BBVA Compass Rewards card review April 2021 | finder.com
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BBVA Rewards Card review

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A useful card for existing BBVA customers, but average for everyone else.

  • Get this card if you can qualify for card’s 2% rewards rate.
  • Pick something else if you want a larger signup bonus or tiered rewards.
  • Apply with a good to excellent credit score of 670 or higher.

$100

Welcome offer

Up to 2%

Cash back

$0

Annual fee

11.24% to 29.24%

Purchase APR (variable)

Details

Annual fee$0
Welcome Offer$100 account credit after spending $1,500 in the first 90 days
Rewards2% on all purchases with $1,000 monthly direct deposits to a BBVA Compass account (1.5% otherwise)
Purchase APR11.24% to 29.24% variable
Balance transfer APR0% intro for the first 13 months (then 11.24% to 29.24% variable)
Recommended minimum credit score670
IssuerVisa

Expert review

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Review by


Kevin Joey Chen is a credit cards, banking and investments writer whose work and analysis have appeared on CNN, U.S. News & World Report, Business.com, Lifehacker and CreditCards.com. He's passionate about helping you get your finances in order by expertly navigating cutting-edge financial tools — including credit cards, apps and budgeting software.

Expert review

The BBVA Rewards Card is BBVA’s unlimited cashback card. It offers a 1.5% rewards rate, which is standard among its closest competitors. However, if you have a BBVA consumer checking account, and make monthly automatic deposits of $1,000 or more, your rewards rate will jump to 2%. The card carries no annual fee and holds an APR of 11.24% to 29.24% variable.

This is a rather simple card and doesn’t come with much in the way of bells and whistles. The biggest draw is for BBVA banking customers: for every month you deposit $1,000 into your account, you’ll bump your cashback rate to 2% for the rest of the month. This puts the rate on par with a few other strong unlimited cashback cards on the market, like the Citi® Double Cash Card. It also comes with a balance transfer offer, which are slim pickings on the credit card market as of March 2021.

If you’re not a BBVA customer however, this card is rather average. What’s more, this card carries a potentially high APR at the top end, making it a poor choice if you need to carry a balance. For BBVA customers this is a good choice for simple cash back or balance transfers, but for everyone else there are better card choices available.

How do I apply for the BBVA Rewards Card?

Applying for the BBVA Rewards Card is fairly straightforward. If you apply over the phone, you may get an immediate decision, though BBVA Compass may need to review your application in more detail. If so, you may need to wait a few business days to a few weeks to hear back.

If you’re approved, it generally takes seven to 10 business days to receive your card and welcome materials in the mail.

  1. Visit the BBVA Compass site.
  2. Click Request a call back. The page will jump to a contact form. Enter your name, contact details and address. Then, click Submit.
  3. Within a few business days, a BBVA Compass representative will call you. Before they do, prepare the necessary application information.

The minimum age to apply for the BBVA Rewards Card is 18.

Required information

Submit your contact information on the BBVA Compass website. Soon, a bank representative will call you with application details. Have the following information prepared:

  • 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 have increased odds of approval if you apply with a 670 to 850 credit score — which is considered good to excellent.

The perks

  • Annual fee: None. If you’re approved for the BBVA Rewards Card, you can start using it and earning rewards without paying a fee.
  • Intro APR: 0% on balance transfers for 13 months following your account opening.
    After that, your balance transfer APR will be 11.24% to 29.24% variable. The intro APR applies only to transfers you make within the first 60 days. This is a decent intro APR period, but you’ll find cards that offer 0% intro APR on balance transfers for up to 15 months. Furthermore, you might wish the BBVA Rewards Card offered an intro APR on purchases.
  • Rewards: Up to 2% rewards on all purchases. Each month you make at least $1,000 in direct deposits into your BBVA Compass deposit account, you’ll earn 2% rewards on all purchases for the next month. Without a qualifying monthly direct deposit, you’ll earn 1.5% rewards on all purchases. Rewards are redeemed for account credit.
  • Mobile app. The BBVA Compass mobile app lets you block your card easily if you lose it. You can also receive transaction alerts whenever your card is used.
  • Potentially low APR. You may receive a normal APR on purchases and balance transfers as low as 11.24% variable. This is a below-average interest rate, which is around 16%.
  • Going green. All of BBVA’s credit cards will be made of eco-friendly material by the end of 2021. BBVA is also committing to other waste-free efforts, like paperless account management.

