BBVA Compass

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BBVA Compass first to offer real-time rewards

December 3, 2015

BBVA Compass broke new ground in November, 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.
 
Chief Digital Banking Officer Jeff Dennes said the latest release of BBVA Wallet supports the bank’s efforts to give clients greater control of their finances and to make banking clearer, faster and easier.

“Our clients are getting instant cash-back gratification regardless of how or where they use their credit cards,” said 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.”

 

 

Watch here to learn more about BBVA Wallet. It is available for download free from the App Store and Google Play.

 

1 million downloads

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 BonusFlaş last week.

Dennes said cash 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.”

Several banking and payments industry outlets covered the bank’s announcement, including American Banker and Mobile Commerce Daily, which touted BBVA Compass for being in the forefront of payments technology and improving the client experience.
 
With the added functionality in BBVA Wallet, BBVA Compass cardholders now can:
 
• access individual credit and debit card transaction details;
• set up credit and debit card transaction alerts;
• redeem credit card rewards in real-time;
• change the “nickname” assigned to a credit or debit card;
• activate a credit card;
• temporarily block credit card activity by turning card “on” or “off”;
• permanently block and request reissue of a credit card;
• change a credit card’s PIN.


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