Eagle Scout Visa® Rewards from Commerce Bank Review

In the world of credit cards, the Eagle Scout Visa® Rewards from Commerce Bank stands out with its competitive cashback structure and no annual fee. This card is designed to appeal to a diverse group of consumers, thanks to its generous rewards on everyday spending categories such as streaming services, gas, and dining. In this comprehensive review, we will delve into every aspect of the Eagle Scout Visa® Rewards card, providing you with the insights you need to determine if this card is the right fit for your financial needs.

Eagle Scout Visa® Rewards from Commerce Bank Key Takeaways

Before we dive into the detailed review, here are some key takeaways about the Eagle Scout Visa® Rewards card:
– Cashback Structure:
– 3% cashback on streaming, cable, and ridesharing services.
– 2% cashback on gas and restaurants.
– 1% cashback on all other eligible purchases.
– Introductory APR:
– 1.99% Introductory APR for 6 monthly billing cycles after account opening on purchases and balance transfers.
– Standard APR:
– 20.49% – 30.49% variable APR on purchases.
– 30.49% variable APR on cash advances.
– Fees:
– No annual fee.
– Balance transfer fee: Either $10 or 5% of the amount of each balance transfer, whichever is greater.
– Cash advance fee: Either $10 or 5% of the amount of each cash advance, whichever is greater.
– Penalty fees: Late payment fee up to $40 and penalty APR of 32.49%.
– Credit Score Requirement:
– Good to excellent credit (670-799).

Eagle Scout Visa® Rewards from Commerce Bank Pros and Cons

Pros

1. No Annual Fee: One of the most significant advantages of the Eagle Scout Visa® Rewards card is that it comes with no annual fee. This makes it a cost-effective option for consumers who want to earn rewards without the burden of an annual charge.
2. Generous Cashback Rewards: The card offers a robust cashback program, with 3% back on streaming, cable, and ridesharing services, 2% back on gas and dining, and 1% back on all other purchases. This makes it an excellent choice for those who frequently spend in these categories.
3. Introductory APR Offer: The 1.99% introductory APR for the first six billing cycles on both purchases and balance transfers is a valuable feature for new cardholders looking to make significant purchases or consolidate existing debt at a lower rate.
4. Purchase Protection: The card includes purchase protection, which can be a lifesaver if an item you bought with the card is damaged or stolen within a particular timeframe.
5. Fraud Protection: Commerce Bank offers robust fraud protection measures to help keep your account secure, ensuring peace of mind for cardholders.

Cons

1. No Welcome Bonus: Unlike many other rewards cards, the Eagle Scout Visa® Rewards card does not offer a welcome bonus. This can be a drawback for those looking to maximize their rewards right out of the gate.
2. High Standard APR: The variable APR range of 20.49% – 30.49% is relatively high compared to some other cards on the market. This can be costly for cardholders who carry a balance from month to month.
3. Foreign Transaction Fee: The card charges a fee for foreign transactions, which can add up for cardholders who frequently travel internationally.
4. Penalty Fees: The late payment fee of up to $40 and the penalty APR of 32.49% are quite steep, which could be a significant downside if you occasionally miss payment deadlines.

Eagle Scout Visa® Rewards from Commerce Bank Benefits

The Eagle Scout Visa® Rewards card offers several benefits that make it a compelling option for many consumers. Here’s a closer look at some of the standout features:

Cashback Rewards

The cashback rewards structure of the Eagle Scout Visa® Rewards card is one of its most appealing aspects. Here’s how it breaks down:
– 3% Cashback on Streaming, Cable, and Ridesharing Services: This category is perfect for the modern consumer who frequently uses services like Netflix, Hulu, and Uber. The 3% cashback rate is quite competitive and can lead to significant savings over time.
– 2% Cashback on Gas and Restaurants: For those who drive frequently or enjoy dining out, the 2% cashback rate on these categories is a nice perk. It’s especially beneficial for commuters and food enthusiasts.
– 1% Cashback on All Other Purchases: Although not as high as the other categories, the 1% cashback on all other purchases ensures that you’re earning rewards on every transaction.

Introductory APR Offer

The 1.99% introductory APR for six billing cycles is a valuable benefit for new cardholders. This can help you save on interest if you need to make a large purchase or transfer a balance from another card. However, it’s essential to pay off the balance before the introductory period ends to avoid the higher variable APR.

No Annual Fee

Having no annual fee is a significant advantage, as it allows you to earn rewards without having to offset the cost of an annual charge. This makes the Eagle Scout Visa® Rewards card a cost-effective option for many consumers.

Purchase Protection

The purchase protection feature adds an extra layer of security for your purchases. If an item you buy with the card is damaged or stolen within a certain timeframe, you may be eligible for reimbursement or repair.

Fraud Protection

Commerce Bank offers robust fraud protection measures to keep your account secure. This includes monitoring for suspicious activity and providing zero-liability protection for unauthorized transactions.

Manage Your Account & Pay Your Bill

Commerce Bank provides several convenient ways to manage your account and pay your bill. You can do this online through their website or by calling customer service. This flexibility ensures that you can stay on top of your account no matter where you are.

Conclusion

The Eagle Scout Visa® Rewards from Commerce Bank is a solid choice for consumers looking for a no-annual-fee card with competitive cashback rewards. Its generous rewards on streaming, cable, and ridesharing services, as well as gas and dining, make it an attractive option for those who frequently spend in these categories. The introductory APR offer adds value for new cardholders, although the high standard APR and penalty fees should be considered.
In summary, the Eagle Scout Visa® Rewards card is a versatile and rewarding option for those with good to excellent credit. Its benefits and features make it a strong contender in the cashback credit card market. However, it may not be the best fit for those who prioritize a welcome bonus or frequently travel internationally. As with any financial product, it’s essential to consider your personal spending habits and financial goals to determine if this card is the right fit for you.