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Update: PNC to buy BBVA

Saeren
Mega Contributor

Re: PNC acquires BBVA?


@newmomnewme wrote:

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


9B6CA537-7F36-47FC-9E42-D7A646FE55F7.png

 

I hope they don't nerf the ClearPoints card. I don't really use mine anymore now that I have a 3% everywhere card but uncapped category cards are very rare these days, would really hate to see that one bite the dust. 





Message 21 of 35
adelphi_sky
Frequent Contributor

Re: PNC acquires BBVA?

I hear PNC is very conservative. If you get in the ecosystem via acquisition, kudos. I've been a PNC customer for about 14 years. 

Message 22 of 35
coldfusion
Community Leader
Super Contributor

Re: PNC acquires BBVA?


@adelphi_sky wrote:

I hear PNC is very conservative. If you get in the ecosystem via acquisition, kudos. I've been a PNC customer for about 14 years. 


They can be but it isn't a given, not uncommon to get a 5-figure SL. 



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Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 23 of 35
DaveInAZ
Senior Contributor

Re: PNC acquires BBVA?


@adelphi_sky wrote:

I hear PNC is very conservative. If you get in the ecosystem via acquisition, kudos. I've been a PNC customer for about 14 years. 


I bank with BBVA and like them, closest bank branch in my rural area. Since PNC is offering a $200 bank bonus I decided to get an 'early start' with them and applied for a checking account which immediately went into review. After a couple days and no word I called, the rep told me they manually review all new account apps so give it up to a week. It took almost a week to get an approval. Their "Virtual Wallet" seems like a silly marketing ploy, and just weird that they end up opening 3 accounts for you - "Spend", "Reserve" & "Growth". "Spend seems to be the regular checking account, "Reserve" for a rainy day, and "Growth" for a whopping .5% interest. Well, we'll see . . . . 

 

Not currently interested in PNC CCs, but I have an appointment Monday morning at my BBVA branch to apply for their 'Select' CC, I have their Clear Points & Rewards cards. You can only apply for their Select card in person at a branch, and only available in AL, AZ, CA, CO, FL, NM & TX. It has a $99 AF waived the first year with mediocre rewards IMHO - 4% entertainment, 3% dining, 2% travel, 1% all else. I have no AF cards with those or better rewards for that spend, but the current offer is $500 SUB for $4k spend in 90 days, a 12.5% return before any rewards. If approved I'll cancel before the first AF and I wouldn't normally do that to a lender but with the PNC takeover I'm betting no one will know the difference.

Message 24 of 35
TheBoondocks
Established Contributor

Re: PNC acquires BBVA?

Mr Dave from the AZ, well you're in luck bro. Cause they're offering you $1K bonus cash for $4K spend! Reminds me of the Chase Reserve days lol. 

 


@DaveInAZ wrote:

@adelphi_sky wrote:

I hear PNC is very conservative. If you get in the ecosystem via acquisition, kudos. I've been a PNC customer for about 14 years. 


I bank with BBVA and like them, closest bank branch in my rural area. Since PNC is offering a $200 bank bonus I decided to get an 'early start' with them and applied for a checking account which immediately went into review. After a couple days and no word I called, the rep told me they manually review all new account apps so give it up to a week. It took almost a week to get an approval. Their "Virtual Wallet" seems like a silly marketing ploy, and just weird that they end up opening 3 accounts for you - "Spend", "Reserve" & "Growth". "Spend seems to be the regular checking account, "Reserve" for a rainy day, and "Growth" for a whopping .5% interest. Well, we'll see . . . . 

 

Not currently interested in PNC CCs, but I have an appointment Monday morning at my BBVA branch to apply for their 'Select' CC, I have their Clear Points & Rewards cards. You can only apply for their Select card in person at a branch, and only available in AL, AZ, CA, CO, FL, NM & TX. It has a $99 AF waived the first year with mediocre rewards IMHO - 4% entertainment, 3% dining, 2% travel, 1% all else. I have no AF cards with those or better rewards for that spend, but the current offer is $500 SUB for $4k spend in 90 days, a 12.5% return before any rewards. If approved I'll cancel before the first AF and I wouldn't normally do that to a lender but with the PNC takeover I'm betting no one will know the difference.


 

Message 25 of 35
DaveInAZ
Senior Contributor

Re: PNC acquires BBVA?


@TheBoondocks wrote:

Mr Dave from the AZ, well you're in luck bro. Cause they're offering you $1K bonus cash for $4K spend! Reminds me of the Chase Reserve days lol. 


Yes, I saw that on DoC after posting here. But that site they link to, "uscreditcardguide" has the terms and the 2nd one is "100,000 bonus points credit offer not available to existing BBVA credit cardholders". I have 2 BBVA CCs, but I'll still give it the old college try. Smiley Wink

Message 26 of 35
Jaysee
Regular Contributor

Re: PNC in talks to buy BBVA US assets


@ChargedUp wrote:

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


Interesting. I had considered apping BBVA later next year after gardening for a bit but I think I'm going to hold out for a minute. As I see it, it'll just benefit me staying in the garden longer anyway.






Message 27 of 35
Beechcraftguy
New Member

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

Great point @coldfusion! Lots of change and customer experience shifts... 


Consider the ongoing merger between BB&T and SunTrust, whose combined net assets of $488 billion slightly lead PNC's current asset size of $457 billion. The integration has been complex and still ongoing in addition to significant realignment of staff, branches, and HQ operations. However, these two massive regional powerhouses came with decades of past mergers and acquisitions which fluffed up their market share. 


When adding BBVA's EOY net asset size of $90 billion to PNC's $457 Billion, the operations to consolidate seem to most likely come with less hurdles. 

Truist says bank account numbers will stay the same when merged but I am unsure how this impacts loan accounts. Same question for BBVA clients...

What impact, if any, can mergers have on loan accounts? Has anyone experienced  credit line reductions as a consequence of slimming down loan portfolios in certain markets? 

 

 

Message 28 of 35
ChargedUp
Valued Contributor

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

The Federal Reserve has approved this merger. It's happening.

 

https://www.reuters.com/business/finance/fed-approves-acquisition-bbvas-us-banking-arm-by-pnc-2021-0...

AODFCU 3% Visa ($10K), Amex PRG (NPSL), Amex Blue Cash ($24K), Amex Simply Cash+ ($4K), Amex Business Cash ($22.5K), Discover ($29.7K), Cap 1 Union Plus MC ($2500), Chase FU Visa Sig ($12K), Chase F Visa Sig ($8.3K), Chase CSP Visa Sig($6.5K), FCB/Elan Rewards Visa Sig($15K), Buckle ($1.3K), BofA AAA Rewards ($84.5K), Paypal credit ($10K), BBVA Clearpoints ($7.5K), Cap 1 Savor ($13K), PenFed PCR ($3500), Bank of the West CB MC ($3K), PNC Cash Rewards ($9.5K)
Message 29 of 35
CreditAggie
Senior Contributor

Re: Update: PNC to buy BBVA

PNC has completed its acquisition of BBVA USA.  

A few things of note:

• BBVA and PNC customers can now use either network of ATMs with no fees. 
• BBVA products and services are anticipated to convert to PNC in October. 
• Notification of changes to BBVA products and services will begin to be made available in August. 

Current Cards (in order of approval):


Current FICO 8 | 9:

Credit Age:

Inquiries (24 month):

Banks & CUs:

Goal Cards:



Currently: 2/6, 2/12, 5/24
Message 30 of 35
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