LAST UPDATED: September 13th, 2022
BBVA Compass is a international banking institution with over 688 branches throughout California, New Mexico, Florida, Alabama, Texas, Arizona, Colorado, and New Mexico. The company was founded in 1857 and offers its customers a wide variety of financial products and services. BBVA Compass offers a ClearPoints credit card with no annual fee and a flexible rewards program. Other credit card options are also available with their own distinct features and benefits.
- Flexible rewards program
- Additional benefits
- Financial education and resources
Flexible Rewards Program
The BBVA Compass ClearPoint credit card provides customers with one point for every dollar spent on qualified purchases. Account holders with multiple cards can combine points to access rewards faster and bonus reward points are available on first eligible purchases made by account holders. Rewards can be redeemed at anytime with merchants with the BBVA Wallet. Some cards work with the company's Build Your Own Rewards program where cardholders can double and triple point earnings in categories they spend the most amount of money in. However, points are only redeemable as account credits.
Depending on card selection, customers can enjoy a wide variety of other benefits as a cardholder. Additional features include a Warranty Manager service, purchase security, zero liability protection, and Visa Signature benefits. For frequent travelers, select credit cards feature 24/7 concierge service, Luxury Hotel Collection membership, VIP Entertainment program, travel and emergency assistance, and auto rental collision damage waiver. All available features and benefits for each credit card are fully disclosed on the corporate website.
Financial Education and Resources
BBVA Compass provides numerous articles on a wide range of financial topics for consumers. Cardholders also have access to calculators and other helpful resources to make better financial decisions. BBVA also offers specialty programs, lending options, insurance, investment, and personal banking solutions. Customers are also provided access to 24/7 online account management and bill pay services. Cardholders enrolled in personal banking services can view electronic credit card statements, transfer funds, and set up automatic recurring payments.
- High APR rates
- Additional fees
- Service limitations
High APR Rates
The financial service company offers a zero percent introductory APR rate for only six months, which is a much shorter period than many other similar competitors. After that, APR rates on purchases range from 9.74 to 23.74 percent. Those with excellent credit will be able to access a zero percent introductory APR rate for one year on balance transfers but everyone else is charged a 3.99 percent rate during that timeframe. Once the introductory period expires, the balance transfer APR rate ranges from 9.74 percent to 23.74 percent. Cash advance APRs range from 22.74 percent to 27.74 percent, which is a bit higher than charged by many other industry competitors.
BBVA Compass charges a three percent fee for each foreign transaction and up to $37 for each late payment and over-the-credit limit. Returned payments are assessed a $27 penalty fee. Transaction fees charged for balance transfers and cash advances are either $10 or four percent of the total amount. These transactions are higher than the three percent fee typically charged by most industry competitors. With the BBVA Compass Select credit card, the annual fee is waived for the first year but then the company charges a $125 annual fee thereafter. The Optimizer credit card also charges a $40 annual fee.
The zero percent introductory APR is only available to qualified cardholders for the first six months of opening an account. According to the terms and conditions listed on the website, cardholders who participate in the promotional APR offers from BBVA Compass may lose the grace period for new purchases. Balances must be paid in full each month to avoid any interest fees being charged. Special offers are also subject to credit approval and the zero liability coverage policy only applies to purchases made in the United States. Cardholders must reside in the locations where BBVA Compass has service branches in order to be accepted for credit card approval.
The Bottom Line
BBVA Compass is best suited for consumers with excellent credit. Card offerings feature a flexible rewards program along with additional features and benefits.The company also provides a variety of financial education resources on its website. With the Build Your Own Rewards program, cardholders are able to triple earned points in categories where they frequently spend the most money on a monthly basis. The company also provides numerous other financial services that may be of interest for cardholders.
The card is not a good fit for debt consolidation, balance transfers, and frequent travel purchases because of the additional fees the financial services company charges for these items. APR rates are also higher than the industry norm so individuals with less than perfect credit may want to consider an alternative option.
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