BBVA Compass ClearPoints Credit Card review | finder.com

BBVA Compass ClearPoints Credit Card review – November 2018

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If you can take advantage of the card’s 3x- and 2x-point categories, you can earn significant rewards.

30-second take

  • Get this card if you can take advantage of accelerated points categories.
  • Pick something else if you want a strong signup bonus or don’t spend much in the card’s bonus categories.
  • Apply with a good to excellent credit score of 670 or higher.
Product NameBBVA Compass ClearPoints Credit Card
Annual Fee$0
APR (Annual Percentage Rate) for Purchases13.24% to 31.24% variable
Introductory Purchase APR0% for the first 13 months (then 13.24% to 31.24% variable)
Balance Transfer APR13.24% to 31.24% variable
Balance Transfer Fee$10 or 4% of the transaction, whichever is greater
Cash Advance Rate24.24% to 31.24% variable
Foreign Transaction Fee3% of the transaction value
Cash Advance Fee$10 or 4% of the cash advance amount, whichever is greater
Interest Free PeriodUp to 25 days
Late Payment FeeUp to $37
Returned Payment FeeUp to $20
Minimum Age18 years of age
Reward Value per Dollar1 points

The basics

The BBVA Compass ClearPoints Credit Card has no annual fee and offers a solid intro APR on purchases and balance transfers. Arguably its best perk is Build Your Own Rewards, which lets you choose categories in which to earn 3x and 2x points. The 3x-point boost is especially valuable if you spend a lot in travel, as no-annual-fee cards rarely offer rewards this strong.

The perks

  • Annual fee: $0.

    You can get the BBVA Compass ClearPoints Credit Card and start earning rewards without paying an initial fee, making it a good long-term card.

  • BBVA Compass Build Your Own Rewards.

    Earn accelerated rewards in the categories of your choice. Choose one category to earn 3x points in, and one category to earn 2x points in. You must select these categories each quarter, or you’ll earn 1x points on all purchases by default.

    This rewards structure could be fantastic if you spend a lot in a few select categories. Perhaps most notably, you can choose to earn 3x points in travel — an excellent rate for a no-annual-fee card.

    Earn 1x points on all other purchases.

  • No cap on how much you can earn.

    You’re free to rack up as many points as you’d like with this card.

Which categories can I choose from for 3x and 2x points?

Earn 3x points by choosing a category from three options:

  • Home improvement
  • Restaurants
  • Travel

Choose from among three categories to earn 2x points in:

  • Gas
  • Groceries
  • Utilities

You’ll also like …

  • Intro APR: 0% on purchases and balance transfers for the first 13 months your account is open.

    After that, your purchase and balance transfer APR reverts to 13.24% to 31.24% variable. Only balance transfers you make within the first 60 days of card membership qualify for the intro APR.

    This is a decent intro APR period, but you may be able to find a longer intro APR of up to 21 months.

  • Potentially low APR.

    Depending on your creditworthiness, you could qualify for a purchase and balance transfer APR that’s as low as 13.24% variable. That’s a good rate, considering the average credit card APR is around 16%.

How much can I earn with the BBVA Compass ClearPoints Credit Card?

Each quarter, you select your 3x- and 2x-point categories to get the most value out of your BBVA Compass ClearPoints Credit Card.

Here’s an example of the rewards you might earn:

Category Travel Groceries All other purchases
Point multiple 3x 2x 1x
Annual spending $4,000 $4,000 $8,000
Points earned 12,000 8,000 8,000

Here, you’d earn 28,000 points, which you can redeem for $280 in account credit. That could be a great haul, especially considering there’s no annual fee for the card.

What to watch out for

  • Potentially high APR.

    The APR range for purchases and balance transfers tops out at 31.24% variable. This is a high rate — even higher than what most providers charge as a penalty rate.

  • Poor rewards if you don’t select bonus categories.

    You must select your 3x- and 2x-point categories each quarter. If you don’t, you’ll earn a weak 1x points on all purchases.

  • Available in select states.

    To be eligible for this card, you must live in Alabama, Arizona, California, Colorado, Florida, New Mexico or Texas.

Consider other cards if …

Compare Bank of America® Travel Rewards credit card vs. Barclaycard Arrival® Plus World Elite Mastercard®

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10,000 bonus miles after spending $500 in purchases on your new Card in your first 3 months.
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BBVA Compass Select℠ Credit Card

What should I know before I apply?

Apply for the BBVA Compass ClearPoints Credit Card if you’re at least 18 years old and live in Alabama, Arizona, California, Colorado, Florida, New Mexico or Texas.

Required information

To apply for the card, you must request a call from BBVA Compass, which will require:

  • Personal details like your address and contact information.
  • Financial details like your annual income and employment information.
  • Your Social Security number and mother’s maiden name.

What credit score do I need?

You’ll better positioned for approval with a good to excellent credit score of 670 to 850. For the strongest APR and highest credit limit, you’ll need a score that’s on the upper end of the range.

What do customers say about the BBVA Compass ClearPoints Credit Card?

You won’t find much online about the card itself. But BBVA Compass earns a B- from the Better Business Bureau, with four complaints it’s yet to respond to. It’s not accredited with the BBB. And as of this writing, there are almost 600 customer complaints on its profile. The bank has answered many of them, but the BBB reports many of them as unresolved.

Some customers report unsatisfactory customer service, a sluggish website and long wait tines for customer support.

How to apply for the BBVA Compass ClearPoints Credit Card

  1. Go to the BBVA Compass website.
  2. Click Request a call back, and confirm that you live in an eligible state. Then enter your name, contact details and address and click Submit.
  3. Wait for a BBVA Compass representative to call you back. In the meantime, prepare the information you’ll need for your application.

usccf-bbva-compass-clearpoints-form

How long will it take to get my BBVA Compass ClearPoints Credit Card?

If the BBVA Compass representative allows you to apply over the phone, you could receive an immediate decision. If your application needs further review, you may need to wait a few business days to hear back. In some cases, it may be a few weeks before you receive a decision.

If you’re approved, you should receive your card by mail within 10 business days.

I got the card. Now what?

  • Make payments online. Sign up for an online account to monitor your spending, pay your bills and sign up for autopay.
  • Choose your bonus-reward categories.Each quarter, select your 3x- and 2x-point categories. If you don’t, you’ll earn only 1x points on all purchases.
  • Avoid interest. At the close of each billing cycle, you’ll have a grace period of 25 days to pay off your purchases. If you do, you won’t pay interest on them.
  • Avoid fees. You’ll pay fees for foreign transactions, cash advances and balance transfers. Each late payment comes with a fee of up to $37. Each returned payment comes with a fee of up to $20.
  • Contact customer service. If you have questions, call the number on the back of your card. Or send a message through your online account.

How do I redeem rewards from the BBVA Compass ClearPoints Credit Card?

Redeem your points through the BBVA Compass Points Rewards website or through your online banking account for statement credit.

Bottom line

If you spend a lot in the card’s 3x- or 2x-point categories, the BBVA Compass ClearPoints Credit Card could be a powerful rewards card, especially with no cap on rewards.

Otherwise, look for a flat-rate cashback card to find a better fit with your spending habits and lifestyle.

Frequently asked questions

Images: BBVA Compass

Kevin Joey Chen

Kevin Chen is a world-travelin', copy-writin', Game of Thrones-watchin' credit cards writer for finder.com. When he's not crunching the numbers on bonus points and comparing APRs, you can find him flying around the world in search of the perfect beer.

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