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Verdict: Though it doesn’t feature the most flexible of rewards programs — you’ll earn the same amount of points for every dollar you charge no matter what type of purchase you make — the BBVA Compass ClearPoints Credit Card is a solid entry in the rewards card field. That’s because if you have the right credit score, you’ll be rewarded with a low purchase interest rate. Be careful if your credit score is low, though; your purchase interest rate could soar higher than 23 percent.
Overview: This is a basic rewards card. You’ll earn points with every purchase that you charge. Once you earn enough points, you can then redeem them for a variety of rewards: a credit to your account, travel options, gift cards and merchandise.
How This Card Works: The BBVA Compass ClearPoints Credit Card comes with no annual fee, so it won’t cost you anything to hold onto this card. It also comes with an introductory interest rate offer of 0 percent on all balance transfers. After this introductory period ends, the remainder of your balance transfer debt will be assessed an interest rate that matches your purchase interest rate.
Travel and Shopping Benefits: The Compass ClearPoints credit card’s rewards program is simple to understand: You’ll earn one point for every dollar that you charge. However, the program is far from flexible. Unlike more advanced rewards cards, you won’t earn extra points for any purchases. If you own multiple BBVA Compass credit cards, though, you can combine the points you earn. This allows you to acquire larger rewards at a faster rate. This card also provides you with e-mail alerts for payment notices and balances, and comes with free identity theft protection. You can also monitor your account online at no additional charge.
Fees: If your credit score is high, you might qualify for a purchase interest rate as low as 9.24 percent. That’s the good news. But if your score is low? That’s the bad news; your interest rate can soar as high as 23.24 percent. Cash advances cost either $10 or 4 percent of the advance amount, whichever figure is higher. The card’s late-payment fee can run as high as $35, while the returned-payment checks in at $25.
- No annual fee.
- Introductory interest rate of 0 percent on balance transfers.
- Low purchase interest rate if your credit is strong.
- Easy to understand rewards program.
- Interest rate can rise past 23 percent if your credit score is weak.
- No opportunity to earn extra rewards points with any purchase.