Tulsa Alumni Rewards Visa® Card
1.99% APR for the First 6 Months on Purchases and Balance Transfers
- Regular Purchase APR 16.74% to 26.74% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 16.74% to 26.74% variable based on creditworthiness and the Prime Rate
- Cash Advance APR 26.74% variable based on the Prime Rate
- Annual Fee None
- Credit Needed Excellent , Good
- Intro Purchase APR 1.99% for 6 months
- Processing Network Visa
- No annual fee
- 3% back on fast food, coffee shop, and rideshare purchases
- 2% back on gas and restaurants
- 1% back on all other purchases
- Rewards expire after 3 years
- Intro Purchase APR: 1.99% for 6 months
- Regular Purchase APR: 16.74% to 26.74% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 1.99% for 6 months
- Balance Transfer APR: 16.74% to 26.74% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 5% of the amount of each transfer, whichever is greater
- Cash Advance APR: 26.74% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each advance, whichever is greater
- Penalty APR: 28.74%
- Foreign Transaction Fee: 1% of each transaction in U.S. Dollars; 2% of each transaction made in currencies other than U.S. Dollars.
- Late Payment Penalty Fee: Up to $40
At a Glance
The Tulsa Alumni Rewards Visa® earns impressive rewards with every purchase – all for no annual fee. Cardholders enjoy % back on rideshares, plus coffee shop and fast food purchases, 2% back on gas and restaurants, and 1% back on every other purchase.
Ideal for Those Who:
- Are an alumnus of the University of Tulsa
- Want a card to use for everyday purchases
- Frequently use rideshare services like Uber or Lyft
- Don’t want to pay an annual fee
Tulsa Alumni Rewards Visa® Review
The Tulsa Alumni Rewards Visa® is a cash back rewards card that benefits from an introductory APR and no annual fee. The University of Tulsa may be small, but alumni can show their Golden Hurricane pride with big rewards on everyday purchases.
Earn 3% Back on Select Categories
The Tulsa Alumni Rewards Visa® earns 3% cash back on purchases made at coffee shops, fast food restaurants, and rideshare services like Lyft and Uber. Receiving 3% back on the sorts of things people enjoy on nights out, quick trips, or catching up with old roommates and friends is one of the strong points with co-branded Commerce Bank credit cards – and this card is no exception.
Get 2% Back on Dining and Gas
The Tulsa Alumni Rewards Visa® also benefits from 2% cash back on all other restaurant and gas station purchases. This 2% back rate is comparable to what comes from the Discover it chrome. That card, also featuring no annual fee, doesn’t come with any additional cash back categories, however. While there is some frustration that dining earns 2% while fast food earns 3% back, the fact that the card earns accelerated regards no matter where you eat is a great feature.
All other purchases with the card earn 1% cash back. There is no limit to the number of rewards a cardholder can earn. Rewards expire three years after they are first earned.
How to Redeem Rewards
Commerce Bank is like other rewards programs in that cash back is really points. What this means is that the 3% back on fast food is 3X points. Cash back is merely one option for redeeming points. Point redemptions start from as low as 2,500 points
Redeeming for cash back is one of the better award options, however. Cash back awards are redeemable at a one-cent-per-point-rate. This rate is far superior to other redemption options, including gift cards, travel, or merchandise. Cash back awards take the form of a statement credit to the Tulsa Alumni Rewards Visa® account.
Discounts on BP gas is another popular redemption method. Points are only valid at select BP locations. Rewards do not carry over after a redemption, with a maximum redemption of 20 gallons. This means to get the most value, you must get the full 20 gallons of fuel – otherwise, you lose the points required for redemption.
Introductory APR on Purchases and Balance Transfers
The Tulsa Alumni Rewards Visa® provides far more than solid rewards with all purchases. New accounts also enjoy 1.99% APR for the first six months on both balance transfers and purchases.
Once those two intro periods finish, cardholders can anticipate a competitive APR with similar rewards cards – but not exceptional. At the lower end of the APR scale, excellent credit scores can expect a rate of one percent higher than the national average. The same applies to those with credit scores in the mid-to-upper 600s, as the top-end of the APR can reach into the mid-20% range.
The combination of a low introductory APR followed by an average interest rate doesn’t make the card a can’t miss. Rather, it makes the Tulsa Alumni Rewards Visa® a respectable balance transfer option for those who have a small balance they want to pay off – or those considering a purchase they want to pay down over time.
Other Things to Consider
Like other commerce Bank college cards, the Tulsa Alumni Rewards Visa® features no annual fee and the usual Visa® protections and benefits. These include $100,000 in travel accident coverage, Zero Fraud Liability, and purchase protections.
The card also features a penalty APR of nearly 29%. Fortunately, Commerce Bank is generous with their payment terms. Cardholders have 60 days from the due date to make payments before they face the dreaded penalty APR.
The card also charges a foreign transaction fee of up to 2%, which may cause headaches for those who either plan to travel abroad or use their card for making purchases in foreign currencies.
Should You Apply for the Tulsa Alumni Rewards Visa®?
The Tulsa Alumni Rewards Visa® is an excellent option for Golden hurricane faithful who want to show their school pride with every purchase. And, since the card requires no annual fee, it is a versatile purchasing tool that fits perfectly into the wallet of all Tulsa alumni.
Receiving 3% back on coffee shops, fast food, and rideshare apps make the card a valuable addition to any night or catch-up session with an ex-roommate or college friend. And 2% back on gas and all other dining make the card a valuable tool every other day as well. Ultimately, the Tulsa Alumni Rewards Visa® serves a niche clientele very well.