Commerce Bank Eliminates All Fees with New Visa Credit Card
Commerce Bank has announced the launch of a new, no-fee Commerce Bank Visa credit card that it claims is the first in the nation to eliminate all membership and penalty fees typically charged on credit cards.
"Commerce Bank is passionate about freeing customers from paying unnecessary and ridiculous bank fees and penalties charged by other financial institutions," said Commerce Bank Founder and Chairman Vernon W. Hill."The new Commerce Visa card is the first credit card that will actually save customers money while earning them significant rewards points."
Commerce introduces the new Visa credit card at a time when most credit card companies and banks are charging more and higher fees than ever. According to industry resources, credit card companies charged an average of $32 in late fees and an average of $33.50 in over-limit fees during 2004. In addition, credit card customers paid $24 billion in penalty fees throughout 2004, up from $8.3 billion in 1995.The new Commerce Bank Visa credit card also enables customers to earn triple Visa Extras Rewards Points for every purchase made - three points for every dollar spent; most rewards programs typically award only one point for each dollar spent. Rewards points can be redeemed for a variety of gift certificates, products and services at leading retailers, restaurants, movie theaters, travel agencies and more.
Commerce Bank's no-fee Visa credit card will carry a low introductory annual percentage rate (APR) of 2.99% for six months. After the introductory period, customers will still receive a low everyday interest rate of Prime plus 3.99%.
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