Comerica Bank MasterCard Platinum Business Rewards Credit Card Review | CreditShout

Comerica Bank MasterCard Platinum Business Rewards Credit Card Review

By Dan Rafter / February 24, 2011

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Verdict: With no annual fee and a flexible rewards program, the Comerica Bank MasterCard Platinum Business Rewards credit card ranks as a solid business card for those consumers who don’t hesitate to use their plastic. Those consumers who charge a significant amount of purchases with their credit cards each month can quickly rack up rewards points with this card.

Overview: This card also includes extra features such as itemized spending reports and employee cards on which business owners can set individual spending limits. The card also provides financial protection against the misuse of terminated employees of up to $100,000 for business that have more than five cardholders and up to $25,000 for every cardholder for companies that have from two to four card members.

How This Card Works: With the Comerica Bank MasterCard Platinum Business Rewards card, business owners can earn a greater number of rewards depending on the purchases that they make. After they earn enough rewards, they can then redeem these points for everything from airfare to merchandise to gift cards. Or they can cash in their rewards points for cash.

Travel and Shopping Benefits: Cardholders will earn 1 percent cash-back bonuses on most purchases that they make. They will also earn double rewards points when they use their card to pay for restaurant meals, gasoline and telecom services. After cardholders make their first purchase with this card, they’ll receive 2,500 rewards points, which they can instantly redeem for $25 cash.

Fees: The card comes with a low purchase interest rate of 9.99 percent for those business owners with high credit scores. However, those with lower scores could be saddled with a purchase interest rate as high as 20.99 percent. The card’s penalty interest rate, for those cardholders who make a late payment or send in a payment that must be returned for insufficient funds, will be assessed a penalty interest rate of 28.99 percent. Cash advances cost either $10 or 4 percent of the advance amount, whichever is higher. Late-payment and over-the-limit fees can reach as high as $39, while the card’s returned-payment fee is $35. The card comes with introductory interest rate offers of 0 percent on both purchases and balance transfers for the first six months after cardholders open their accounts.

Pros:

  • No annual fee.
  • Flexible rewards program.
  • Can cash-in rewards points for cash, airfare or merchandise.

Cons:

  • Purchase interest rate can soar to 20.99 percent for cardholders with bad credit.
  • Penalty interest rate of 28.99 percent.
  • Late-payment and over-the-limit fees of $39 each.
The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are the author's alone. Additionally, the opinions of the commenters are not necessarily the opinions of this site

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