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The Offer
- BBVA is offering a bonus of 30,000 points (worth $300) after $2,000 in spend within the first 90 days on the BBVA Select credit card
Card Details
- Annual fee of $125 is waived in the first year. It’s also possible to get the annual fee of $125 waived if you maintain Premier Personal Banking status (although this requires you to have deposits of $100,000+ with the bank).
- You’re able to choose one 3x category and two 2x categories
- Categories (according to this page, although there seems to be a lot of conflicting information on the BBVA Compass website):
- 3x: Business, Retail, Health Care, Entertainment
- 2x: Travel, Gas & Healthcare
- No foreign transaction fee
- Receive a bonus 1,000 points every month you spend $5,000 or more in qualifying purchases
- $100 statement credit when you spend $20,000 or more in qualifying purchases in a year
- Offer available until October 4th, 2019
- Available in Alabama, Florida, Texas, Arizona, Colorado, California, and New Mexico
Our Verdict
Card is a bit complicated, for most people it definitely won’t be worth keeping after the first year due to the $125 annual fee. This card be offset by the $100 statement credit bonus when you spend $20,000 or more and the 1,000 ($10) points every month you spend $5,000+. For most people it won’t be attractive to earn only 3x as there are other cards that earn at a high rate, for example:
- Best credit cards for restaurants
- Best credit cards for grocery stores
- Best hotel credit cards
- Best gas credit cards
That being said the $300 bonus is interesting. One nice thing about BBVA is that they always pull TransUnion, for most people this is the least pulled credit report so that’s a positive. I’ll add this to our list of the best credit card bonuses. Standard offer on this card is $200, so this is an extra $100.
Hat tip to reader gato
Anyone can tell me if points can be redeemed to cash or statement credit? If so, what’s the rate? Thanks.
They denied me..even when I applied in branch and the card services dont even have the reference number since I applied in branch. Pathetic.
Anyone know if “retail” includes Simon Mall?
San Francisco resident – no branches here, but they still require one to go in-branch to apply, according to CSR.
They have one in San Carlos if your willing to take Bart then CalTrain..
Applied in branch 9/20. TU pull (I’m in CA) 9/23. Approval email and banker call 9/26. They definitely move slow, but I got it 🙂
Applied over the phone, pulled TransUnion in CA.
Approved, but offer may be in branch only. Received old language on the approval.
I applied today in Texas in branch. A lengthy process ending up in a PAPER application that needs to be sent to corporate or somewhere.
In addition, the CSR mentioned that the card requires a minimum annual income of 100K.
Let’s see how this goes.
I keep you posted. In about seven to nine business days when the offer is basically over.
how their points can be redeemed? check, statement credit?
idk if everyone’s webpage is formatted the way I am seeing it, but at first I thought the terms were stating they would give you a $100 credit for *every* $20k you spent during a calendar year, which would effectively make it a 3.5% card in your chosen category. This was because it looks like they didn’t include a line break after the sentence:
“Earn a $100 Account Credit after making $20,000 in Qualifying Purchases with your credit card5”
and so I thought they were expanding on that when they wrote: “Each point is equivalent to an account credit of 1% of one dollar of each Qualifying Purchase (20,000 points = $200), and there is no limit to how many points you can earn.”
sounds like a BBVA Clear points Except with other bonuses
Receive a bonus 1,000 points every month you spend $5,000 or more in qualifying purchases
$100 statement credit when you spend $20,000 or more in qualifying purchases in a year
If you can hit the $10 ($120 a year) monthly bonus you should be able to hit the $100 bonus it’s net $95 after annual fee?
It’s net $95(+cats) if you’re measuring it against paying cash, but the opportunity cost of that $60k spend on cards with SUBs would be significantly more than 100 bucks. Definitely better to put that spend elsewhere.