topic Re: What does PNC purchasing BBVA mean for my credit cards? in Credit in the News

Update: PNC to buy BBVA

Anonymous — Mon, 16 Nov 2020 15:31:44 GMT

According to the Wall Street Journal.

I didn't link it, since it is behind a paywall.

Re: PNC in talks to buy BBVA US assets

AllZero — Mon, 16 Nov 2020 03:50:15 GMT

Thank you for sharing the information!

ETA Would it be this? https://www.americanbanker.com/news/pnc-reportedly-in-talks-to-buy-bbvas-u-s-operations

Re: PNC in talks to buy BBVA US assets

FinStar — Mon, 16 Nov 2020 04:26:27 GMT

There's this one as well:

https://www.al.com/news/birmingham/2020/11/bbvas-us-operations-could-be-purchased-by-pnc-wall-street-journal-reports.html

Re: PNC in talks to buy BBVA US assets

ficosuave — Mon, 16 Nov 2020 09:05:29 GMT

BBVA has announced the sale.

"The deal is expected to close in mid 2021 once the required regulatory approvals have been obtained."

https://www.bbva.com/en/bbva-sells-u-s-subsidiary-to-pnc-for-11-6-billion/

Re: PNC in talks to buy BBVA US assets

DaveInAZ — Mon, 16 Nov 2020 16:02:09 GMT

I've had banking accounts & CCs with BBVA for a couple years now and been pretty happy with them, they're actually my closest branch. I have both their Clear Points and Rewards CCS, with this news I'm considering applying for their Select credit card - $500 SUB for $4k spend in 90 days. $99 AF waived the first year, 4X points on Entertainment, 3X points on Dining, 2X points on Travel, and 1 point on all other. Those aren't big enough spend categories for me to justify a $99 AF and I didn't want to risk damaging my relationship with BBVA by doing the SUB and then cancelling before the first AF. But with PNC taking over mid-2021 that changes my thinking.

EDIT: Should point out that their Select Visa is only available in AL, AZ, CA, CO, FL, NM & TX.

Re: PNC in talks to buy BBVA US assets

Wavester64 — Mon, 16 Nov 2020 16:43:11 GMT

Curious if this means BBVA CCs and the like will be converted to PNC now/2021. 🤔

What does PNC purchasing BBVA mean for my credit cards?

Anonymous — Mon, 16 Nov 2020 22:49:01 GMT

I just read that PNC Bank purchased the US arm of BBVA. Two of my best and largest credit cards are with BBVA. What does this mean for my credit cards? Will new cards be sent out? Will credit limits be affected?

(Mod cut-Its behind a paywall)

Re: PNC in talks to buy BBVA US assets

ChargedUp — Mon, 16 Nov 2020 21:22:23 GMT

I literally just got this in an email from BBVA... Curious if they'll keep the Clearpoints card as is or if they'll be converting to something in PNC's lineup.

Dear Valued Client,

Today it was announced that pending regulatory approval, BBVA USA will be acquired by PNC, a top 10 financial services company headquartered in Pittsburgh, Pennsylvania.

What this means for BBVA USA customers

This is exciting news for our many stakeholders, but especially so for our customers as it means you can expect even more opportunities as part of an even larger U.S. financial institution. This includes the introduction of market-leading products, services and more.

What BBVA USA customers need to do

The period between today’s announcement and the close of the acquisition is expected to be anywhere from six to nine months or more. During that time, BBVA USA customers will continue to interact with the bank as they always have. In short, it's business as usual for our customers which means that the retail branch, private banker or relationship manager you work with, will continue to be your primary point of contact.

How BBVA USA will communicate

We understand changes like this can cause anxiety. We want to assure you that BBVA USA and PNC are committed to working together throughout this process, and that we will provide ongoing, transparent and open communication so you know what to expect each step of the way. Thank you for your support and trust in BBVA USA. We value and appreciate your business and you have our commitment that we will walk through this process with you.

Sincerely,

Javier Rodríguez Soler
President and CEO of BBVA USA

Re: PNC in talks to buy BBVA US assets

Jccflat — Mon, 16 Nov 2020 21:50:08 GMT

Does this mean my bbva credit card will change to pnc ?

is it a good thing?

Since I know they give higher credit lines

PNC acquired BBVA USA

NoMoreE46 — Mon, 16 Nov 2020 21:59:21 GMT

https://bbvausa.investorroom.com/2020-11-16-BBVA-sells-U-S-subsidiary-to-PNC-for-11-6-billion?cid=emlem::US---Other-Other---::970529:btn006:::20201116::standd:::

Oops I see this has already been posted- Mods feel free to delete.

