Michigan Tech Visa® Rewards from Commerce Bank Review

In the vast and often convoluted world of credit cards, finding the perfect card that meets your specific needs can be a daunting task. Whether you’re a seasoned credit card user or someone just beginning to explore the benefits of plastic money, the Michigan Tech Visa® Rewards from Commerce Bank stands out as a compelling option. With its generous cash back offers and consumer-friendly terms, this card has garnered attention for all the right reasons. In this review, we will delve deep into what makes this card a worthy contender in the credit card market.

Michigan Tech Visa® Rewards from Commerce Bank Key Takeaways

When considering any credit card, it’s essential to summarize the key features that set it apart. The Michigan Tech Visa® Rewards card boasts several attractive benefits and conditions:
– Cash Back Rewards: Earn 3% cash back on streaming, cable, and ridesharing services; 2% cash back on gas and restaurant purchases; and 1% cash back on all other eligible purchases.
– Introductory APR: Enjoy a 1.99% introductory APR on purchases and balance transfers for the first six monthly billing cycles after account opening.
– Variable APR: Post-introductory APR ranges from 20.49% to 30.49%, depending on your creditworthiness.
– Annual Fee: Zero annual fee, making it an attractive option for budget-conscious consumers.
– No Foreign Transaction Fees: Ideal for international travelers.
– Penalty Fees: Includes a late payment fee of up to $40 and a penalty APR of 32.49%.
– Additional Benefits: Fraud protection and purchase protection to safeguard your transactions.

Michigan Tech Visa® Rewards from Commerce Bank Pros and Cons

As with any financial product, the Michigan Tech Visa® Rewards card has its strengths and weaknesses. Here’s a detailed look at the pros and cons to help you make an informed decision.

Pros

– No Annual Fee: One of the most attractive features of this card is the absence of an annual fee. This means you can enjoy the benefits of the card without worrying about an additional yearly cost.
– Generous Cash Back Rewards: The card offers a competitive cash back structure, especially for those who frequently use streaming services, cable, and ridesharing options.
– Introductory APR Offer: The 1.99% introductory APR on purchases and balance transfers for the first six billing cycles can be a significant money-saver, especially if you plan on making large purchases or consolidating debt.
– No Foreign Transaction Fee: For individuals who travel abroad, the lack of foreign transaction fees is a notable advantage, saving you money on international purchases.
– Fraud and Purchase Protection: These additional benefits provide an extra layer of security and peace of mind.

Cons

– No Welcome Bonus: Unlike many other credit cards that offer lucrative welcome bonuses or sign-up rewards, the Michigan Tech Visa® Rewards card does not have any such offers.
– High Standard APR: The variable APR after the introductory period is relatively high, ranging from 20.49% to 30.49%. This can be a drawback for those who carry a balance.
– Penalty APR: A high penalty APR of 32.49% can be quite punitive for those who miss payments.
– Limited Categories for Higher Cash Back: While the card offers a good cash back rate in certain categories, it might not be as appealing to those whose spending habits don’t align with these categories.

Michigan Tech Visa® Rewards from Commerce Bank Benefits

The Michigan Tech Visa® Rewards card comes with a host of benefits that cater to a wide range of consumers. Below, we explore these benefits in greater detail.

Cash Back Rewards

The hallmark feature of the Michigan Tech Visa® Rewards card is its cash back program. Here’s how it breaks down:
– 3% Cash Back on Streaming, Cable, and Ridesharing Services: Given the increasing reliance on streaming services and ridesharing options, this category is highly relevant for modern consumers. Whether you’re binge-watching your favorite shows or catching a ride to work, you’ll get rewarded for these everyday activities.
– 2% Cash Back on Gas and Restaurants: For those who spend a considerable amount on fuel and dining out, this card offers a decent return on your expenditures.
– 1% Cash Back on All Other Eligible Purchases: All other purchases earn a standard 1% cash back, which is on par with many other cards in the market.

Introductory APR

One of the standout features of this card is its introductory APR offer:
– 1.99% Introductory APR for 6 Monthly Billing Cycles: This offer applies to both purchases and balance transfers, making it an attractive option for those planning to make significant purchases or consolidate existing debt. However, it’s crucial to note that after the six-month period, the APR will revert to the standard variable rate, which can be quite high.

No Foreign Transaction Fees

For those who frequently travel internationally, the absence of foreign transaction fees can result in substantial savings. Many other cards charge a fee of around 3% on foreign transactions, so this feature can make a significant difference for globetrotters.

Fraud and Purchase Protection

In today’s digital age, security is paramount. The Michigan Tech Visa® Rewards card offers robust protection features:
– Fraud Protection: This feature ensures that you are not held liable for unauthorized transactions, providing peace of mind when shopping online or in-store.
– Purchase Protection: This benefit covers eligible purchases against damage or theft for a certain period after the purchase date, adding an extra layer of security to your transactions.

Customer Service and Account Management

Commerce Bank offers a range of customer service options to help you manage your account effectively:
– Online Account Management: You can easily manage your account, pay bills, and track your spending through Commerce Bank’s online portal.
– Customer Service Support: Commerce Bank provides reliable customer service to assist you with any queries or issues related to your credit card.

Conclusion

The Michigan Tech Visa® Rewards from Commerce Bank is a multifaceted credit card that offers a variety of benefits, particularly for those who spend heavily on streaming services, cable, and ridesharing. The absence of an annual fee and foreign transaction fees, combined with the introductory APR offer, make it a compelling option for many consumers.
However, it’s essential to consider the high standard APR and the lack of a welcome bonus when evaluating this card. If you are someone who tends to carry a balance, the high APR could outweigh the benefits of the cash back rewards. On the other hand, if you pay your balance in full each month and your spending habits align with the card’s reward categories, this card could be a valuable addition to your wallet.
In summary, the Michigan Tech Visa® Rewards from Commerce Bank is a well-rounded credit card with several attractive features. It’s particularly suited for individuals with good to excellent credit who are looking for a card with no annual fee and robust cash back rewards. As always, it’s crucial to assess your own financial situation and spending habits to determine if this card is the right fit for you.