The 8 Best Digital Credit Card App Features you can Integrate
1. Installment payments for big purchases
To compete with Buy Now, Pay Later (BNPL) installment solutions – such as Klarna and Affirm – card issuers should incorporate reasonably priced and low interest installment payment plans for paying off large purchases.
Chase offers the My Chase Plan which takes into account the customer’s creditworthiness and account history to provide 1-3 plan duration options with equal monthly payments for large purchases of over $100.
Users can choose the plan that works best with their financial standing and check the progress of their payments in the Chase mobile app.
The My Chase Plan displays payment plan options for a large transaction – image obtained from the Digital Banking Hub
2. Merchant rewards through geo-location
Many customers select their credit cards specifically for the rewards offerings. Card issuers should make it a priority to offer a diverse and personalized rewards proposition.
Merchant offers must be easy for customers to add to their cards and then maximize their returns.
American Express enhances merchant offers by utilizing geo-location. A section with Nearby Offers houses merchant deals within the vicinity of the user.
American Express displays reward offers that are nearby the user’s current location – image obtained from the Digital Banking Hub
3. Spending limits for financial responsibility
The ability to set spending limits is rare in digital banking and it is even more uncommon for credit card products. The tendency is for credit card issuers to encourage consumer spending. However, we expect more brands to be focusing on financial well-being and developing tools that can truly help customers manage their money.
Users can learn financial responsibility by setting spending limits on their credit cards. Spending limits enable control of spending amounts for individual transactions or total monthly spending.
Barclays allows customers to set spend limits for individual transactions. Users can easily turn this feature on/off through a toggle switch.
Barclays offers a transaction spend limit control in the Card Controls interface –
image obtained from the Digital Banking Hub
4. Recurring charges for subscriptions
Some providers are beginning to incorporate a dedicated interface for reviewing recurring transactions.
Customers may want to view their recurring transactions to manage their subscriptions. For example, if a customer loses their card, they can quickly see which merchant services need to be updated with their new card information.
Wells Fargo provides a convenient recurring payment history from the Control Tower. Users can view the recurring amount alongside the transaction date.
Wells Fargo’s Control Tower displays recurring payment history – image obtained from the Digital Banking Hub
5. Transaction map with merchant location
App users are often able to drill-down into their transactions and see more details about individual purchases – this is certainly more prevalent among credit cards than debit cards. One detail that is more common with credit card transactions is the presence of a merchant map.
Merchant maps help customers better recognize their transactions in case suspicious activity has occurred.
American Express excels when it comes to transaction details, partnering with Google to include a transaction map. The card issuer also displays the merchant address as text, merchant phone number, and website.
American Express displays the merchant location within individual expanded transactions –
image obtained from the Digital Banking Hub
6. APR on account details page
Firms should be transparent about the interest rate customers are charged on unpaid balances; however, many do not display the APR on the account overview or details screens.
This information is essential as it enables customers to make financial decisions such as which credit card to pay down and determine how much it costs to borrow from the credit card company.
Citi displays card information in an overlay which is accessible from the card details screen.
Citi provides a card details screen which includes APR information – image obtained from the Digital Banking Hub
7. Payment due date management
The ability to change your credit card payment due date can lessen financial stress, especially if multiple bills are due around the same time.
Some card issuers accommodate customers’ requests to change their credit card payment due date.
Chase provides a mobile journey—aided with tooltips—for customers who wish to change to due date of their credit card payment.
Chase enables customers to request a new payment due date through the mobile app –
image obtained from the Digital Banking Hub
8. Balance transfers
Many providers do not surface balance transfer offers. If utilized correctly, a balance transfer can be an effective way to pay down credit card debt and save on interest.
Truist provides a user-friendly balance transfer interface on the mobile app. The request form includes entry fields which are spaced out and text that is well fit for the mobile device.
The firm also explains the balance transfer fee that applies to the transaction.
Truist offers a straightforward mobile balance transfer journey – image obtained from the Digital Banking Hub
Significance of strong mobile banking features
When it comes to mobile banking, credit card issuers should strive to offer as many best-in-class features as possible so customers can find value in the experience. Customers can be put at ease through mobile features that help them manage their spending and aid them in making good financial decisions. Many card providers still have a great deal they could be doing to leverage the potential of mobile apps.
Stay ahead of digital card trends
The research conducted for the Credit Card module within the Digital Banking Hub enables us to observe changes and trends in the digital credit card space.
Our Digital Banking Hub houses extensive screenshots, covering a broad scope of credit card onboarding, and mobile and online servicing. We can explore granular features when it comes to the presentation and functionality of interfaces such as the rewards platforms described in this article. Please click here to find out more about the U.S. Digital Banking Hub subscriptions.
Want more content on digital credit card app best practices? Read Gina’s blog on the 8 best-in-class onboarding features for credit cards, here.
