requires same day repayment of balances and comes with a lower account credit limit. Eligibility for this introductory offer is determined by many different factors, such as the company’s size, spending patterns, and fundraising history.
If you have qualified, you should see the option to create an IO card when signing up for your Mercury account and will receive a physical IO card after your first deposit.
Qualifying for higher limits and monthly payments
To qualify for higher account limits and choose between monthly or daily payment schedules, your Mercury account needs to have at least $15k deposited across your Mercury checking, savings, and Treasury accounts. General history and usage of the Mercury platform will also be considered.
Learn more about IO limits here.
Deposits held in linked business accounts
We also review balances in linked business accounts and may grant additional credit based on external balances. Note that cash held in Mercury will allow for higher credit limits than cash held outside Mercury.
FAQs
How do I start using my IO card?
Eligible customers will see the option to create an IO cards from the Credit page (click Cards on the left-hand side of your dashboard. A Credit page will appear). The introductory IO card uses daily repayments and a cash-underwritten limit, typically up to $5,000, which adjusts based on the cash you hold in Mercury.
If you see a $0 available limit, that usually means you don’t yet have enough funds in your checking account. Because IO is cash-underwritten, your total IO balance can’t exceed the cash you have with Mercury. If a transaction would exceed that amount (even temporarily), it will be declined until you add funds or make a payment.
You can check whether you qualify and get started anytime by going to your dashboard and clicking Cards in the left-hand sidebar.
Can I switch from daily to monthly autopay later?
Yes. Once you reach a total Mercury balance of $15k, you can qualify for higher limits which you can request from your Credit page and you’ll be able to choose between monthly or daily repayment schedules.
What is dynamic autopay and when should I use it?
Dynamic autopay is an optional safety-net payment. You can set a threshold (for example, when 80% of my credit limit is used) so Mercury automatically makes a payment mid-cycle.
It helps keep available credit open without waiting for your normal daily or monthly autopay.
You can read more about setting up and editing autopay here.
Why might a transaction decline even if I have funds?
IO is a cash-underwritten charge card, which means your total IO balance can’t exceed the cash you hold in Mercury. If a purchase would put you over that amount—even temporarily—the transaction will be declined until you add funds or make a payment.
In some cases, pending transactions can also reduce your available credit. Pending charges still count toward your IO balance until they settle, which may temporarily limit how much you can spend.
If you’re seeing a $0 available limit, keep in mind that IO limits refresh daily (at 12am UTC). You may need to wait for new deposits to be reflected or for pending transactions to settle before your available credit updates.
How is cashback calculated and paid out?
You earn 1.5 % cashback on all settled purchases. Cashback is tallied monthly and deposited automatically. Returned or pending transactions don’t count until they settle.
You can view cashback on your Credit page.
I’m expecting a refund. Where do those funds go?
IO refunds are credited back to the IO card itself, creating a positive credit balance. They don’t automatically transfer to a checking or savings account. If you need the funds moved, contact Support to request a manual transfer.
The IO Card is issued by Patriot Bank, N.A., Member FDIC, pursuant to a license from Mastercard International Incorporated.