BB&T Spectrum Cash Rewards Credit Card Review

Who is the BB&T Spectrum Cash Rewards Credit Card for? 

The BB&T Spectrum Cash Rewards Card is best suited for cardholders who prefer cash back on common everyday purchases. You can earn 3% cash back on gas, 2% cash back on groceries and utilities, and 1% cash back on all other qualifying purchases. However, you are capped at $1,000 in combined purchases each month in the 3% and 2% categories, after which, the rewards rate drops to 1% cash back. 

Additionally, the card has a generous introductory APR of 0% for 12 months on both balance transfers and purchases, allowing you to finance large purchases and pay it off later, or pay off your debt without interest. This feature, combined with a $0 annual fee, makes this card particularly attractive for suitable card owners. While there is no intro interest rate on balance transfers, there is a balance transfer fee of 3% with a $10 minimum. 

Furthermore, if you are someone who frequently travels abroad, you may want to consider a different card, as there is a 3% foreign transaction fee (FTF) on all purchases made outside the U.S. This fee is calculated by first converting the transaction into U.S. dollars, and then charging a 3% fee to your account. This makes everyone you purchase while abroad more expensive, and this can really add up over time. It may be worth it to look at other travel cards if you plan on traveling a lot or spending a lot of money outside of the country. You can find cards that have a 0% FTF so it does not matter where the purchase is made. 

The card also does not have a sign-up bonus, but it does offer a cash back boost that allows you to receive a 10% bonus on your earnings when you deposit them into your BB&T checking or savings account. Because of this bonus, the card will be especially rewarding to you if you already have a BB&T account. If this is the case, you should plan on depositing your cash back into this account. You will be able to maximize your rewards and earn cash back at the highest rate possible. 

Another thing to keep in mind is that the BB&T Spectrum Cash Rewards Credit Card is only available to BB&T primary or joint account holders who have a good standing in their Credit Card account. All things considered, if you are someone who already has an account with BB&T and needs to transfer their balance between accounts, make large purchases, or pay off debt, this card may be the right one for you. 

Cash Back Rewards

The BB&T Spectrum Cash Rewards Credit Card provides cardholders 3% cash back on gas, 2% cash back on groceries and utilities, and 1% cash back on all other qualifying purchases. Let’s say that you spend $100 monthly on each category — groceries, utilities, and other monthly expenses — your annual cash back rewards would then be worth $96. One thing to keep in mind is that once your monthly spending amount goes over $1,000 in the 3% and 2% bonus combined category (e.g. gas, groceries, and utilities), your rewards rate drops to 1% cash back. However, this is reasonable compared to other gas and grocery rewards credit cards that may set a quarterly or yearly maximum on the amount of spending that qualifies for a higher cash back rate.

These rewards are especially beneficial because they are things that you will typically be spending money on. That, combined with the fact that you do not have to pay an annual fee, means that the card can be very rewarding for you to own. If you make all of your payments on time and do not accumulate any interest, then the card will be practically free to own and pay you for using it.

The average American spends around $386 per month on gasoline, meaning that you would be earning around $11 in cash back just for using this card. If you add that up over an annual basis, you would be earning $132 in cash back for purchases you are already making. Additionally, the average cost for household groceries is $550 per month, which comes out to another $11 monthly, and $132 annually. As you can see, this card is very rewarding and will earn you money that you can put towards whatever you want when you redeem your cash back. 

Cash Bonus

The monthly category cap may be worth overlooking if considering the cash back boost. The cash back boost allows you to receive a 10% bonus for cash back deposited into your BB&T checking or savings account. This means that your 3% and 2% cash back becomes 3.3% and 2.2%. Let’s consider the same scenario when your monthly expenses on each category are $100. With the 10% cash bonus for the cash back deposited in your BB&T account, your total annual cash turns into $106. Customers of BB&T bank may find this feature especially rewarding.