How much rewards can I earn with the BBVA Rewards Card?

You’ll get a lot more out of this card if you make direct deposits of at least $1,000 monthly into your BBVA Compass deposit account. Here are the rewards you might earn depending on your spending and rewards rate.

Yearly spendingRewards value, 2% rateRewards value, 1.5% rate
$5,000$100$75
$10,000$200$150
$15,000$300$225

How do I redeem rewards from the BBVA Rewards Card?

Redeem your points for account credit by visiting the BBVA Compass Points Rewards website or your Online Banking account. You can also redeem your points by calling 866-236-7960.

What to watch out for

  • High maximum APR. Your normal purchase and balance transfer APR could be as high as 29.24% variable. If you receive this extremely high APR, consider paying off your balance monthly to avoid accruing too much interest.
  • Must live in an eligible state to apply. To apply for this card, you must live in one of the following states:
    • Alabama
    • Arizona
    • California
    • Colorado
    • Florida
    • New Mexico
    • Texas

BBVA Select℠ Credit Card

BBVA Rewards Card reviews and complaints

BBVA Compass does not have accreditation with the Better Business Bureau (BBB). As of October 2020, The agency gives it a A-, in part because the bank has failed to respond to four complaints of its near 800 customer complaints. It has answered many of these — however, the BBB reports many of them have not yet been resolved.

According to some customers, BBVA has unresponsive customer service, long wait times to speak to representatives and an underperforming website.

Is the BBVA Rewards Card worth it?

If you’re a dedicated BBVA customer and you’re looking for a simple cash-back rewards card, then the BBVA Rewards Card could be worth a spot in your wallet. If you don’t bank with BBVA (and deposit at least $1,000 into your account each month) however, you’ll want to look at your other cashback card options.

I got the card. Now what?

  • Make payments online. On the BBVA Compass site, you can register for an online banking account. It’ll help you track your points and review your card balance. You can also set up automatic payments.
  • Avoid interest. After each billing cycle closes, you have a 25-day grace period to pay off your purchases. If you do, you won’t be charged interest.
  • Avoid fees. Foreign transactions, cash advances and balance transfers come with fees. For each returned payment, you’ll pay a fee of up to $20. For each late payment, you’ll pay a fee of up to $37.
  • Contact customer service. You’ll find the BBVA Compass customer service number on the back of your card. Alternatively, give a ring to 800-239-5175 or contact the bank by sending a message through its online Banking Account page.

Compare no-annual-fee cards

If the BBVA Rewards Card isn’t for you, there are plenty of other strong options to choose from. Use our table to compare no annual fee cards side-by-side.

Name Product Annual fee Balance transfer APR Purchase APR Filter values
Blue Cash Everyday® Card from American Express
$0
N/A
0% intro for the first 15 months (then 13.99% to 23.99% variable)
This everyday cashback card offers a higher than average welcome offer for no annual fee, letting you earn $200 after you spend $1,000 in the first 3 months. Terms apply, see rates & fees
Chase Freedom Unlimited®
$0
14.99% to 23.74% variable
0% intro for the first 15 months (then 14.99% to 23.74% variable)
This solid 1.5% cashback card gets even better with the addition of up to 5% back in categories like travel, drug stores and dining.
Citi® Diamond Preferred® Card
$0
0% intro for the first 18 months (then 14.74% to 24.74% variable)
0% intro for the first 18 months (then 14.74% to 24.74% variable)
An impressive 18 months intro APR on balance transfers and purchases, as well as no annual fee make this one of the top 0% APR cards available.
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Compare up to 4 providers

Bottom line

If you don’t qualify for the 2% rewards rate, the BBVA Rewards Card is similar to — or perhaps worse than — the best no-annual-fee options out there. If you have good to excellent credit you could qualify for a low APR.

Consider other no-annual-fee cards if you’re not sure the BBVA Rewards Card is right for you.

Frequently asked questions

Do normal balance transfers have grace periods?
No. When you make a balance transfer that doesn’t qualify for the intro APR, BBVA Compass will begin charging interest immediately.

Does this card have overlimit fees?
No.

Why doesn’t this card have an intro APR on purchases?
Providers offer intro APRs to attract customers. BBVA Compass may have decided it doesn’t need to offer an intro APR on purchases to bring in the business it wants.

The BBVA Rewards Card Card does have an intro APR on balance transfers. This is because the bank wants to entice users who are with other providers.

Images: BBVA Compass

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