Commerce Bank Business Platinum Credit Card

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Commerce Bank Business Platinum Credit CardThe Commerce Bank Business Platinum Credit Card is a low interest credit card designed for small businesses. This platinum credit card allows you to separate your personal expenses from those from your business, but perhaps not in the way that you think.

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Although this is a business credit card, your personal credit is going to be tied up in this credit card, if you don’t qualify for credit of over $25,000. If you have a Dun & Bradstreet of 80 or better, then you should consider a different credit card or ask for a card that does not require a guarantor.

Commerce Bank Business Platinum Credit Card Overview

You do not need to be an account holder at Commerce Bank in order to qualify for this credit card. You do have to provide your banking information, however, and it will be easier for the bank to verify if you are an account holder at Commerce Bank.

This card looks very good at first glance. It is a low interest credit card that allows you to have six or more credit cards for your employees in addition to the authorizing officer credit card.

The problem is, when you get cards for your employees, they too have to provide their social security numbers. Now this is in compliance with the U.S. Social Security Administration’s laws for determining identity, but Commerce Bank seems to use it for another purpose.

On the application for this card, each employee who receives a card agrees to be liable for the purchases that they make on their cards. This means if the business folds, your employee’s credit is tied up in the business cards.

Commerce Bank Business Platinum Credit Card Terms

The terms for this card include:

  • 10.9% variable APR
  • 19.90% variable APR for cash advances
  • 21.99% variable penalty APR
  • 3% or $15 cash advance fee, whichever is greater
  • No annual fee

Commerce Bank Business Platinum Credit Card Verdict

If you can get over $25,000 in credit, then this could potentially be a good card for your business. It has a lower interest rate, but a little high considering it isn’t a rewards credit card. What’s more, the terms claim that the APR is variable based on the prime rate, but their prime rate is based on a 5% minimum.

This is perfectly legal as credit card companies aren’t required to utilize the prime rate, it is just odd because the actual Prime Rate is 3.25%. You might want to compare this card with other options to see if you can do better.

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