Low Introductory Annual Percentage Rate (APR) 

Compared to other rewards credit cards, the BB&T Spectrum Cash Rewards Credit Card is unique in that it offers a decently low interest rate, along with a 0% intro APR on both balance transfers and purchases. This is great for cardholders looking to finance a large purchase or relieve debt because they can enjoy the first 12 months interest-free. After the introductory period, a standard variable APR between 13.34% and 22.24% is applied. Therefore, to maximize the savings earned, financing large interest-free purchases is something you may want to take advantage of during the introductory period. If you are someone who has a significant debt that may take more than 12 months to repay, you would be better off looking for a balance transfer offer that lasts longer to avoid paying interest. 

For cardholders with multiple credit cards that have higher interest rates, consider switching to the Spectrum Rewards card to further take advantage of its relatively low-interest rates and its $0 annual fee. Cardholders with excellent credit can qualify for an APR as low as 13.34%. This is a great option if you are looking to transfer balance from a higher-interest card because you will not have to pay interest during the first 12 months. Something to keep in mind is that the balance transfer fee is 3% of each advance with a $10 minimum, but this is affordable in comparison to other balance transfer cards. 

Fees

As mentioned before, the BB&T Spectrum Cash Rewards Credit Card does not charge an annual fee, which is great when combined with the low interest rates. However, there are other fees associated with the card. Besides the zero transaction fees on purchases, this card charges a balance transfer fee of 3% of each advance with a $10 minimum. It also charges a cash advance fee of 3% or $10, whichever is greater. The 3% foreign transaction fee on any purchases outside of the U.S. is also a feature you may want to take into consideration if you frequently travel abroad. 

On the flip side, this card does have less strict penalties. Besides a late payment fee of up to $38, there are no penalty fees for over-the-credit limit transactions and returned payments. 

Sign-Up Bonus

Unfortunately, the BB&T Spectrum Rewards Card does not offer a sign-up bonus. Many other cards do, so it may be worth it to explore your options. Some may offer extra points or cash back at a higher rate for an introductory period. If these rewards are important to you, then this card may not be well-suited for you. Additionally, if you plan on only having the card for a short time, you should also look at other options. This is because you can find a card with a sign-up bonus and higher cash back rates for a short period. 

Security Features 

Another benefit of using a BB&T Spectrum Rewards Credit Card is the ability to monitor your spending and protect your account. By enrolling in U by BB&T, an online and mobile program available on your phone and computer, you receive access to customizable card control features. These features not only provide you with more protection, but also more control over when, where, and how your BB&T cards get used. For instance, if your card is misplaced, lost, or stolen, you can immediately turn off your card to prevent new purchases, cash advances, and transfers. Once you find your card, you can simply turn it back on with a simple touch of a button. 

For added security measures, fraudulent purchases can be prevented if made outside of your regular geographic location based on your zip code, city, and state. Not only that, but you can also control how your card is used by limiting your card to in-store or online purchases, for instance. The single transaction limit feature allows you to limit the dollar amount that is spent on your card when used, declining purchases that go above that limit. 

Overview

The main features of this card are:

• A great cash back program where you can earn 3% cash back on gas, 2% cash back on groceries and utilities, and 1% cash back on all other qualifying purchases
• A 10% cash back bonus if you deposit your rewards into a BB&T checking account or savings account
• A flexible rewards program with options for cash back, credit card statement credit, gift cards, and other options
• A $0 annual fee

Conclusion 

The BB&T Spectrum Rewards Credit Card is an ideal option for BB&T account holders who want to earn rewards for their spending but prefer cash back instead of points. In addition to the cash back rewards rate and cash bonus, this card offers relatively low interest rates on both balance transfers and purchases, as well as no annual fees. Other attractive features include the security features put in place to ensure your spending and account are well-protected. 

Other aspects of the card to keep in mind include its transaction fees on balance transfers, cash advances, and overseas purchases. For frequent travelers, the 3% foreign transaction fee may deem this card unsuitable. On the other hand, the flexible penalty fees built into the card are attractive for some. 

There are various pros and cons to weigh depending on your priorities. Ultimately, get the BB&T Spectrum Rewards Credit Card if you need to transfer their balance between accounts, finance large purchases, or pay off debt within its introductory time frame. 

You can apply to the BB&T Spectrum Cash Rewards Credit Card online here.