If your business isn’t concerned about perks like sign-up bonuses and cash back rewards and needs a simple, basic credit card, the Commerce Bank Business Platinum Card may be right for you.
Who is the Commerce Bank Credit Card for?
Commerce Bank brands its Visa Business Platinum Card as an alternative to making purchases using petty cash and an alternative to reimbursing employees for business expenses purchased using their own funds.
This card is only available to businesses within Commerce Bank’s five-state retail lending area: Colorado, Illinois, Kansas, Missouri, and Oklahoma.
It offers individual credit lines for employees and has no annual fee, but it’s a bare-bones credit card.
It has no sign-up bonus and no rewards program, two features that can provide a small boost to your business.
If you’re looking for one of the best cash back business credit cards, this isn’t the card for you.
However, if you think you might carry a balance at some point, this card could be a good choice thanks to its below-average APR on purchases.
Our comprehensive credit card reviews make it easy to identify the best features for your small business needs.
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Commerce Bank Visa Business Platinum Credit Card Review of Benefits
Freedom to Add Employee Cards
With their consent, you can add employees to your business’s credit card account as authorized users.
Grant employees access to your company’s full credit line or give them individual credit limits.
Relatively Low APR Compared to Some Other Small Business Cards
While this card does not offer the introductory 0% APR that some competitors do, it does offer a low ongoing APR of just 10.90% variable based on the prime rate.
The average business credit card APR is a significantly higher 15.37%, according to Value Penguin.
Commerce Bank determines your APR monthly by adding 5.90% to the prime rate published in the Wall Street Journal, subject to a minimum of 5.00% (the actual prime rate as of March 2018 is 4.00%).
The card has no APR ceiling, but the prime rate is expected to increase slowly and gradually over the next couple of years as the Federal Reserve raises its target interest rate, so you shouldn’t see a major change, if any, in your APR.
Maintain this low rate by making your minimum monthly payment on time every month.
No Annual Fee
If you want the freedom to swipe a credit card, but you don’t want to pay for the privilege, this Commerce Bank credit card is for you.
Although you’ll still pay interest on any charges not paid in full at the end of the month, you won’t have an annual fee to worry about.
Generous Penalty APR
The Commerce Bank Visa Business Platinum Card has a penalty APR of 21.99% fixed and it doesn’t apply until you pay late for two consecutive billing cycles.
You become eligible for a reduced APR after you’ve been back on track with timely minimum monthly payments for five consecutive billing cyles.
Competing cards have penalty APRs around 30% and stricter requirements to return to a lower APR; some may apply the penalty APR indefinitely.
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Commerce Bank Visa Business Platinum Credit Card Review of Drawbacks
No Sign-Up Bonus with this Commerce Bank Credit Card
While many business credit cards have sign-up bonuses that rewards you with a few hundred dollars after spending a few thousand dollars in your first three months as a cardholder, the Commerce Bank Visa Business Platinum Card does not offer any sign-up bonus.
The card’s ongoing benefits, such as its low APR and no annual fee, may be of more financial benefit to your business in the long run.
Personal Liability
Unless your business is a not-for-profit, the business owner who applies for the card (also called the authorizing officer) is personally responsible for all balances owed on the account, including employee balances, jointly and severally with the company.
Your business must have annual revenue of $5 million or greater to be considered for company liability.
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No Ongoing Rewards
Many business credit cards offer ongoing rewards, such as 1% cash back on all purchases or even 5% back on purchases in certain categories.
The Commerce Bank Visa Business Platinum card does not offer a rewards program of any kind.
Commerce Bank Visa Business Platinum Credit Card Details
Annual fee: none
Minimum interest charge: $0.50.
Balance calculation: average daily balance method, including new purchases, cash advances, fees, and finance charges.
Grace period: no interest charge from the time of purchase until the due date, which will be at least 25 days after the billing cycle closes, if you don’t carry a balance.
*If you do carry a balance, interest accrues from the date of each purchase, balance transfer, or cash advance.
APR on purchases: 10.90% variable.
Penalty APR: 21.99% fixed.
Cash advance fee: 3.00% of the cash advance amount with a minimum of $15.
Cash advance APR: 19.90% variable
Late payment fee: $29.
Over-the-credit-limit fee: $29.
Typical credit access line: less than $25,000; to request a line of more than $25,000, your business must submit two years of audited financial statements and a signed corporate resolution.
If your business is granted a credit line greater than $50,000, you must pay your balance in full each billing period.
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