BBVA Optimizer Credit Card Review

Who is the BBVA Optimizer Credit Card for?

The BBVA Optimizer Credit Card is perfect for those looking to fix or establish their credit score. As you use this card, you can establish your credit history for other credit cards and purchases. Student loans, auto loans, home mortgages, and many more types of lending activities require good credit standing, which this card can help build.

With this being a secured credit card, you'll be easily accepted if you have a poor credit score or even no history at all. Those that are looking to restore their credit or are new to building credit, therefore, should greatly consider a secured card like this one.

The annual fee of $40 may be well worth it for those looking to transition over to credit cards with no annual fees or those wanting to finance big purchases in the future. With normal credit cards not accepting individuals with lower credit ratings, the $40 might be the only option for those that are just starting out or have a tarnished credit rating.

Secured Card

The BBVA Optimizer Credit Card works like a traditional credit card while allowing you to establish or improve your credit score. In fact, this card also looks just like a normal credit card and there is no indication of it being a secured card. With a secured credit card, you'll enjoy a credit line backed by what's in your savings account. By using a secured credit card, you can show your creditworthiness to credit card companies and become eligible for bigger loans.

Since this card requires that you place your collateral in a savings account, you can earn interest on the money you've placed there. Earning interest while being able to build up your credit score is a great incentive to use a secured credit card.

You can increase your credit line anytime by simply depositing more funds into your savings account. Unlike traditional cards that decide how much credit limit to offer you, this card gives that ability to you. This way, you'll be able to stay in your limits and not have to worry about making purchases that you can't later finance.

Zero Liability

When using this card, you will be able to have the peace of mind knowing that you're protected from unauthorized charges. Zero liability guarantees that the cardholder won't be held responsible for unauthorized transactions, such as theft. No matter how this card is illegally used, whether it be in a store or online, the cardholder won't have to pay a single penny for any of the purchases made.

No Rewards/Cash Back Program

This card does not offer a rewards or cash back program. This is common for most secured credit cards since these types of cards are more for building a good credit score over earning rewards for purchases. While other secured cards may offer a rewards program, the qualifying credit score required to obtain those cards increases.

No Other Benefits

No other benefits are offered with this card, limiting the experience of using a credit card. However, those interested in this card should not prioritize benefits when looking to establish their credit score. To receive the wide array of benefits that other cards offer, a higher credit score is needed, which new cardholders or those with a poor credit history may not have. As you focus on improving your credit rating, the benefits will soon follow through other credit card offerings.

Annual Fee

The annual fee associated with this card is $40. This fee fairs low compared to other secured credit cards that also charge an annual fee. Wanting to rebuild credit while having no annual fee is very rare for those that have none or bad credit standing. With the established credit score that you can eventually obtain by utilizing this card, you can later find a plethora of other cards that offer no annual fees, and transition over.

Conclusion

This card is great for those that are new to credit cards or even for those that may have a bruised credit score. With the ability to earn interest on their collateral savings, cardholders will be able to build credit while earning interest. Furthermore, credit limit increases are dependent on how much money you're willing to deposit into your savings account, a great way to learn to be more responsible about your purchases. Also, the zero liability protection that this card offers ensures that cardholders can stay worry-free about their credit recovery process being disrupted by theft or unauthorized activity. Although the $40 annual fee may seem too high for those starting out, it will be worth it for when you can use your improved credit score to purchase bigger and better items.

You can apply for the BBVA Optimizer Credit Card online here.