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    ReadyLine of Credit FAQs

    The ReadyLine of Credit is an open-end line of credit. You can take cash advances in any amount up to your available credit limit. You can also re-borrow, up to your available credit limit, as payments are made. The size of each cash advance determines the manner in which it is repaid. Cash advances of $2,000 or greater are repaid in monthly installment payments over a period of 48 months (available on approved lines of $2,000 or more). Cash advances of less than $2,000 are part of a revolving balance with a monthly minimum payment, similar to a credit card.
    Payments are automatically applied in the following order: 
    1. Interest and principal due on each monthly installment payment,
    2. Interest and fees due on the revolving balance portion of your account,
    3. Remaining portion of the revolving balance,
    4. Then to the installment principal balance
    See example of a statement.
     
    The payment due date is automatically assigned at account opening. The due date will appear on your first statement. After you have made your first payment, you can call us at 1-877-476-5762 and request a change in your payment due date.
    Come by your nearest branch, call 1-800-641-2265 or apply online at commercebank.com.
    Your APR is based on your creditworthiness when you open your account and will be provided to you upon approval. The APR is variable.
    No. Installment payments on each cash advance of $2,000 or greater are automatically set up for 48 months.
    No. Because of the manner in which payments are applied, any revolving balance and related fees must be completely paid before you can make an additional payment on the installment portion of your account.

    You can pay off the entire balance early without any penalty.
     
    The installment payment remains the same for the first 47 months. Your final payment may vary and will be for all outstanding principal and all accrued interest not yet paid.
    Yes. If approved, you will receive an account opening packet in the mail within approximately 7-10 business days with disclosures, account agreement, and your convenience checks.

    If declined, you will receive a letter in the mail within approximately 5 business days.
     

    You can access your Line of Credit the same day, by coming into a Commerce branch;

    -OR-

    Wait until you receive your account opening packet with your convenience checks, typically 7 to 10 business days from the date your ReadyLine is approved;

    -OR-

    Transfer funds via Online Banking beginning 11 business days from the date your ReadyLine of Credit is approved.

     

     

    Unfortunately, we cannot increase your credit limit at that time. However, you can apply at any time for an additional ReadyLine of Credit.

    Total combined maximum credit limit allowed per customer is $17,000.

     
    Yes. As you make payments on your account, the amount available on your credit line increases and will be available for use, up to your credit limit.
    Each cash advance of $2,000 or greater has equal monthly payments of principal and interest calculated over 48 months. Each cash advance of less than $2,000 will be part of a revolving balance with a monthly minimum payment, similar to a credit card. Estimate Your Payment.
    Yes. You can maintain a ReadyLine of Credit with a zero balance until you have a need to borrow.

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