BBVA Compass has enabled its credit card clients to receive real-time redemption of rewards earned on qualified purchases made at any retailer.
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The patent-pending service has been introduced with the launch of the bank’s mobile wallet BBVA Wallet, which offers clients an up-to-the-minute view of purchases, reward balances among other benefits.
BBVA Wallet purchase notifications, sent to clients immediately after their use of BBVA Compass credit cards, now offer cash rewards balances. The rewards balances can be redeemed for an account credit by responding to the alert.
Cardholders can redeem cash rewards to offset a portion or all of a purchase, based on the amount of rewards available, while replying to a BBVA Wallet notification.
BBVA Compass chief digital banking officer Jeff Dennes said: "Our clients are getting instant cash-back gratification regardless of how or where they use their credit cards. 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."
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By GlobalDataThe added feature in BBVA Wallet will allow the bank’s cardholders to access details, 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, as well as activate a credit card.
In addition, the feature will allow cardholders to temporarily block credit card activity by turning card on or off, permanently block and request reissue of a credit card, and change a credit card’s PIN.
"Every time our clients use their BBVA Compass credit cards, they’re going to be reminded of how much we value their business. It’s the first service of its kind that doesn’t place onerous restrictions on how rewards can be redeemed," Dennes added.
