Perk-heavy small-business credit cards with massive sign-up bonuses typically have massive annual fees to match. But there are no-fee options that offer rewards, and one of them is the BBVA Visa® Business Rewards Credit Card.
The card features a sign-up bonus, ongoing rewards and free employee cards, all for an annual fee of $0.
However, there are some major blockers to qualifying for this card that may have you searching for alternatives.
Here are five helpful facts about the BBVA Visa® Business Rewards Credit Card.
Nerd tip: This card was previously called the BBVA Compass Visa Business Rewards Credit Card. It once was an option for small-business owners with fair credit, but to qualify now, you must have excellent credit (FICO scores of 720 or higher).
1. Eligibility is limited
The BBVA Visa® Business Rewards Credit Card is available only to applicants in the following states:
If you live outside of these areas, consider a small-business credit card that’s available nationwide.
2. Earn easy rewards and a sign-up bonus
This card offers a sign-up bonus, which is available if you open a new BBVA Visa® Business Rewards Credit Card by Dec. 31, 2020: N/A
On top of that, you’ll earn 1.5 points per $1 on all purchases. Keep in mind that points expire three years after they are earned, so you’re not going to want to hold onto them for too long.
3. Redemption options are limited
You can redeem points for statement credit or gift cards at a value of 1 cent per point. You must redeem at least 2,500 points.
Other business credit cards offer straight-up cash back, travel rewards or even merchandise redemption. Your plans for your rewards can affect which card is a good fit for you.
4. The ongoing interest rate is low compared to similar cards
The BBVA Visa® Business Rewards Credit Card offers an ongoing interest rate range that starts much lower for those who can qualify for it. Plus, it features a decent intro APR offer: 0% introductory APR for 9 months on purchases and 0% or 3.99% introductory APR on balance transfers requested within 90 days of account open date for one year, and then the ongoing APR of 9.24% - 23.24%, Variable.
5. The intro APR for balance transfers can vary
Speaking of the card's intro APR offer, note that the rate you'll qualify for when it comes to balance transfers will depend on your credit history and credit score. That means you’re not guaranteed a window of time to pay down debt interest-free. A 3.99% APR is still low compared to typical credit card interest rates, but the card also charges a 4% balance transfer fee.