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Verdict: Though it differs from most traditional consumer credit cards on the market, the Comerica Bank Visa Platinum Credit Card is a solid card to have in your wallet. It comes with no annual fee, reasonable purchase interest rates — if your credit is solid — and a limited time 0 percent interest rate on both purchases and balance transfers.
Overview: The market is filled with standard credit cards. The Comerica Visa Platinum Credit Card joins these cards. It doesn’t boast a cash-back, free-miles or rewards program. But if your credit score is good, you will qualify for a low purchase interest rate.
How This Card Works: You won’t be charged any interest on this card if you pay your balance in full every month. And you won’t be charged any fees if you pay your bills on time. By using this card judiciously, you can boost your credit rating. Get your score high enough, and you’ll be able to apply for credit cards that come with more perks, such as rewards or cash-back programs.
Travel and Shopping Benefits: As a traditional Visa card, the Comerica Bank Platinum credit card offers few perks. However, it does come with free car rental insurance, extended warranty protection — you can double the warranties on many of the products that you buy — and free travel assistance, which helps you replace lost tickets or obtain referrals to medical providers while you are traveling.
Fees: If your credit score is strong, you’ll qualify for a purchase interest rate of 9.99 percent. That’s far lower than the rates that come with most consumer credit cards. But if your credit score is weak, your purchase interest rate can rise to as high as 20.99 percent. There is no annual fee with this card, and over-the-limit, returned-payment and late-payment fees can all hit $35. Cash advances cost $10 or 4 percent of the advance amount, whichever is higher. The card comes with an interest rate of 0 percent for all purchases and balance transfers for the first six billing cycles after consumers open their accounts. After this period, the interest rates for both jump back to anywhere from 9.99 percent to 20.99 percent.
- No annual fee.
- Low purchase interest rate depending on credit.
- No penalty interest rate.
- Interest rate can hit 20.99 percent if your credit is bad.
No rewards programs.