UMSL Alumni Rewards Visa® from Commerce Bank Review

When it comes to selecting a credit card that aligns with your spending habits and financial needs, it’s crucial to delve into the details and understand all facets of the card. Today, we’ll be reviewing the UMSL Alumni Rewards Visa® from Commerce Bank, a card that promises substantial cash back rewards on everyday purchases. With a targeted focus on streaming, cable, ridesharing services, gas, and restaurant expenses, this card aims to cater to frequent users of such services. In this comprehensive review, we will explore the card’s offerings, its benefits, and potential drawbacks, helping you make an informed decision.

UMSL Alumni Rewards Visa® from Commerce Bank Review

The UMSL Alumni Rewards Visa® is designed for those who prioritize cash back rewards and have a good to excellent credit score (ranging from 670-799). The card offers a tiered cash back structure with 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. This structure is particularly beneficial for individuals who have substantial spending in these categories.

Key Takeaways

– Cash Back Rewards: 3% on streaming, cable, and ridesharing services; 2% on gas and restaurants; 1% on all other eligible purchases.
– Introductory APR: 1.99% for the first 6 billing cycles on purchases and balance transfers.
– Regular APR: Variable APR ranging from 20.49% to 30.49%.
– Annual Fee: $0.
– Penalty Fees: Late payment fee of up to $40.
– Good to Excellent Credit Required: 670-799 credit score.

UMSL Alumni Rewards Visa® Key Takeaways

One of the standout features of this card is its cash back rewards structure, which is advantageous for users who frequently spend in the designated categories. Here are the key aspects that make this card unique:

Cash Back Rewards

The UMSL Alumni Rewards Visa® offers a compelling cash back program:
– 3% Cash Back: On streaming, cable, and ridesharing services. This is particularly beneficial for those who regularly use services like Netflix, Hulu, Uber, Lyft, and Comcast.
– 2% Cash Back: On gas and restaurant purchases. Ideal for commuters and food enthusiasts who dine out frequently.
– 1% Cash Back: On all other eligible purchases.

Introductory APR

– 1.99% Introductory APR: For the first 6 billing cycles on purchases and balance transfers. This low introductory rate can be incredibly helpful for managing large purchases or consolidating debt.

Regular APR

– Variable APR: Post-introductory period, the APR ranges from 20.49% to 30.49%, which is relatively high and should be considered if you tend to carry a balance from month to month.

No Annual Fee

One of the most appealing aspects of this card is that it comes with a $0 annual fee, making it accessible and affordable for a wide range of users.

Other Fees

– 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 fees up to $40 and a penalty APR of 32.49%.

UMSL Alumni Rewards Visa® Pros and Cons

Before diving into the benefits and features, it’s essential to weigh the pros and cons of the UMSL Alumni Rewards Visa® to understand if it aligns with your financial goals and spending habits.

Pros

1. No Annual Fee: The absence of an annual fee makes this card an attractive option for those looking to maximize their rewards without additional costs.
2. High Cash Back Rates: The 3% and 2% cash back rates on specific categories are competitive and can lead to significant savings for frequent users.
3. Introductory APR Offer: The 1.99% introductory APR for the first 6 billing cycles on purchases and balance transfers provides an excellent opportunity to manage expenses and consolidate debt at a low cost.
4. Comprehensive Fraud Protection: The card offers robust fraud protection measures, ensuring your transactions and personal information are secure.
5. No Foreign Transaction Fees: This can be a significant advantage for international travelers, as it saves on the additional costs incurred during foreign transactions.

Cons

1. High Regular APR: The variable APR ranging from 20.49% to 30.49% is on the higher side, which can be a disadvantage for those who carry a balance.
2. No Welcome Bonus: Unlike many other rewards cards, this card does not offer a sign-up bonus, which might be a deterrent for some users.
3. Limited 3% Categories: While the 3% cash back rate is attractive, it is limited to streaming, cable, and ridesharing services. Users who do not spend significantly in these categories may not find the card as beneficial.
4. Penalty Fees: The penalty APR of 32.49% and late payment fees up to $40 can add up quickly if payments are not managed responsibly.

UMSL Alumni Rewards Visa® Benefits

The UMSL Alumni Rewards Visa® offers an array of benefits that make it a compelling choice for the right user. Let’s explore these benefits in detail:

Cash Back Rewards

The primary benefit of the UMSL Alumni Rewards Visa® is its cash back rewards program. The tiered structure ensures that users can maximize their rewards based on their spending habits. For instance, if you frequently use streaming services like Netflix or Hulu, or if you rely on ridesharing services like Uber and Lyft, the 3% cash back can lead to substantial savings over time.
Similarly, the 2% cash back on gas and restaurant purchases is advantageous for commuters and food enthusiasts. The 1% cash back on all other eligible purchases ensures that you earn rewards on every transaction, making this card a versatile option for everyday use.

Introductory APR Offer

The 1.99% introductory APR for the first 6 billing cycles on purchases and balance transfers is a significant benefit, particularly for those who plan to make large purchases or consolidate existing debt. This low introductory rate allows you to manage your expenses more effectively without incurring high-interest charges during the initial months.

No Annual Fee

The absence of an annual fee is a significant advantage, as it allows you to enjoy the card’s benefits without incurring additional costs. This feature is particularly appealing for those who want to maximize their rewards without worrying about offsetting the annual fee.

Fraud Protection

The UMSL Alumni Rewards Visa® offers comprehensive fraud protection measures, ensuring that your transactions and personal information are secure. This includes monitoring for suspicious activity, zero liability for unauthorized purchases, and advanced security features to protect your account.

Purchase Protection

The card also offers purchase protection, which can be invaluable in case of damaged or stolen items. This benefit provides peace of mind and adds an extra layer of security to your purchases.

Good to Excellent Credit Required

The card is designed for individuals with good to excellent credit (670-799). If you fall within this credit score range, you are more likely to be approved for the card and enjoy its benefits.

Additional Benefits

– No Foreign Transaction Fees: As mentioned earlier, the lack of foreign transaction fees is a significant advantage for international travelers, as it eliminates the additional costs typically associated with foreign transactions.
– Customer Service: Commerce Bank offers reliable customer service, ensuring that you have access to assistance whenever needed. Whether you need help with account management, billing inquiries, or fraud protection, the customer service team is available to support you.

Conclusion

The UMSL Alumni Rewards Visa® from Commerce Bank is a well-rounded credit card that offers a competitive cash back rewards program, a low introductory APR offer, and no annual fee. It is particularly beneficial for individuals who frequently spend on streaming, cable, ridesharing services, gas, and restaurants. The card’s robust fraud protection measures and purchase protection add an extra layer of security to your transactions.
However, it’s essential to consider the high regular APR, the lack of a welcome bonus, and the limited 3% cash back categories. If you tend to carry a balance or if your spending habits do not align with the card’s cash back categories, you may want to explore other options.
Overall, the UMSL Alumni Rewards Visa® is an excellent choice for individuals with good to excellent credit who want to maximize their cash back rewards without incurring an annual fee. By understanding the card’s features, benefits, and potential drawbacks, you can make an informed decision that aligns with your financial goals and spending habits.