We’ve heard a lot of buzz surrounding the Compass Bank Credit Card (as well as the Compass Bank checking account) so we figured we would provide a brief review of their rewards program and compare it to some competing offers.
Here’s how their rewards program functions – Compass Bank’s credit card rewards program allows you to earn points every time you use your card. Just like a cash back credit card or even cash back checking account, you’ll earn at least 1 point for every $1.00 you spend, and depending on the type of purchase, you could earn more. The two things we particularly like about their rewards program is that 1) there are no fees or costs associated with this credit card and 2) you can collect cash back on BOTH credit card and debit card expenditures.
Cash back on a debit card is still a relatively new concept for consumers as it most notably came on the scene when Perkstreet issued their 2% cash back checking account. A few banks have followed suit with similar offers, but none have been quite as lucrative as what we’ve seen with Perkstreet.
Our take on these accounts is that they are fulfilling a need for consumers who really can’t earn squat on an interest bearing account. This is just another way of having your money work for you while you’re going about your daily business. Until interest rates on online savings accounts and money market accounts begin to rise again, we would strongly suggest considering a cash back checking account with a solid rewards program.
Compass Bank Credit Card Rewards Details:
(as seen on their website)
- It’s free – there’s no fee to participate.
- You’re automatically enrolled with your BBVA Compass Visa Platinum Card, or Visa Platinum Personal Line of Credit.
- Earn 1 point for every dollar spent using your BBVA Compass credit cards
- Credit card holders also earn 1 CompassPoint® for every 2 dollars spent using your Check Card for signature-based purchases.
- Redeem points for free travel or a huge selection of cool merchandise.
If you’ve enrolled in Compass Bank’s rewards program, please share your experience by leaving a comment below!