BBVA Compass
Is This Your Business?Author: Kaitlyn Short
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.
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The Good
- 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.Additional Benefits
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.The Bad
- 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.Additional Fees
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.Service Limitations
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
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John Wardlow Sugar Land, TX
I received a pre-qualified invitation in the mail. I'd planned to toss it out originally, because it gave no fixed interest rate, only a range of 12.25 - 30%! With a very good but not yet excellent credit rating, I didn't want to ding my score with a hard credit pull for a card with an APR too high to use. Fortunately, I rethought it and gave it a try, getting an approval at the 12.24% level and a limit of $6,000. Not bad! This is now my lowest rate card and will be getting the most use because of it. It also came with a 12 month no interest/fee transfer option and a $100 cash back offer after $1500 in charges over the next three months. Even better
7 years ago
Review Source
Shelton Germaine Rogers, AR
Maybe the worst cc company I have ever seen. I signed up based on a new offer. When it came time to give the reward, they only provided 1/2 of the reward. I had to call and fight with them to get this fixed.
Fast-forward nearly a year, and I happened to sigh into my account. There was all kind of charges, not only charges but obvious fraud from other states and countries. I promptly called in and reported the fraud. I was advised that their offices was closed and there was nothing that could be done for 3 days... really?!?!
It took about 4 calls but I finally got all the charges taken off and promptly closed this account. I have about 6 or so cards and I have never had this type of problem with those.
2 years ago
Markinen Washington, NC
This credit card company is worthless........randomly puts blocks on your card when you try make significant purchases........can't add external acct without a cell phone. A total P.O.S.C.C . Lost money on account of these people.
5 years ago
