Commerce Bank Secured Visa Credit Card
If you need to rebuild your credit or don't have enough credit history to qualify for a conventional credit card, a secured credit card may be a smart option.
Although the Commerce Bank Secured Visa doesn't have a rewards program, it does have a potentially high credit limit. And it reports your payment activity to the major credit bureaus, which can help you establish a solid credit history.
| Positive points | Negative points |
|---|---|
| Potentially high credit limit | No reward program |
| Reports for the three major credit agencies | Online applications not accepted |
A secured credit card like the Commerce Bank Secured Visa card can be a good way to boost your score. Although the card has an annual fee, it doesn't charge monthly maintenance fees like some other cards, so it's cheaper than some other options for people with bad credit.
Since the card issuer reports your payment activity to the major credit bureaus, using the card and making your payments on time can help improve your credit score. After raising your credit score, you may qualify for an unsecured card that does not require a security deposit.
| Benefits | |
|---|---|
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Pays interest
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Pays interest on your security deposit |
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Coverage
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Zero liability coverage |
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FICO
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Cardholders receive monthly access to their FICO credit score |
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Flag
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Visa |
High Potential Credit Limit
Like most other secured credit cards, the Commerce Bank Secured Visa requires you to make a security deposit. The minimum deposit is $400 and the maximum is $5,000. Click on the button below and apply for your card.
Reports to all three major credit bureaus
Commerce Bank reports your payment activity to Equifax, Experian and TransUnion. If you make all your payments on time, this will gradually improve your credit. After a period of time, you may qualify for an unsecured credit card. Many credit cards report to the major credit bureaus, but not all do.
You pay interest on your security deposit
The security deposit you make with the Commerce Bank Secured Visa is refundable and will earn interest, so you can consider it a savings account rather than the bank simply holding your funds as collateral. When you close your account, you will receive your security deposit back, plus interest. Click the button below and apply for your card.
