The BBVA Compass American Express card offers points which basically amount to cash back. However, there’s always been a small rounding issue people have noticed where if you would redeem 9,576 points they’d issue a $95 credit, rounding down the pennies.
They finally caught onto the issue and are sending out reimbursement checks to all those affected. Some users got as little as $.01, others got a few dollars. I haven’t gotten my check yet, it’s probably be in the $1-$2 range, not sure I’ll even bother cashing it.
No big bucks here, but it was an annoying little issue a lot of people picked up on, and I find it amusing to see the bank realize and issue checks. Presumably that means it’s fixed for the future (maybe it’s already been fixed since the big changes that happened to the card?).
Here’s the letter:
During a recent review of BBVA Compass’ Customer Loyalty programs, your BBVA Compass American Express card ending in #### was identified as not receiving the correct Redemption Credit amount.
We will be applying an account credit in the amount of $x.xx to your BBVA Compass American Express card account. This amount represent the fractional dollar amount* owed to you in connection with your redemption attempts on one or more occasions. The credit description “Redemption Credit Adj” will appear on your statement and Online Banking account detail.
*For example, if you redeemed 12,345 points, the credit should have been $123.45, but we only posted $123, dropping the $0.45.
I got a check for $0.95 on my closed account.
I wonder if the total cost of mailings is more or less than the total reimbursements. Mine was $0.77. Either way I hope it hurts. BBVA was such a pain to deal with during the NBA 5x promos, not to mention the difficulty chasing their checking account bonus.
Classic BBVA! Bravo.
haha chuck, you have to cash your check. It’s the principal involved! You can endorse it to me and i’ll gladly take it 🙂 jk.
thx for the post!
Well shit, I was wondering why BBVA sent me a letter after closing the card over a year ago
Now I can be excited for when I get home and get my $0.25 check
Got .04. 4 cents is still money.
funny thing is BBVA and banks do this all the time, but BBVA is one of the worst at rounding down and keeping fractions of pennies for interest. reason this rounding error happened is because their stupid IT is structured to round down for fractions on everything. but cashback rewards were caught in their scheme. if they rounded down for whole pennies, it would be a class action lawsuit. but nobody says shit for sub-pennies. multiply that with millions of daily transactions and they are making a shitload money which is what the awesome OG movie “Office Space” was loosely based on, the penny shaving concept.
The U.S. Bank Altitude Reserve does this as well, they round down their points, even if it’s .5 or higher.
$2.78 for this high roller
I received a credit to my BBVA acct for $2.52. I am so relieved … now I can afford lunch 🙂