Mercado Pago review

The monthly fee is $0, so there is no standing charge for keeping the account open. Across the brands tracked here, monthly fees sit at a median of €0, which makes a fee-free account the norm in this category rather than an unusual offer.

It is a debit card on the mastercard network, so spending draws on the balance in the account and the card is accepted wherever Mastercard cards are taken. Card type is the point to check if you had a credit line or a prepaid balance in mind.

The multi currency feature listed for this card suits people who earn or spend in more than one currency, holding balances side by side. Currency conversion across cards in this category runs at a median of 1%, so the rate applied to a transaction matters more than the monthly fee.

The account is run by Mercado Pago Instituição de Pagamento Ltda, with headquarters in Brazil. That matters for anyone living outside Brazil, because the institution holding the money and issuing the card is a Brazil-based legal entity rather than a UK or EU one.

Mercado Pago was founded in 2003 and issues the card through Mercado Pago Instituição de Pagamento Ltda. Operating history is one thing to weigh, while debit card type and $0 monthly fee are what tell you about everyday cost and how the card behaves.

Monzo Flex and Wise list monthly fees of £0 and £0, and Bitpanda lists €0. The fee is level across the group, so the decision comes down to card type, currency support and which institution holds the account.

Debit cards account for 74.7% of the cards ranked in this category, and this one is a debit card. Spending runs against the balance you hold rather than a credit line, which is the main thing to know before applying.