BBVA Compass Secured Visa Business Card

Andrew Reyes  | 
  • Annual percentage rate (APR): 16.24% to 27.24%.
  • Purchase intro APR: None.
  • Rewards: 1 to 3 points per $1 spent.
  • Annual fee: $0 first year; $40 after.
  • Late fee: $19 to $49.
  • Credit score: Fair to Good (580-739).
  • Compare cards here.

Benefits

  • Cash-back rewards program: Earn three points for every dollar you spend at office supply stores, two points for every dollar spent at gas stations or in restaurants, and one point for every dollar spent on all other eligible purchases. Redeem your points for account credit or gift cards at any time.
  • Build your business credit history: The BBVA Compass Secured Visa Business Card is designed for relatively new small business owners with low credit scores or no credit history. If you remain a responsible borrower and pay off your balance each month, you can use this card to build credit history or improve your credit score.
  • Free additional employee cards: As a business owner, you may need to give employees access to your account. You can order additional credit cards for employees to carry for free. When you fill out your credit card application, you’re prompted to assign a specific percentage of the card’s credit limit to certain employees and decide whether they’re eligible to request cash advances or checks.

Drawbacks

  • Savings account requirement: To apply for a BBVA Compass Secured Visa Business Card, you must open a Secured Credit Card Savings Account and deposit a balance of at least $500. If you fail to make a payment to your secured card’s balance, it may be taken from the savings account you have linked to the card.
  • Additional fees: There’s a 3% foreign transaction fee, a $39 overlimit fee, and a $25 returned payment fee. The cash advance fee is $10 or 4% of the cash advance amount, whichever is greater. If you make a late payment, your account balance may be subject to a 27.24% APR. You can avoid these fees by staying within your credit limit and making your payments in full and on time.
  • Limited branch locations: BBVA only has branch locations in Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas. However, the customer service department is available online or by phone and you can make payments or review transactions through your online account.

What Can You Expect From the BBVA Compass Secured Visa Business Card?

You can apply for the BBVA Compass Secured Visa Business Card online, by phone, or in-person if you live near a branch location. Be prepared to fund your savings account with at least $500 and to provide information on the employees who will also be cardholders. As an account holder, you’ll have access to a mobile app and additional benefits associated with the card.

Mobile App

Download the BBVA mobile app on your smartphone, either with an Android or iOS operating system, and create an online account. Use the app to review your transactions and account balance.

You can also contact customer service, make a payment, find a branch location, or view your statement through the mobile app. Once you create an online account, you can access your account details when you sign in through the mobile app or visit the website.

Additional Benefits

As a cardholder, you’ll also gain access to additional benefits with the BBVA Compass Secured Visa Business Card, including a liability waiver for card misuse of up to $100,000. When you use the card to rent a vehicle, collision, loss, and damage insurance is included for free with the rental.

If an eligible purchase is destroyed by a fire, stolen, or experiences another covered loss within 90 days of the purchase date, the cardholder may be reimbursed for the item’s value. Up to $500,000 in coverage for travel accidents is also included when a cardholder opts for transport insurance.

Who Should Get the BBVA Compass Secured Visa Business Card?

If you’re a business owner who needs to increase your credit score or build your credit history, the BBVA Compass Secured Visa Business Card may be right for you. The secured card focuses on building credit for responsible borrowers but also provides a cash-back rewards program.

Before applying, be prepared to provide a savings account and a deposit of at least $500. With a high penalty APR and steep late fees, it’s important to pay off your balance on time every month. You’re responsible for a $40 annual fee as a cardholder but this fee is waived for your first year.

Compare other business cards and learn more here.


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