Seattle U Visa® Rewards from Commerce Bank Review

In today’s financial landscape, selecting the right credit card can be a daunting task. With numerous options available, each with its own set of perks and drawbacks, it’s essential to find a card that aligns with your spending habits and financial goals. The Seattle U Visa® Rewards Card from Commerce Bank is one such card that has piqued the interest of many consumers. In this comprehensive review, we’ll delve into every aspect of this credit card, from its rewards structure to its fees, to help you determine if it’s the right fit for you.

Seattle U Visa® Rewards from Commerce Bank Review

The Seattle U Visa® Rewards Card is tailored for those who enjoy earning cashback on everyday purchases. With no annual fee and a competitive rewards structure, this card is particularly appealing to individuals who frequently spend on streaming services, cable, ridesharing, gas, and dining out. Let’s break down the key features and benefits of this card.

Rewards Structure

The standout feature of the Seattle U Visa® Rewards Card is its cashback rewards program. Here’s a detailed look at how you can earn cashback:
– 3% Cash Back on Streaming, Cable, and Ridesharing Services: If you frequently use services like Netflix, Hulu, or Uber, this card offers a generous 3% cashback on these purchases. This is a significant advantage for those who rely on these services in their daily lives.
– 2% Cash Back on Gas and Restaurants: For individuals who spend a considerable amount on fuel and dining out, the 2% cashback on these categories is a substantial benefit. Whether you’re commuting to work or enjoying a meal at your favorite restaurant, you can earn rewards on these expenditures.
– 1% Cash Back on All Other Eligible Purchases: For all other purchases, you’ll earn a standard 1% cashback. This ensures that no matter where you shop, you’re always earning rewards.

Introductory APR

Another attractive feature of the Seattle U Visa® Rewards Card is its introductory APR offer:
– 1.99% Introductory APR for 6 Monthly Billing Cycles: This low introductory APR applies to both purchases and balance transfers, making it an excellent option for those looking to finance a large purchase or consolidate existing debt. However, it’s essential to note that this introductory rate is only available for the first six months after account opening.

Variable APR

Once the introductory period ends, the card’s APR reverts to a variable rate:
– 20.49% – 30.49% Variable APR: Depending on your creditworthiness, your APR will fall within this range. While this is relatively standard for cashback cards, it’s crucial to manage your balance and avoid carrying a high balance to minimize interest charges.

Fees

The Seattle U Visa® Rewards Card comes with a straightforward fee structure:
– Annual Fee: $0. This is a significant advantage, as it allows you to enjoy the card’s benefits without the burden of an annual fee.
– Balance Transfer Fee: Either $10 or 5% of the amount of each balance transfer, whichever is greater. This fee is relatively standard but should be considered if you plan to transfer a balance.
– Cash Advance Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater. As with most credit cards, cash advances should be used sparingly due to the high fees and immediate interest charges.
– Penalty Fees: Up to $40 for late payments and a penalty APR of 32.49%. It’s essential to make timely payments to avoid these fees and the potential increase in your APR.

Credit Score Requirement

To qualify for the Seattle U Visa® Rewards Card, you’ll need a good to excellent credit score, typically ranging from 670 to 799. If you fall within this range, you have a higher chance of approval and may receive a more favorable APR.

Customer Service and Account Management

Commerce Bank, the issuer of the Seattle U Visa® Rewards Card, offers robust customer service and account management tools. Cardholders can manage their accounts and pay their bills online through the bank’s website. Additionally, Commerce Bank provides responsive customer service support to address any inquiries or concerns.

Seattle U Visa® Rewards from Commerce Bank Key Takeaways

To summarize the key points of the Seattle U Visa® Rewards Card:
– 3% Cash Back on Streaming, Cable, and Ridesharing Services: Ideal for those who heavily use these services.
– 2% Cash Back on Gas and Restaurants: Great for commuters and dining enthusiasts.
– 1% Cash Back on All Other Eligible Purchases: Ensures you earn rewards on all spending.
– 1.99% Introductory APR for 6 Billing Cycles: Attractive for those looking to finance purchases or transfer balances.
– $0 Annual Fee: No cost to enjoy the card’s benefits.
– Variable APR of 20.49% – 30.49%: Standard for cashback cards.
– Good to Excellent Credit Required: Ensures access to favorable terms and benefits.

