| Last updated on October 17th, 2023
Commerce Bank Secured Visa® Card
Commerce Bank Secured Visa® Card
Commerce Bank Secured Visa® Card
- 23.49% variable based on the Prime Rate Regular Purchase APR
- 23.49% variable based on the Prime Rate Balance Transfer APR
- 30.49% variable based on the Prime Rate Cash Advance APR
At a Glance
The Commerce Bank Secured Visa® Card is a basic secured credit card from Commerce Bank. The card helps holders improve their credit score with smart use and regular payments, hopefully leading to a future upgrade to an unsecured rewards credit card. Commerce Bank reports to the three major credit bureaus and offers complimentary access to the account holder’s FICO® score each month. The card requires a minimum deposit of $400 and features an annual fee of $49 and no hidden fees.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Help establish, strengthen or rebuild credit
- Enjoy regular access to your FICO score
- Worldwide acceptance
- Earn interst in your security deposit
- Regular Purchase APR: 23.49% variable based on the Prime Rate
- Balance Transfer APR: 23.49% variable based on the Prime Rate
- Cash Advance APR: 30.49% variable based on the Prime Rate
- Annual Fee: $49
- Foreign Transaction Fee: 1% of each transaction in U.S. dollars; 2% of each transaction made in currencies otherthan U.S. dollars
- Late Payment Penalty Fee: Up to $15
- Return Payment Penalty Fee: $25
- Minimum Deposit Required: $400
- You're looking to rebuild your credit
- You want monthly access to your FICO® score
- You want to earn interest on your security deposit
Commerce Bank Secured Visa® Card Review
The Commerce Bank Secured Visa® Card is a basic yet effective secured credit card from Commerce Bank. The card is designed for those with either a damaged credit score or no credit history to which to speak. Like other secured cards, the Commerce Secured Visa uses a security deposit as collateral for a line of credit. The amount deposited equals the line of credit available to the applicant, in this case, between $400 and $5,000.
Build Credit with Regular Payments and Responsible Use
Since the primary goal of the Commerce Bank Secured Visa® Card is to improve a credit score, the card offers complimentary access to the account holder’s FICO® credit score every month, allowing them to chart their progress, providing they stick to a sensible spending pattern and pay their entire balance in full each month.
Since Commerce Bank reports to all three of the major credit bureaus, being financially responsible with this card is a great way to boost a credit score and advance to an unsecured card in the future.
While having to deposit to secure a line of credit isn’t ideal, the Commerce Bank Secured Visa® takes some of the worries out of the process by letting account holders earn interest on their security while their account is open. This feature means that someone cannot only build credit but also put a little change in their pocket once they close their account.
Other Secured Cards to Consider
Not sure if the Commerce Bank Secured Visa is right for you? Here are a few more options to look at when thinking of applying for a secured credit card:
| First Progress Platinum Elite | OpenSky® Secured Visa® | Self Visa® | Merrick Secured Card | |
|---|---|---|---|---|
| Annual Fee | $29 | $35 | $25 | $36 |
| Min. Deposit | $200 | $300 | $100 | $200 |
| Network | Mastercard | Visa | Visa | Mastercard |
Related Article: What are the Easiest Credit Cards to Get with Bad Credit?
Visa Purchase and Travel Protections
As with other Commerce Bank Visa credit card products, the Commerce Bank Secured Visa® Card benefits from the global purchasing power of the Visa name, meaning cardholders can expect near-universal acceptance – no matter where their journeys take them. Holders are also protected by Visa’s zero liability coverage, as well as fraud and purchase protections.
Here’s a breakdown of all the Visa Platinum protections and benefits:
| Zero Fraud Liability | Cardholder Inquiry Services | Emergency Card Replacement |
| Roadside Dispatch and Auto Collision Damage Waiver | Lost/Stolen Card Reporting | ID Navigator from Norton |
Using the card abroad also benefits from a modest foreign transaction fee. The fee with the Commerce Secured Visa is 1% of each transaction in U.S. Dollars or 2% of each transaction made in currencies other than U.S. Dollars. It’s not a foreign transaction fee, but it is lower than the typical 3% found with other secured cards.
Commerce Bank Ratings
What’s it like to live with Commerce Bank as a credit card issuer and bank? Here is a selection of reviews for the Midwestern bank:
| BestCards | Better Business Bureau | TrustPilot |
|
4.5/5 |
1.5/5 |
3/5 |
Should You Apply for the Commerce Bank Secured Visa® Card?
The Commerce Bank Secured Visa® is a decent secured card, though it suffers from its $49 annual fee. While other secured cards out there don’t charge an annual fee – particularly the Discover It Secured Card – for customers who already bank with Commerce, this is a good card for getting back on your financial feet.
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