BBVA Compass, a United States-based financial holding company, recently announced that it will be offering its credit card clients real-time redemption of rewards earned on qualified purchases that they make 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," BBVA Compass Chief Digital Banking Officer Jeff Dennes said in the press release. "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 US earlier this year; Turkey's Garanti Bank, in which BBVA has nearly a 40% stake, launched it under the name BonusFlas last week.
With the added functionality in BBVA Wallet, BBVA Compass cardholders can access individual credit/debit card transaction details, set up credit/debit card transaction alerts, redeem credit card rewards in real-time, change the "nickname" assigned to a credit/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 and can change a credit card's PIN.
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. For more information, click here.
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 US. BBVA Compass ranks among the top 25 largest US 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.