Webster University Rewards Visa® from Commerce Bank Review

When considering a new credit card, understanding all its aspects—ranging from rewards and benefits to fees and interest rates—is crucial. The Webster University Rewards Visa® from Commerce Bank stands out in the crowded market for its unique blend of rewards tailored to modern lifestyles. This comprehensive review will delve deep into its features, benefits, pros and cons, and whether it might be the right card for you.

Webster University Rewards Visa® from Commerce Bank Key Takeaways

– Cash Back Rewards: Earn 3% cash back on streaming, cable, and ridesharing services, 2% cash back on gas and restaurants, and 1% cash back on all other purchases.
– Introductory APR: Enjoy a 1.99% introductory APR for the first six monthly billing cycles on both purchases and balance transfers.
– Variable APR: After the introductory period, the APR ranges from 20.49% to 30.49%, dependent on your creditworthiness.
– Fees: No annual fee, but there are fees for balance transfers and cash advances.
– Credit Score Requirement: Suitable for individuals with good to excellent credit (670-799).
– Issuer: Commerce Bank, known for offering a wide range of credit card types to meet various needs.

Webster University Rewards Visa® from Commerce Bank Pros and Cons

Pros:

– No Annual Fee: This card doesn’t charge an annual fee, making it cost-effective for long-term use.
– High Cash Back Rates: Earn competitive cash back rates on popular spending categories such as streaming services, cable, and ridesharing.
– Introductory APR: The 1.99% introductory APR on purchases and balance transfers can help manage large purchases or existing debt more affordably for the first six months.
– Flexible Rewards: The cash back rewards can be used for a variety of purposes, adding flexibility to your spending.

Cons:

– No Welcome Bonus: Unlike many cards in the market, this one does not offer a sign-up bonus.
– High Ongoing APR: Post-introductory APR rates are on the higher side, which can be a drawback if you tend to carry a balance.
– Foreign Transaction Fee: There is a fee for foreign transactions, which may be a disadvantage for frequent international travelers.
– Balance Transfer Fee: A fee of either $10 or 5% of the amount of each balance transfer, whichever is greater, is applicable.

Webster University Rewards Visa® from Commerce Bank Benefits

1. Cash Back Rewards

The Webster University Rewards Visa® offers a structured cash back system that aligns well with the spending habits of many modern consumers. Here’s a closer look at how you can maximize your rewards:

3% Cash Back:

– Streaming Services: With the rise of digital entertainment, this category is particularly attractive. Whether you’re subscribing to Netflix, Spotify, or Disney+, the 3% cash back is a significant perk.
– Cable Services: Although streaming is popular, many still use cable services, and the 3% cash back ensures these users are not left out.
– Ridesharing Services: For urban dwellers or those who frequently use Uber, Lyft, or similar services, this benefit can add up quickly.

2% Cash Back:

– Gas Stations: This is particularly beneficial for commuters and travelers. With fluctuating gas prices, earning cash back on fuel purchases can lead to noticeable savings.
– Restaurants: Whether dining out or ordering in, earning 2% cash back on these purchases is a great way to reward yourself for enjoying your favorite meals.

1% Cash Back:

– All Other Purchases: This covers a wide range of spending, ensuring no matter how you use your card, you’re earning some level of rewards.

2. Introductory APR

The 1.99% introductory APR for the first six monthly billing cycles on both purchases and balance transfers provides significant savings on interest. This feature is particularly useful if you’re planning a big purchase or looking to transfer a balance from a higher-interest card.

3. No Annual Fee

The absence of an annual fee makes this card a cost-effective choice for budget-conscious consumers. You can enjoy all the rewards and benefits without worrying about an annual cost eating into your savings.

4. Issuer Reliability

Commerce Bank is a trusted financial institution known for its customer service and wide range of credit card offerings. Cardholders can manage their accounts online, ensuring ease and convenience.

Rate and Fee Information

Understanding the rates and fees associated with a credit card is essential to managing costs effectively. Here’s a detailed breakdown:

Purchase Intro APR

– 1.99% Introductory APR: This is applicable for the first six monthly billing cycles after account opening.

Purchase APR

– Variable Rate: After the introductory period, the APR ranges between 20.49% – 30.49%, depending on your creditworthiness.

Balance Transfer APR

– 1.99% Introductory APR: This rate is also applicable for balance transfers made within the first six monthly billing cycles.

APR for Cash Advances

– 30.49% Variable: This high rate applies to cash advances, making them an expensive option for accessing cash.

How to Avoid Paying Interest

– Grace Period: Your due date is at least 25 days after the close of each billing cycle. No interest will be charged on purchases if you pay your entire balance by the due date each month.
– Interest on Cash Advances and Balance Transfers: Interest starts accruing from the transaction date.

Fees

– Annual Fee: None
– 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: Up to $40 for late payments, with a penalty APR of up to 32.49%.

Conclusion

The Webster University Rewards Visa® from Commerce Bank is a versatile and rewarding card, particularly well-suited for individuals with good to excellent credit who spend significantly on streaming services, cable, and ridesharing. Its high cash back rates in these categories, coupled with a generous 2% cash back on gas and restaurants, make it a valuable tool for maximizing everyday spending.
The introductory APR offer provides an excellent opportunity for managing large purchases or existing credit card debt more affordably in the short term. However, the absence of a welcome bonus and the high ongoing APR rates are notable drawbacks. Additionally, the foreign transaction fee makes this card less appealing for frequent international travelers.
Overall, if your spending habits align with the card’s rewards structure and you can avoid carrying a balance beyond the introductory period, the Webster University Rewards Visa® from Commerce Bank can be a cost-effective and rewarding choice. Commerce Bank’s reliable customer service and easy online account management further enhance the card’s appeal.
By carefully considering your spending habits, financial goals, and the card’s features and fees, you can determine if this card is the right fit for your wallet.