BBVA Compass ClearPoints Secured Card

BBVA Compass ClearPoints Secured Card: A Comprehensive Overview

The BBVA Compass ClearPoints Secured Card is an essential financial tool for individuals looking to build or rebuild their credit while enjoying the conveniences of a credit card. Issued by BBVA Compass, this secured credit card is designed particularly for those who may have had credit challenges in the past. Here, we provide a detailed breakdown of the cards features, benefits, and relevant information to help prospective cardholders make an informed decision.

1. Card Type

This card is classified as a secured credit card, which means that it requires a cash deposit that serves as your credit limit. This characteristic makes it an excellent option for individuals looking to improve their credit scores.

2. Annual Fee

The BBVA Compass ClearPoints Secured Card features a competitive annual fee of $0, making it an affordable option for users. This no-annual-fee structure provides accessibility without the burden of additional costs.

3. Rewards Program

The card’s rewards structure is straightforward, making it easy for cardholders to earn back while they spend. Users can earn 1.5% cashback on all qualifying purchases. For those looking for variety in their rewards, the ClearPoints Secured Card allows users to redeem their cashback for statement credits, account deposits, or even gift cards. This flexibility is a significant draw for potential cardholders.

4. Sign-Up Bonus

New cardholders can take advantage of an enticing sign-up bonus. Upon spending $500 within the first 90 days of account opening, users can earn a $50 statement credit. This offer provides an excellent incentive for new customers to start using their card for everyday purchases.

5. APR (Annual Percentage Rate)

The BBVA Compass ClearPoints Secured Card boasts a regular APR of 24.99%. However, there is an encouraging aspect for new users: an introductory 0% APR on purchases for the first 12 billing cycles. This feature allows users to manage their finances better during their initial experience with the card.

6. Foreign Transaction Fees

Travel enthusiasts will appreciate that this card does not charge any foreign transaction fees. This feature makes it an ideal companion for international travel, allowing users to spend abroad without incurring additional charges.

7. Balance Transfer Options

Unfortunately, the BBVA Compass ClearPoints Secured Card does not currently offer any special balance transfer options. Potential cardholders should consider this if they are looking for a card with effective balance transfer capabilities.

8. Additional Fees

Other important fees include a cash advance fee of either $10 or 3% of the amount of each transaction, whichever is greater. Late payments may incur a fee of up to $39, so timely payments are crucial for avoiding extra costs.

9. Card Benefits and Perks

This secured credit card provides several valuable benefits and perks. Notably, cardholders gain complimentary access to FICO® Score, allowing them to monitor their credit health. Furthermore, the no-annual-fee design enables cardholders to enjoy their benefits without the worry of upfront costs.

10. Customer Protections and Insurance

The ClearPoints Secured Card offers essential customer protections. These include zero fraud liability, ensuring cardholders are not held accountable for unauthorized transactions. Additional features comprise purchase protection against theft or damage within a specified period after purchase and rental car insurance that provides coverage while renting vehicles worldwide.

11. Eligibility and Credit Score Requirements

Eligibility for the BBVA Compass ClearPoints Secured Card is generally open to individuals with fair to good credit, typically within a range of 580 to 740. This makes the card accessible for those beginning their credit journey or looking to improve their existing score.

12. Introductory Offers

In addition to the introductory 0% APR on new purchases for 12 billing cycles, cardholders can also take advantage of potential ease in qualifying for the card, given its secured nature which is friendly to credit-challenged consumers.

13. Special Features or Unique Selling Points

One of the ClearPoints Secured Card’s most significant unique selling points is its ability to help users transition to unsecured credit cards over time. By responsibly managing the secured card, users can enhance their credit scores and eventually qualify for higher-tier, unsecured cards.

14. How to Apply

Interested individuals can easily apply for the BBVA Compass ClearPoints Secured Card ‘>Apply Here and embark on your journey toward greater financial stability.