Perhaps the biggest advantage of credit cards are the rewards, but do the ones from Comerica actually deliver?
I’ve never been a customer of Comerica bank myself but I do know quite a bit about them – they were founded in the area I grew up, Detroit (though their headquarters have sinced moved to Dallas). Anyway, being that I’m always on the lookout of great credit card deals, I decided to review what Comerica offered…
There are actually 3 different Comerica Bank credit cards for consumers. Below is what they were offering at the time of writing:
Comerica Visa Signature Card
Signup offer: 0% for 6 months on balance transfers and purchases. A $25 account bonus.
Rewards: This Comerica credit card pays 1% cash back – or – the cash back can be converted into gift cards, merchandise, and travel at a 1:1 value according to the CSR when I called to ask.
Well, the CSR did seem helpful and knowledgeable so that’s a plus, but as far as the rewards go, I don’t see one good reason to fill out an application. The 1% cash back is low and the signup offer is definitely nothing exciting. Why get this Comerica card when there are 5% cash back credit cards on the market.
Comerica Visa Platinum Card
Signup Offer: There’s no cash/points bonus but there is 0% for 12 months on balance transfers and purchases.
Rewards: When I click on the “Learn More” tab for this credit card, it takes me to a page that talks about it offering the “simplicity of a traditional card” and makes no mention of a rewards program. Maybe there is a rewards program and they just forgot to mention it? At least I hope that’s the case, because giving no rewards makes no sense.
This Comerica credit card is not any better!
Comerica College Rewards Visa
Signup Offer: Receive 1,000 bonus points with signup. Based on what the customer service rep told me about the value of points, that only equals a $10 value.
Rewards: This is basically your typical run-of-the-mill 1% rebate card, because the rep said that the redemption value is 1 cent per point (i.e. $25 gift card costs 2,500 points). Aside from gift cards, there are also options for merchandise, travel, cash, etc.
Under product features the bullet point says “Excellent rewards” but I think that’s a bit of an exaggeration, don’t you? However it does appear to be a decent option for college students because rewards really shouldn’t be the focus anyway. That being said, there are other credit cards for college students that give up to 5%.
If you have decent credit, you can do a heck of a lot better than the Comerica credit card rewards which are currently being offered.
Although I respect Comerica Bank, I think their cards need a major re-vamp in order to compete in today’s world where many other issuers give much better rewards. To be honest, I am willing to bet the only way their CC division stays in business is because they peddle these to their banking customers (a captive audience, some of whom probably apply without doing research).
Updated for 2013