Seattle U Visa® Rewards from Commerce Bank Pros and Cons

Like any financial product, the Seattle U Visa® Rewards Card has its pros and cons. Let’s take a closer look at both sides to help you make an informed decision.

Pros

1. No Annual Fee: One of the most significant advantages of this card is the absence of an annual fee. This makes it an attractive option for those who want to earn rewards without any upfront cost.
2. Generous Cashback Rewards: The card offers competitive cashback rates on popular spending categories, including streaming services, cable, ridesharing, gas, and dining out. This ensures you earn rewards on everyday purchases.
3. Introductory APR Offer: The 1.99% introductory APR for the first six billing cycles is a valuable feature for those looking to make a large purchase or transfer a balance.
4. Online Account Management: Commerce Bank provides a user-friendly online platform for managing your account and paying bills, making it convenient for cardholders.
5. Responsive Customer Service: Commerce Bank is known for its reliable customer service, ensuring that cardholders can get assistance when needed.

Cons

1. High Variable APR: While the introductory APR is attractive, the variable APR after the introductory period can be high, ranging from 20.49% to 30.49%. It’s crucial to pay off your balance in full each month to avoid interest charges.
2. Foreign Transaction Fee: The card may not be the best choice for international travelers, as it typically comes with a foreign transaction fee that can add up quickly when making purchases abroad.
3. Balance Transfer and Cash Advance Fees: While the introductory APR on balance transfers is appealing, the associated fees can be a drawback. Additionally, cash advances come with high fees and immediate interest charges, making them less cost-effective.
4. Penalty APR: The penalty APR of 32.49% is quite steep, so it’s essential to make timely payments to avoid triggering this rate.

Seattle U Visa® Rewards from Commerce Bank Benefits

Beyond the core features and pros and cons, the Seattle U Visa® Rewards Card offers several additional benefits that can enhance your overall experience as a cardholder.

Cashback Redemption Options

One of the standout benefits of this card is the flexibility in redeeming your cashback rewards. Cardholders can choose from various redemption options, including:
– Statement Credits: You can apply your cashback rewards directly to your credit card balance as a statement credit. This is a straightforward way to reduce your outstanding balance.
– Direct Deposits: If you prefer, you can have your cashback rewards deposited directly into your bank account. This provides added flexibility in how you use your rewards.
– Gift Cards: Some cardholders may opt to redeem their cashback for gift cards to popular retailers. This can be a great way to treat yourself or others.
– Charitable Donations: If you’re feeling philanthropic, you can also use your cashback rewards to make charitable donations. This allows you to give back to causes you care about.

Purchase Protection

The Seattle U Visa® Rewards Card offers purchase protection benefits, which can provide peace of mind when making significant purchases. These benefits typically include:
– Extended Warranty Protection: This benefit extends the manufacturer’s warranty on eligible purchases, providing additional coverage beyond the standard warranty period.
– Purchase Security: Purchase security can cover eligible items against damage or theft within a specified period after purchase. This benefit can be particularly valuable for high-value items.

Travel Benefits

While the card may not be tailored for frequent travelers due to potential foreign transaction fees, it does offer some travel-related benefits, including:
– Travel Accident Insurance: Cardholders may receive coverage for travel-related accidents when using the card to purchase common carrier tickets, such as airline tickets.
– Auto Rental Collision Damage Waiver: When you use the card to rent a vehicle, you may be eligible for collision damage waiver coverage. This benefit can save you money by waiving the rental company’s insurance fee.

Zero Liability Protection

Commerce Bank provides zero liability protection for unauthorized transactions, ensuring that you’re not held responsible for fraudulent charges made on your card. This benefit adds an extra layer of security to your card usage.

FICO® Score Access

As a cardholder, you may have access to your FICO® credit score, allowing you to monitor your credit health regularly. This can be a valuable tool for managing your credit and ensuring that you’re on track to achieve your financial goals.

Conclusion

The Seattle U Visa® Rewards Card from Commerce Bank is a compelling option for individuals who want to earn cashback on everyday spending categories without the burden of an annual fee. With its generous rewards structure, introductory APR offer, and additional benefits, this card can be a valuable addition to your wallet.
However, it’s essential to consider your spending habits and financial goals before applying. If you frequently use streaming services, cable, ridesharing, gas, and dining out, this card’s cashback rewards can provide significant value.