Last updated on September 23rd, 2023
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Comerica Cash Rewards American Express® Card
Comerica Cash Rewards American Express® Card
- 13.99% to 22.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 13.99% to 22.99% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 23.99% variable based on the Prime Rate Cash Advance APR
- 0% for 6 months from account opening date Intro Purchase APR
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 3% cash back on the first $6,000 in eligible net purchases made each year at gas stations.
- 2% back on net purchases made at supermarkets and unlimited 1% back on all other purchases
- $25 cash back reward bonus after first purchase
- No annual fee
- Intro Purchase APR: 0% for 6 months from account opening date
- Regular Purchase APR: 13.99% to 22.99% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 6 months from account opening date
- Balance Transfer APR: 13.99% to 22.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 23.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 4% of the amount of each advance, whichever is greater
- Foreign Transaction Fee: 2% of the transaction in U.S. dollars; 3% of the transaction in foreign currency
- Late Payment Penalty Fee: Up to $39
- Return Payment Penalty Fee: Up to $35
Comerica Cash Rewards American Express® Card Review
The Comerica Cash Rewards American Express® Card provides the real value cardholders need to save on their weekly shopping.
Earn 3% Back on Gas Station Purchases
The Comerica Cash Rewards Card earns 3% back on the first $6,000 spent at gas stations every year. While 3% back on gas Is always great, the limit to the first $6,000 is something of a letdown.
The $6,000 cap on gas purchases means the card earns $180 in rewards in that 3% category each year. Fortunately, the $6,000 equates to around $115 per week, so that cap likely will be high enough that all but the true warriors of the road will eclipse the limits.
How does the 3% back with the Cash Rewards Card compare with other options? The current king of gas cards is the Ducks Unlimited Visa, which earns 5% cash back on all gas stations purchases, with no limits on how much a cardholder can earn. That card, however, only offers additional cash back in the sporting goods store category. While that may make sense for outdoorsmen or athletes, the other categories with the Comerica AMEX Card are superior for everyday use.
Earn 2% Back at Supermarkets and 1% Back on Everything Else
The Comerica Cash Rewards American Express® Card earns 2% cash back on supermarket and grocery store purchases, which is another nice feature. Comerica also doesn’t limit the amount of rewards a cardholder earns at grocery stores. This is a significant improvement over the $6,000 limit on gas purchases.
Unlimited 2% back on supermarket purchases allows the card to earn some serious rewards. Spending approximately $200 on groceries every week results in $208 in rewards per year – just from grocery rewards alone.
All other purchases with the Card earn 1% back, with no cap on the total number of rewards possible.
How to Redeem Cash Back Rewards
Rewards with Elan Rewards, the issuer of Comerica credit cards, 1% cash back is equal to 1X points. Points are the currency of the program, though cash back is the best redemption value. This is because the value of points here is one cent per point ($0.01/pt.).
Cash back award options include statement credits to the Comerica Cash rewards American Express® Card account, or direct deposits to any Comerica Bank checking, savings, or wealth management accounts.
The redemption options with Elan rewards are frustrating, to say the least. The program doesn’t offer the checks or deposits to external accounts, for example, limiting the rewards to Comerica Bank only. Other options provide the choice of a check, letting account holders use their rewards how they choose.
Bonus $25 Cash Back Rewards
New accounts receive a one-time $25 bonus after making their first purchase with the card. There are no limitations on the minimum amount necessary for that purchase, the reward could have a potential value of up to $24.99.
Unfortunately, the bonus won’t be applied to the account until the cardholder makes $1,000 in purchases in the first three months. This $1,000 spend requirement is hidden in the terms and conditions, which is annoying as it comes across as a misleading $25 bonus. Fortunately, the card offers enough everyday value that holders will likely easily pass the $1,000 threshold.
Enjoy an Interest-Free Intro Period Plus a Competitive APR After That
The normal APR with the Cash Rewards Card isn’t exceptional, but it is competitive with other comparable cash back cards on the market. Those with excellent credit can anticipate an APR of around 15%, which is ordinary for cash back cards nationwide.
Comerica enhances this uninspiring rate with 0% intro APR on both purchases and balance transfers. New accounts pay no interest for the first six months. Those six months interest-free likely won’t be enough to pay off existing balances, but for those with either a smaller balance, or planning a large purchase, the intro period should be long enough to reduce the financial pain significantly.
Should You Apply for the Comerica Cash Rewards American Express® Card?
The Comerica Cash Rewards American Express® Card offers solid value given that it lacks an annual fee. The 3% back the card earns is very impressive, as is the 2% back on supermarket purchases. While the $6,000 annual cap on gas rewards is frustrating, the reality is that most won’t suffer too severely due to this limit – and those who do still benefit from $180 cash back per year.
Overall, the Comerica Cash Rewards American Express® Card provides cardholders the rewards needed to make it a potent everyday tool. If you only want maximum savings at the pump the Ducks Unlimited Visa may offer more value.