My post has the official news release from BBVA though.

Re: What does PNC purchasing BBVA mean for my credit cards?

JNA1 — Mon, 16 Nov 2020 22:06:39 GMT

I just got the email, and I hope it doesn't affect the ClearPoints card. It is one out favorite cards and my wife and I both use ours regularly. I do have a PNC card as well, which I also like, but hopefully they'll keep them separate.

PNC buys BBVA

althes — Mon, 16 Nov 2020 22:12:49 GMT

Today it was announced that pending regulatory approval, BBVA USA will be acquired by PNC, a top 10 financial services company headquartered in Pittsburgh, Pennsylvania.

What this means for BBVA USA customers

This is exciting news for our many stakeholders, but especially so for our customers as it means you can expect even more opportunities as part of an even larger U.S. financial institution. This includes the introduction of market-leading products, services and more.

What BBVA USA customers need to do

The period between today’s announcement and the close of the acquisition is expected to be anywhere from six to nine months or more. During that time, BBVA USA customers will continue to interact with the bank as they always have. In short, it's business as usual for our customers which means that the retail branch, private banker or relationship manager you work with, will continue to be your primary point of contact.

How BBVA USA will communicate

We understand changes like this can cause anxiety. We want to assure you that BBVA USA and PNC are committed to working together throughout this process, and that we will provide ongoing, transparent and open communication so you know what to expect each step of the way. Thank you for your support and trust in BBVA USA. We value and appreciate your business and you have our commitment that we will walk through this process with you.

Sincerely,

Javier Rodríguez Soler
President and CEO of BBVA USA

Re: What does PNC purchasing BBVA mean for my credit cards?

coldfusion — Mon, 16 Nov 2020 22:44:45 GMT

Keep in mind that while PNC and BBVA have come to an agreement, the process of obtaining all of the necessary regulatory approvals has not yet begun nor would there have been any serious planning made regarding the merging and integration of the 2 organizations.

I wouldn't expect to see any material changes impacting current cardholders for at least 9-12 months, probably longer.

Re: What does PNC purchasing BBVA mean for my credit cards?

UH_HUH — Sun, 20 Jun 2021 07:44:27 GMT

I have a CC with both of these companies.

What their email is telling me is that

they are looking to consolidate assets,

and be able to play with the big boys.....

Don't see it myself....

IMG_20201116_183017.jpg

Re: What does PNC purchasing BBVA mean for my credit cards?

M_Smart007 — Tue, 17 Nov 2020 01:07:27 GMT

Yep, got the email too

Re: What does PNC purchasing BBVA mean for my credit cards?

Anonymous — Tue, 17 Nov 2020 14:57:27 GMT

What do you think will happen to the credit cards I have with BBVA? I know its just a guess at this point. I have a great credit limit with BBVA and would hate to have PNC lower the limit or something like that.

Re: What does PNC purchasing BBVA mean for my credit cards?

FinStar — Tue, 17 Nov 2020 17:03:27 GMT

@Anonymous wrote:
What do you think will happen to the credit cards I have with BBVA? I know its just a guess at this point. I have a great credit limit with BBVA and would hate to have PNC lower the limit or something like that.

No one knows at this point and it is way too premature to speculate given the different product offerings and reward structures for both banks. At some point, their CCs will be integrated into a uniform platform. Could they change reward structures? Possibly. Could they leave the BBVA cards as is or convert some products? Possibly. Best to let things play out until additional communications are provided by either FI. For now, it's business as usual.

PNC acquires BBVA?

newmomnewme — Tue, 17 Nov 2020 17:33:23 GMT

https://www.pnc.com/en/about-pnc/topics/acquisition-update.html

Re: PNC acquires BBVA?

sxa001 — Tue, 17 Nov 2020 17:45:33 GMT

I was in the process of applying for a mortage with BBVA online when I saw this email come across. I am a new customer with them and wanted to include them in my consideration for a mortage since they do have a local team. I will have to ask my loan officer if this will have any impact on anything but judging by the six to nine month timeline I doubt it will.

Re: PNC acquires BBVA?

TheBoondocks — Thu, 03 Dec 2020 04:35:50 GMT

I think once this taken into affect, for the people that are out of the geographic location of PNC, I believe that now that things are going to merge that there is a possibility of having access to PNC. If that's the case, then I might get the PNC credit card.