The credit card tools hiding in your banking app
By Sara Rathner, NerdWallet
If you’re using your credit card issuer’s app or website just to pay your bills and check in on some recent transactions, you’re only tapping into a fraction of the features available to you.
We’ve been able to pay bills online for more than 25 years, but that’s table stakes now. Banks are competing with each other to roll out tools that can help customers see spending trends, set their budget, manage recurring charges and improve account security.
“We started looking at the online experience as the new battleground,” says Adam Winchester, head of experience for consumer and small business payments at U.S. Bank. “If we can win there, we can win market share.”
Get data on spending and tips to save more
Your banking app and website can translate your individual purchases into a longer-term look at your spending trends. Some provide virtual assistants, like Capital One’s Eno, the U.S. Bank Smart Assistant, and Bank of America®’s Erica, that can make suggestions on ways you can save money, including reviewing recurring charges to make sure you’re not spending without realizing it. Your spending can be displayed in helpful graphs that make data on your expenses clearer, so you can make adjustments to your budget if needed.