The BBVA Compass ClearPoints card offers a lower minimum interest rate than most of its competitors and a long introductory period; however, its balance transfer fee is on the high side for a balance transfer card.
0% Introductory Period
13 months
Transfer Fee
$10 or 4% (whichever is higher)
Introductory Purchase APR
0% for 13 months
Regular APR
11.24-29.24% (variable)
Annual Fee
$0
BBVA Customer Service Ratings
Other Notable Features: Warranty manager, travel and emergency assistance, travel accident insurance, car rental insurance, $0 liability
For cardholders with excellent credit, the BBVA Compass ClearPoints card is more affordable than the average low interest rate card and offers a long introductory period on balance transfers and new purchases, though also a higher-than-average balance transfer fee.
Regular APR
11.24-29.24% (variable)
Introductory Purchase APR
0% for 13 months
Introductory Balance Transfer APR
0% for 13 months
BBVA Customer Service Ratings
Other Notable Features: Warranty manager, travel and emergency assistance, travel accident insurance, car rental insurance, $0 liability
Though it offers a merely average rewards program, the Compass ClearPoints card at least allows you to choose your bonus categories.
Rewards Rate
Sign-up Bonus
$100 account credit after spending $1,500 in the first 90 days after account opening
Annual Bonus
None
Annual Fee
$0
Average Yearly Rewards Value ($1,325 monthly spend)
$261
APR
11.24-29.24% (variable)
Rewards Redemption
Pros
Cons
BBVA Customer Service Ratings
Other Notable Features: Warranty manager, travel and emergency assistance, travel accident insurance, car rental insurance, $0 liability
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If your credit is excellent and you’re looking for a low rate rewards card with minimal penalties, the BBVA Compass ClearPoints card can be an ideal option. It offers a starting APR that’s well below the average low interest rate card and a fair rewards program that allows you to choose your own bonus categories. But despite the card’s seemingly generous balance transfer offer and low purchase APR, it charges an above-average balance transfer fee that makes it a poor choice for cardholders who want to consolidate balances.
Though the ClearPoints credit card comes with an average rewards program, it does give cardholders the opportunity to choose their own bonus categories from a list of very lucrative categories. You get three points per dollar on one category and two points per dollar on another. You can choose from categories like office supplies, restaurants, travel purchases, gas, and more. All other purchases, however, only net you a single point per dollar.
The card also offers flexibility in how you redeem your points. BBVA allows you to redeem your travel purchases for statement credits – which means you can search for travel deals on discount websites and use your points to cover those purchases. You can also use cash to pay for a portion of a travel reward in case you don’t have the required number of points.
However, there is a major drawback: Points expire after 36 months. Since points are rewarded at a low rate, this means that many cardholders will have a difficult time collecting enough points to redeem for a major reward before the points expire.
If you can qualify for the card’s lowest available interest rate, the BBVA ClearPoints card can be just what you need to manage modest amounts of debt. Interest rates start at just 11.24 percent, which is significantly lower than what most low interest rate cards charge. You may want to look elsewhere, though, if you don’t think you can qualify for the card’s lowest rate. The card’s maximum rate runs as high as 29.24 percent — close to the highest APRs we’ve seen recently on a credit card.
The BBVA Compass card includes a tempting 13-month 0-percent introductory offer for new purchases and balance transfers. While this is a lengthy introductory period, cardholders should do some careful math before springing for the offer, since the card also incurs a 4 percent balance transfer fee, or a minimum of $10, which is significantly more than the 3 percent fee that most balance transfer cards charge. If you plan to transfer up to $6,000 or more, transferring your balance onto the BBVA Compass ClearPoints card rather than a lower-fee card can cost you more than $60 in additional fees.
You’ll also want to watch out for additional fees buried in the card’s terms and conditions. The Compass ClearPoints card charges a 3 percent foreign transaction fee, which is typical for general-purpose credit cards, but higher than what many competitors charge. If you plan to use the card abroad, you can easily find a different card that either charges a much lower foreign transaction fee or doesn’t charge extra for foreign transactions at all. The card also charges a 4 percent cash-advance fee, a $27-37 late fee depending on your amount of late payments and a $20 returned-payment fee.
On the plus side, the BBVA Compass ClearPoints card doesn’t charge a penalty APR, making it a much safer card if you occasionally forget a payment. Many cards jack up interest rates to 29 percent if you fall behind on your bills, making it tough to control your debt.
The Compass ClearPoints card comes with a short list of additional perks, including an extended warranty service, an auto rental collision damage waiver and travel and emergency assistance.
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