BBVA Compass BBVA Optimizer Credit Card: High annual fee, minimum deposit
Your security deposit will earn interest, but the card will cost you.
- Get this card if you want to earn interest on your security deposit.
- Pick something else if you don’t want to pay an annual fee or want to pay a lower minimum deposit.
- You’re welcome to apply if you’re rebuilding credit.
Purchase APR (variable)
Recommended credit score
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The BBVA Optimizer Credit Card is unique in that it pays interest on your security deposit. On the other hand, its annual fee is a big downside since you can find excellent secured cards without one. You’ll also need to deposit a minimum of $500, higher than many other providers require. This card is also only available in seven states, limiting overall availability.
How to apply for the BBVA Optimizer Credit Card
- Go to the BBVA Compass website.
- Prepare the necessary application information.
- Check that you live in an eligible state. Then click Find a location to look for a BBVA Compass branch or call 800-266-7277 to apply over the phone.
How long will it take to get my BBVA Optimizer Credit Card?
You may receive an immediate decision on your application. If BBVA Compass needs to review your application further, it may take a few business days or weeks to receive a decision.
If you’re approved, your card will probably arrive in the mail within seven to 10 days.
- Low purchase APR compared to the competition. It’s common to find a purchase APR around 25% variable for most secured cards. The BBVA Optimizer Credit Card comes with a purchase and balance transfer APR of 22.24% variable, which is around the average credit card APR. As you’re rebuilding credit, it’s a good idea to pay your balance in full each month. Doing so can help you avoid snowballing interest.
- Security deposit earns interest Unlike many secured cards, your security deposit will go into a BBVA Compass savings account and your funds will generate interest. While this is a nice bonus, don’t expect your deposit to grow substantially in the savings account.
What to watch out for
- Annual fee: $40. This is high for a secured card. You’ll find great secured cards that charge no annual fees.
- High minimum deposit. To open this card, you need to deposit at least $500 in a BBVA Compass Collateral Account. This is a high minimum deposit relative to other cards, as many other providers require a minimum deposit of just $200.
- High cash advance APR. Your cash advance APR will be 31.24% variable, which is significantly higher than your purchase and balance transfer APR. Consider avoiding cash advances entirely, as they will accrue interest immediately.
Compare similar secured cards
What should I know before I apply?
You must be at least 18 years old to apply for the BBVA Optimizer Credit Card. You must also be a resident of one of these states:
- New Mexico
BBVA Compass doesn’t accept online applications for this card. To apply, call a local BBVA Compass branch or 800-266-7277.
- Your name and contact information.
- Personal details like your Social Security number, date of birth and mother’s maiden name.
- Financial details like your annual income and employment information.
What credit score do I need?
This card is designed for consumers who are rebuilding credit. Those with fair credit of 580 or better have a better chance of approval. Though this provider does consider applicants with a lower score depending on your credit history and financial situation.
BBVA Optimizer Credit Card reviews and complaints
The Better Business Bureau has not accredited BBVA Compass and it gives the bank a B- rating. The bank has failed to respond to four complaints. As of this writing, BBVA Compass has nearly 600 customer complaints, most of which it has answered or resolved.
I got the card. Now what?
- Register an account online. Head over to the BBVA Compass website and register an online account. Use it to view your account balance and pay your bill. You can also enroll in autopay.
- Avoid interest. The BBVA Optimizer Credit Card has a lower purchase and balance transfer APR than many of its competitors. As you’re rebuilding credit, consider avoiding interest by paying your balance in full each month to help build healthy financial habits.
- Avoid fees. Cash advances, balance transfers and foreign transactions come with fees. If you pay late expect to pay up to $37 or $27 for returned payments.
- Contact customer service Call the number on the back of your card if you have any questions about your account. You can also call 800-239-5175 to reach BBVA Compass credit card customer service.
The BBVA Optimizer Credit Card could be attractive if you’re looking for a lower purchase and balance transfer APR than you’d find with other secured cards.
However, the card has a $40 annual fee and a high minimum deposit of $500. You’ll find other cards with much lower minimum deposits and no annual fee, which can make it easier to pay your balance in full each month. Before settling on the BBVA Optimizer Credit Card, compare the best secured cards without annual fees.
Frequently asked questions
Can I use this secured credit card everywhere?
You can use this card anywhere Visa is accepted. In that sense, it’s just like a normal credit card.
Why should I get a secured credit card?
If your credit score isn’t where you want it to be, it may be difficult to be approved for an unsecured credit card. Lenders see customers with low scores as riskier cardholders.
Because a secured card requires a security deposit, providers have more confidence they’ll be repaid if cardholders default on their debt. That’s why they’re willing to offer this card type to customers with average credit.
Images: BBVA Compass