Source: BBVA Compass
BBVA Compass broke new ground today, 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.
"Our clients are getting instant cash-back gratification regardless of how or where they use their credit cards," said BBVA Compass Chief Digital Banking Officer Jeff 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."
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 U.S. earlier this year, and Turkey's Garanti Bank, in which BBVA has nearly a 40 percent stake, launched it under the name BonusFlas last week.
With the added functionality in BBVA Wallet, BBVA Compass cardholders 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.
BBVA Wallet is available for download free from the App Store℠and Google Play™.
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