Why Every Entrepreneur Should Have a BBVA Compass ClearSpend Prepaid Visa Card

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BBVA Compass ClearSpend Prepaid Visa Card is a prepaid card in which you can load cash and use it for purchases in all Visa accredited centers. In addition, the card comes with an app available in Android and iOS versions to help you keep track of your spending among other features. By using this card, you can build your personal credit and set the foundation for building business credit in the future. Here are ten reasons why you should have the BBVA Compass ClearSpend Prepaid Visa Card if you are an entrepreneur.

1. Ability to keep track of your expenses

As a businessperson, it is important to monitor your expenses for they affect your cash flow and your profits. This card comes with an app that you install on your phone to keep track of your expenses. You can download the app from the official website or either in the App store or the Google Play store.

The app is easy and convenient to use. It gives you suggestions for the things that you can buy depending on your spending habits in the previous months. It, therefore, eliminates the need for having to keep a notebook on the side to record your expenses.

2. No overdraft fees

The debit card does not charge any overdraft fees for money borrowed through the card. Therefore, it offers cheap overdrafts that you can use to cater for small expenses or patch up the cash flow problems that the business may be facing. The card is especially suitable for small business that may need a flexible credit for the operational needs of the business. You only get the overdraft fees charged in your account if your account remains with a negative balance for ten consecutive days. This is long enough for a business to have repaid its overdraft.

3. No monthly service charge

You will not get monthly charges on your card as long as there is a minimum of $400 loaded into the card every month. If the end of the month you do not load this amount, you will be liable to pay a monthly service charge of $4. This waiver goes a long way into lowering the cost of recurrent bills. This is important for the businesses do not have sufficient cash to service a bloated monthly expense account.

4. No purchase transaction fees

You do not pay any fee for purchases that you make with your BBVA Compass ClearSpend Prepaid Visa Card. You can use the card for as many transactions as you wish without any additional charges. Transactions with the card are similar to paying cash where you are not charged any amount for the transactions that you make. This also helps lower operational costs for any business. The card is ideal for all your business spending as long as the outlet accepts Visa.

5. No loading fees

You are only charged $4 fee for your first deposit. There are no other charges preferred on to the account for additional deposits on the card. You enjoy loading without any charges when you load at any BBVA Compass branch, deposit through ACH/Direct deposit or using another BBVA Compass debit card. You may be charged for deposits made through Vasa Ready Link or any other ATMs. This no fees feature to enables you to deposit as many times as you wish and for the amounts that you need without any increase to the card operating costs.

You can transfer your cash from your bank account or a checking account onto the card. The card also accepts transfers from Paypal, Venmo, and Popmoney. You can also have your paycheck or monthly business expense amount deposited directly to the card.

6. No credit score check when applying for the card

Unlike many other credit cards, the BBVA Compass ClearSpend Prepaid Visa Card doesn’t require that you have a good credit score when you complete an application for the card. Therefore, it is an ideal card even to those with low credit scores. You may still be subjected to U.S anti-fraud laws to prevent fraud and other money crimes. However, your credit rating will in no way be used to decline your application for the card. It is an ideal card to use if you need to improve your credit scores.

7. Accepted around the world

Millions of stores across the globe accept Visa debit cards. Moreover, you can use the card to make purchases online at a click of a button. Therefore, the card offers you the convenience of not carrying your card wherever you go for either business or personal expenses. With the BBVA Compass ClearSpend Prepaid Visa Card, you do not need to carry cash or additional cards for your business travel to foreign countries. It also eliminates the headache that comes with exchanging money to foreign currencies and the charges that accompany the action.

8. Visa’s zero liability policy backs the card

The Visa Zero Liability Policy is a guarantee that you would not be held responsible for any unauthorized charges made on the card. You are protected if your BBVA Compass ClearSpend Prepaid Visa Card is stolen, lost or used fraudulently. The card does not come with any specific limitations to the use or the transactions covered. This is an added security to your cash from any theft or fraud in and out of the business premises.

9. Guards against running into debt

As opposed to a credit card, the debit card only allows you to spend the funds that are in your card account. This way, you can control your spending and avoid running into debt. You can use it as a tool to manage your cash and deal with impulse buying. You can do this by only loading the amounts that you need to use and at intervals that you have planned.

10. You do not need a checking account

You do not need to have a checking account to use your BBVA Compass ClearSpend Prepaid Visa card. This is because you can load the amounts directly from any other sources into your account. However, if you already have a checking account, you can connect it to your card account. It eliminates the hustle of maintaining several bank accounts along with charges that come with them.

The BBVA Compass ClearSpend Prepaid Visa Card offers several benefits to entrepreneurs. Whether you are attempting to get your invention off the ground or start a new tech company, it gives you the ability to track your spending, budget for your cash, and has very low card fees and other charges. It is also accepted around the world and is very secure. Moreover, you do not need to worry about your credit scores at the time of the application. This debit card is an excellent choice for a low-cost debit card.