I’m not in their footprint, so I’m not too familiar with them, but BBVA Compass has a respectable credit card sign-up bonus for a small player: 20,000 points after spending $2,000 when you open their Select card. The 20,000 points can be redeemed for $200 as best I can tell. It has a ridiculously high annual fee of $125, but that’s waived for the first year.
As for the spending bonuses: interesting, but nothing amazing. You can get 3% back on the category of your choice, plus 2% back on two others. Everything else gets 1%. You also get an additional 1,000 points for every $5,000 you spend, which effectively makes this a 3.2%/2.2%/1.2% card.
What categories can you pick? Good question. The website does not give much guidance. I called them up and the rep I spoke to told me that it changes from month to month. The monthly aspect is not listed on the website, so who knows what’s going on. The two categories given on the website are Airlines and Dining/Hotels, and the rep also told me that groceries can show up sometimes.
Drawbacks: you have to live within the Compass BBVA footprint to get the card, which is AL, TX, FL, CO, NM, AZ, and CA. And believe it or not, there is no web application for this card, it’s phone or in-branch only.
Worth it? As always, it’s up to you. Some people may find $200 from a minor issuer worth the trouble, other people not so much. I’m guessing there will be more people in the “not so much” group, as that’s where I’d likely be if I lived in the footprint.
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