BBVA Compass, a subsidiary of Compass Bancshares, a wholly owned subsidiary of BBVA, has introduced BBVA Compass ClearPoints credit card in response to consumer demands and impending effectiveness of the Credit CARD Act legislation.
The BBVA Compass ClearPoints card is the first in a suite of credit card products that will be rolled out by BBVA Compass in the coming months. The suite of three credit cards will cover every level of creditworthiness and includes secured credit card, called the BBVA Compass Optmizer credit card, which was launched on November 16, 2009. BBVA Compass claimed that by keeping the suite of products limited, consumers are able to more easily understand which card is most appropriate for their credit needs.
Some of the new BBVA Compass ClearPoints credit card features include pricing terms tied to a prime rate index that will not change for the life of the card, no default pricing, free credit bureau monitoring, free identity theft coverage and CompassPoints rewards program.
Shelaghmichael Brown, senior executive vice president and head of retail banking at BBVA Compass, said: “Consumers asked for increased transparency and simplicity in credit offerings and with the BBVA Compass ClearPoints credit card, we’re happy to give them not only that, but also a promise that with this card, we will never change their pricing terms or charge them unexpected fees.”
Jon Mulkin, executive vice president and director of consumer asset products, said: “Our new suite of credit card products truly embraces the letter and spirit of the Credit CARD Act. Each addresses the issue of transparency and strives to offer consumers the best product to meet their specific financial need in a clear and comprehensive package, while also giving them a sense of empowerment over their credit through knowledge about the particular card they hold in their hand.”
