Commerce Bank Secured VisaÂ® is not among our highest rated secure credit cards. You can check out our list of the best secured credit cards for what we think are better options.
Commerce Bank Secured Visa Full Review
High potential credit limit
Reports to the three major credit bureaus
Pay interest on your security deposit
No rewards program
Potentially expensive fees
High minimum security deposit
Online applications not accepted
- High Potential Credit Limit: Like most other secured credit cards, Commerce Bank Secured Visa requires you to deposit a security deposit. The minimum deposit is $ 400 and the maximum is $ 5,000. This maximum is much higher than that offered by many other secured credit cards, giving you more purchasing power and flexibility.
- Reports to the three major credit bureaus: Commerce Bank reports your payment activity to Equifax, Experian, and TransUnion. If you make all of your payments on time, it will gradually improve your credit. After a while, you should be able to qualify for an unsecured credit card. Many credit cards are covered by major credit bureaus, but not all. If you are focusing on improving your credit, it is a good idea to check if the card issuer is reporting payment activity and to which offices before making a request.
- Pay interest on your security deposit: The security deposit you make with Commerce Bank Secured Visa is refundable and will earn interest, so you can think of it as a savings account rather than the bank just holding your funds as collateral. When you close your account, you will get your security deposit back, plus interest.
- No rewards program: Unfortunately, Commerce Bank Secured Visa does not have a rewards program, so you will not earn cash back, points, or miles for your purchases. Since there are secured credit cards in the market that offer rewards, this is a significant downside. If you want to earn rewards on your routine transactions, consider the Discover it Secured card instead. You’ll earn 2% cash back at gas stations and restaurants up to $ 1,000 in spend each quarter, and unlimited 1% cash back on all other purchases. Plus, new cardholders qualify for the Discover Cash Back game. At the end of the first year, Discover will match any Cash Back Rewards you’ve earned. For example, if you won $ 200 in rewards, Discover will match it, giving you $ 400 in cash back.
- Potentially costly fees: Before applying for the Commerce Bank secure visa, make sure you know the different fees you may incur. This card charges the following fees:
- Annual subscription : $ 49
- Foreign transaction fees: 1% of every transaction made in US dollars, 2% of every transaction made in other currencies
- Late payment fees: $ 5 if your minimum payment due is $ 25 or less, $ 15 if more than $ 25
- Return payment costs: 25 $
For a cheaper option, Capital One’s Secured Mastercard can be a good alternative. It has no annual fees or overseas transaction fees, and you can get access to a higher credit limit after you make your first six monthly payments on time. The card also offers ATM location services and the Capital One Eno virtual assistant.
- High minimum security deposit: Commerce Bank Secured Visa’s minimum security deposit is $ 400, which is relatively high. Many other secure cards have lower minimums, making them easier to open when money is tight. For example, OpenSky Secured Visa has a minimum security deposit of $ 200. The OpenSky Secured Visa also does not require a credit check, so you can qualify for the card regardless of your credit history.
- Online applications not accepted: With most credit cards, you can submit an application online and receive a decision immediately. However, this is not possible with Commerce Bank Secured Visa. To apply for the card, you must visit a Commerce Bank branch in person. Commerce Bank only serves non-commercial banking customers in Colorado, Illinois, Kansas, Missouri, and Oklahoma. If you want a more widely available card, consider the BankAmericard Secured card. It has no annual fee and requires a minimum refundable security deposit of $ 300. And you can apply for it online.
If your credit score is between “bad” and “fair,” you may have trouble qualifying for an unsecured credit card. According to Equifax, that would mean a score between 280 and 659.
A secure credit card like the Commerce Bank Secure Visa card can be a good way to boost your score. While the card has an annual fee, it doesn’t charge a monthly maintenance fee like some other cards do, so it’s cheaper than some other options for people with bad credit.
Since the card issuer reports your payment activity to major credit bureaus, using the card and making your payments on time can help improve your credit score. After improving your credit score, you may be eligible for an unsecured card that does not require a security deposit.
The Visa Secured Commerce Bank card has some basic advantages, including:
- Zero liability coverage
- Credit reports to the three major credit bureaus
Commerce Bank is not ranked in JD Power’s 2020 U.S. Credit Card Satisfaction Survey.
Cardholders receive monthly access to their FICO credit score, so they can track their progress. Customer support is available 24/7. You can call 800-645-2103 for assistance with your account.
Visa Commerce Bank Secured has a few standard security features, including zero liability coverage for unauthorized activity.
Fees to watch out for
This card charges an annual fee of $ 49, while some competing cards do not have an annual fee. It also charges foreign transaction fees, which you can avoid with other cards. It may not matter, of course, unless you expect to travel outside of the United States.
If you are looking for a secure credit card to replenish your credit, the Commerce Bank Secured Visa is an easy option. It has a high credit limit if you’re willing to put down a large security deposit, but it doesn’t offer any rewards and charges a relatively expensive fee. There are other secure cards, such as the Discover it Secured card, which are cheaper to use and offer more rewards and other benefits.