Build or re-establish your credit with this no-frills secured credit card.
- Get this card if… you don’t have a credit history or have poor creditworthiness.
- Pick something else if…you need a secured card with no annual fees.
- Poor to fair credit score of 300 to 679 recommended.
It’s hard to rebuild your credit when you can’t get approved for a traditional credit card. The Optimizer card from BBVA Compass is a helpful no-frills secured card with a $40 annual fee that gives those with a poor credit history the ability to build or re-establish their credit.
To be eligible for this card, you’ll need to open and keep at least $500 in a BBVA Compass interest-bearing savings account. Which means that your deposit will earn interest — a perk among secured cards. Another caveat: You can only apply for this card at a BBVA Compass branch or by phone.
If you’re looking to open a secured card with a lower deposit or one that offers rewards, you have alternatives: The Harley-Davidson Visa Secured Credit Card comes with a specialty rewards program, while you can apply for the Secured Mastercard from Capital One with a minimum deposit of $49, $99 or $200, depending on your credit score.
The Nuts and Bolts
|Product name||Optimizer Credit Card|
|Issuing bank||BBVA Compass|
|Recommended credit score range||300–679 (poor to fair)|
|Intro purchase APR||N/A|
|Intro balance transfer APR||N/A|
|Balance transfer fee||$10 or 4% of the transaction, whichever is greater|
|Foreign transaction fee||3% of the transaction in US dollars|
|Cash advance rate||26.24%|
|Cash advance fee||$10 or 4% of the transaction, whichever is greater|
|Late payment fee||Up to $37|
|Returned payment fee||Up to $27|
|Maximum credit limit||None|
- Build or repair your credit. Your responsible spending is reported to the three major credit bureaus, which gives you an easy means to build or re-establish your credit over time with responsible spending and on-time payments.
- Increase your credit limit. Add funds to your savings account at any time to increase your card’s credit limit.
- Earn interest on your deposit. The money you deposit in your savings account for this card earns interest.
You’ll also like …
- Convenient online banking. An online banking system helps you keep track of spending and easily make payments.
- Multiple payment methods. Pay your card’s statement at a BBVA Compass branch, by mail, online or through autopay.
- Accepted globally. Use this card at more than 28 million locations worldwide.
- Enhanced safety and security. This chip-enabled card comes with Visa’s zero-liability policy that protects you from unauthorized charges.
How to make this card worth it
This card doesn’t offer cash back or rewards to make up for its annual fee. But that’s not why you’d choose this secured credit card. Its strength lies in steady reporting of your responsible spending to the main three credit bureaus so that you can build or re-establish your credit.
What to watch out for
- $40 annual fee. The fee is worth paying only if you want to build or rebuild your credit and use the card responsibly.
- Potential penalties. You’ll pay up to $37 for late payments and up $27 for returned payments.
- Foreign transaction fees. When you use the card outside of the US, you’ll pay 3% in transaction fees.
- Cash advance APR. The cash advance APR is on the higher side at 26.24%, and cash advances attract interest from the day of your transaction.
Consider other cards if …
- You don’t want to pay an annual fee. With our help, you can easily find other secured credit cards with no annual fees.
- You want to earn rewards or cash back. The Navy Federal Credit Union nRewards Secured Card and the Harley-Davidson Visa Secured Credit Card come with specific rewards, while the SunTrust Secured Credit Card offers cash back.
- You want a card with a lower deposit. If the $500 minimum deposit amount is too high, check out other secured cards with lower deposit requirements.
What to know before you apply
Apply for the Optimizer card from BBVA Compass if you’re:
- At least 18 years old.
- A US citizen or permanent resident.
You’ll need to open a collateral savings account with BBVA Compass and deposit a minimum of $500. You can add more funds into the savings account at anytime.
Always consider your options and your financial situation before you apply for a credit card.
Information you’ll need
BBVA Compass will require basic information that includes your:
- Full name, personal contact information and Social Security number.
- Housing status and monthly rent or mortgage payment.
- Employment status and gross annual income from all sources.
How to apply for the card
1. Apply for the Optimizer Credit Card by visiting any BBVA Compass branch or by calling 1-800-COMPASS.
2. To find your closest branch, use the bank’s branch and ATM locator.
How likely is approval?
The chances of your application’s approval increase if you have a credit score of 300 or higher.
How long will it take to be approved?
You’ll learn your application’s status within a couple of weeks after applying, although you could hear back sooner.
I got the card. Now what?
- Manage your account online. BBVA’s online banking platform gives you an easy way to monitor your account and make payments.
- Avoid unnecessary interest. You have least 25 days after each billing cycle to avoid interest on your new purchases. Bear in mind that cash advances begin accruing interest immediately.
- Customer service. For support, call 1-800-239-5175 or send a secure message through your online account.
The no-frills Optimizer card from BBVA Compass is for those looking to build or re-establish their credit with responsible spending. If you can afford the $500 security deposit, it’s worth considering.