Many credit cardholders have seen huge increases in rates and fees as lenders try to get as much out of consumers as they can before legislation kicks in next year that will limit these kinds of rate hikes and non-transparent lending behavior. However, BBVA Compass has recently relseased a credit card that is a direct response to consumer demands and follows the guidelines of the new Credit CARD Act that is scheduled to go into effect early next year.

BBVA ClearPoints card

The legislation, signed into law on May 22, 2009, will go into effect in late February of next year. The law will promote transparency in credit card fees, as well as limits to the size and frequency of rate increases. The Act also states that fees and high rates must be reasonable and related to infractions, and there can only be a low “teaser” rate if it is explicitly stated in the agreement, so lenders cannot arbitrarily assign higher rates after you choose a card.

For more information, you can view a complete copy of the bill here (PDF).

The ClearPoints Card

With these considerations in mind, BBVA Compass has deisgned a credit card that is specifically designed to increase transparency and stable rates. The ClearPoints Card is an attempt to follow the letter of the new legislation, and aims to increase transparency for the consumer.  The card details include:

  • Pricing terms, tied to a Prime Rate index, that will not change for the life of the card
  • No default pricing or annual fees
  • No unexpected or hidden fees
  • Rewards for good payment behavior
  • Free credit bureau monitoring
  • Free identity theft coverage
  • CompassPoints rewards program

As BBVA senior executive vice president and head of Retail Banking Shelaghmichael Brown put it, “In a nutshell, the BBVA Compass ClearPoints credit card is one you would be happy to give your grandmother.”

For more information on the ClearPoints card, visit the BBVA website here.

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  • katiedoor

    BBVA talks alot, but this is what they really do. February 3:

    Received a call from Amanda in Client Services at BBVA Compass [205-297-3000]: I asked her why she was not responding to me via email, per my request, she informed me that she had never seen my emails referencing that and that she didn’t have email access. That all she had was my number. I asked her specifically if the call was being recorded because I have no intention of discussing this further. She said, “Yes.”

    I conveyed what is reflected in my emails: that my debits had been stacked out of order triggering the system to assess huge fees for overdrafts of pennies. She said this had always been their method. She also told me that they were NOT RESPONSIBLE FOR THE INFORMATION ON THE PHONE SYSTEM OR THE ONLINE SYSTEM; that customers could not use that as a reference point for the activity on their accounts. What should customers use to get that information? I told her that the “method” was dubious and that regulatory agencies and my Congressmen would be contacted.

    I also conveyed that the “Customer Service” rep had been beyond incompetent in misrepresenting herself as the “boss” and that it was not appreciated. She told me that they had always done business this way so I said that, in that case, Compass Bank had far better Customer Service than BBVA Compass.

    She refused to adjust my account so I told her that once the numbers settle out that I would be moving my account: that none of this was acceptable.

  • katiedoor

    BBVA talks alot, but this is what they really do. February 3:

    Received a call from Amanda in Client Services at BBVA Compass [205-297-3000]: I asked her why she was not responding to me via email, per my request, she informed me that she had never seen my emails referencing that and that she didn’t have email access. That all she had was my number. I asked her specifically if the call was being recorded because I have no intention of discussing this further. She said, “Yes.”

    I conveyed what is reflected in my emails: that my debits had been stacked out of order triggering the system to assess huge fees for overdrafts of pennies. She said this had always been their method. She also told me that they were NOT RESPONSIBLE FOR THE INFORMATION ON THE PHONE SYSTEM OR THE ONLINE SYSTEM; that customers could not use that as a reference point for the activity on their accounts. What should customers use to get that information? I told her that the “method” was dubious and that regulatory agencies and my Congressmen would be contacted.

    I also conveyed that the “Customer Service” rep had been beyond incompetent in misrepresenting herself as the “boss” and that it was not appreciated. She told me that they had always done business this way so I said that, in that case, Compass Bank had far better Customer Service than BBVA Compass.

    She refused to adjust my account so I told her that once the numbers settle out that I would be moving my account: that none of this was acceptable.