November 16, 2015
HOUSTON, Nov. 16, 2015 /PRNewswire/ -- BBVA Compass broke new ground today, becoming the first major U.S. bank to offer its credit card clients real-time redemption of rewards earned on qualified purchases made at any retailer.
The patent-pending innovation was introduced with the latest release of BBVA Wallet, the bank's mobile wallet that gives clients an up-to-the-minute view of purchases, reward balances and more. BBVA Wallet purchase notifications — sent to clients immediately following the use of their BBVA Compass credit cards ― now include cash rewards balances that can be redeemed for an account credit by simply responding to the alert.
"Our clients are getting instant cash-back gratification regardless of how or where they use their credit cards," said BBVA Compass Chief Digital Banking Officer Jeff Dennes. "Imagine buying a new TV and finding out, via an alert, that you can offset the amount of the purchase using your cash rewards before you even leave the store."
Dennes said rewards continue to be a valuable perk for credit card clients and an important driver of bank loyalty.
"Every time our clients use their BBVA Compass credit cards, they're going to be reminded of how much we value their business," said Dennes. "It's the first service of its kind that doesn't place onerous restrictions on how rewards can be redeemed."
When replying to a BBVA Wallet notification, BBVA Compass cardholders can redeem cash rewards to offset a portion (as little as $1) or all of a purchase, depending on the amount of rewards available.
"We're committed to giving clients greater control of their finances and to make banking clearer, faster and easier," Dennes said. "Real-time rewards redemption is one more way we're delivering on that promise."
BBVA Compass' parent company, BBVA, first launched BBVA Wallet in 2013 in Spain and recently announced that the service has been downloaded more than 1 million times. It was introduced to clients in Chile, Mexico and the U.S. earlier this year, and Turkey's Garanti Bank, in which BBVA has nearly a 40 percent stake, launched it under the name BonusFlas last week.
With the added functionality in BBVA Wallet, BBVA Compass cardholders can:
BBVA Wallet is available for download free from the App Store℠and Google Play™.
A "Qualifying Purchase" is a purchase that earns rewards as defined by the Terms and Conditions associated with each of the bank's credit card programs. BBVA Compass reserves the right to determine, in its sole discretion, what constitutes a Qualifying Purchase.
BBVA Compass credit card clients can redeem cash rewards earned on qualified purchases. Cash rewards will be applied as an account credit. Rewards balances update automatically and credits are reflected in account balances within a few days.
Alerts for card transactions and reward redemption are subject to service availability to your mobile device and cannot be guaranteed by BBVA Compass. Alerts are subject to merchant billing practices and may not be received until your card is charged for the purchase price.
App Store℠ is a trademark of Apple, Inc., registered in the U.S. and other countries.
About BBVA Group
BBVA Compass is a subsidiary of BBVA Compass Bancshares Inc., a wholly owned subsidiary of BBVA (NYSE: BBVA) (MAD: BBVA). BBVA is a customer-centric global financial services group founded in 1857. The Group has a solid position in Spain, is the largest financial institution in Mexico and has leading franchises in South America and the Sunbelt region of the United States. Its diversified business is geared toward high-growth markets and relies on technology as a key sustainable competitive advantage. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies the best practices. The Group is present in the main sustainability indexes. More information about the BBVA Group can be found at bbva.com.
About BBVA Compass
BBVA Compass is a Sunbelt-based financial institution that operates 672 branches, including 341 in Texas, 89 in Alabama, 77 in Arizona, 62 in California, 45 in Florida, 38 in Colorado and 20 in New Mexico, and commercial and private client offices throughout the U.S. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (4th). BBVA Compass has been recognized as one of the leading small business lenders by the Small Business Administration, and its mobile app recently earned the Mobile Banking Leader in Functionality Award for the second consecutive year from Javelin Strategy & Research. Additional information about BBVA Compass can be found at bbvacompass.com, by following @BBVACompassNews on Twitter or visiting newsroom.bbvacompass.com.
BBVA Compass is a trade name of Compass Bank.
SOURCE BBVA Compass
For further information: Ralph Evans, Corporate Communications, Tel. 205-297-3038, email@example.com, Follow @BBVACompassNews on Twitter