Bank of the West

Author: Kaitlyn Short

Bank of the West was founded in 1874 as the Farmers National Gold Bank and is currently a subsidiary of the European company BNP Paribas. Bank of the West offers an extensive array of financial products and services to customers in over 600 offices throughout 23 states. According to its corporate website, the company currently has more than $80.7 billion in assets. Bank of the West offers multiple MasterCard credit card choices for customers to choose from.

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The Good

• Multiple card choices
• Fraud safeguards
• Online banking and mobile pay

Multiple Card Choices

BBVA Compass offers four credit card options with different benefits and rates to choose from. The company's Secured MasterCard is for consumers that want to rebuild their credit. The Platinum MasterCard is designed for customers that want lower rates and the Platinum Rewards MasterCard offers point rewards. The credit cards also feature additional perks such as price protection, extended purchase warranties, car rental and travel insurance, and concierge service. The Cash Back MasterCard rewards customers who make frequent purchases on items such as gas, groceries, and dining. Cardholders are able to earn three percent cash back on eligible grocery, gas, and dining purchases and one percent cash back on everything else. The cash back and rewards cards offer unlimited earnings with no annual cap and no annual fee. Reward points will never expire for accounts that maintain good standing.

Fraud Safeguards

All cards feature zero liability protection that helps prevent and reduce damage from unauthorized activity. This protection includes all ATM machine transactions and purchases made via in-store or online. The cards also include chip security technology and identity theft resolution services.

Online Banking and Mobile Pay

The financial services company offers online and mobile banking services for customers to view statements and make payments. Customers can also track spending, transfer funds, and receive customized alerts by email or text. Cardholders with online accounts are able to set up automatic recurring payments for their credit card statements as well as receive and send money to anyone around the world directly from their mobile device. Cardholders are also able to contact customer service representatives 24/7 if they have any questions or need an issue resolved.

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The Bad

• High APR rates
• Additional fees
• Service limitations

High APR Rates

Bank of the West offers an introductory APR of 0 percent for the first 6 months. After that, APR rates range from 15.24 percent to 23.24 percent. The cash advance APR rate is a bit pricey at 25.24 and the company's 30.24 percent penalty APR rate is one of the highest in the industry. However, the penalty APR will only be applied if a payment is made more than 60 days past due, which is a longer grace period than typically offered from industry competitors. Once the penalty interest rate is applied, cardholders must make six consecutive minimum monthly payments to bring the account in good standing. Bank of the West also charges a minimum $1 interest fee on balances not paid in full each month.

Additional Fees

The Secured MasterCard has an annual fee of $25. For balance transfers, either a $5 fee or three percent of the total transaction amount will be charged, whichever is greater. For cash advances, the fees are a bit higher with either a $10 fee or four percent total transaction amount being charged depending on which is greater. There is a three percent fee for foreign transactions and a $35 charge for late or returned payments.

Service Limitations

According to the corporate website, cardholders pass credit approval and must place a deposit between $300-$12,000 into an interest-bearing savings account in order to obtain the Secured MasterCard. Cash back reward payouts are scheduled on a quarterly basis and cannot be redeemed at the customer's choosing. The company only operates in 23 states and consumers should check the corporate website for available branch locations before applying for any of the available products and services. Cardholders must go through Bank of the West to book travel arrangements with redeemable awards and will be assessed a $15 to $25 booking fee. Other reward restrictions may apply and customers should review all terms and conditions prior to making any significant purchases.

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The Bottom Line

Bank of the West offers various credit card options which are most suitable for consumers with excellent credit histories. Consumers can select an option for rebuilding credit, lowering interest rate, earning reward points, or receiving cash back on eligible purchases. These credit cards also feature EMV chip technology, zero liability protection, and identity theft resolution services. However, the financial services company's APR rates are higher than typically charged by many other industry competitors. Those who travel frequently or need to consolidate large amounts of debt may want to consider an alternative option that offers much lower rates. While the financial services company's available credit card offerings feature no cap on reward earnings, other restrictions may apply.