New U.S. Bank app offers immediate credit
For the person who wants that spendy splitboard at REI but needs credit to buy it -- now -- U.S. Bank is bringing out an iPhone app for that. As banks and credit unions continue to push past online banking into mobile banking, Minneapolis-based U.S.
For the person who wants that spendy splitboard at REI but needs credit to buy it -- now -- U.S. Bank is bringing out an iPhone app for that.
As banks and credit unions continue to push past online banking into mobile banking, Minneapolis-based U.S. Bank is testing what appears to be another first for banks: a mobile card app. In a trial run at outdoor retailer REI, tech-savvy shoppers can apply for instant credit on their iPhones, instead of filling out a form by hand.
The app, which can be downloaded through the iTunes App Store, allows people to apply for an REI Visa credit card issued by U.S. Bank. The virtual card is good at all REI locations nationwide.
The nation's No. 5 commercial bank said it plans to expand the pilot in the next few months to include an app for Android phone users and to allow other national retailers to join the program.
Banks have been pushing mobile apps for the last two years, but U.S. Bank said it hasn't seen any other bank yet with a mobile app that lets people apply for a virtual credit card for immediate use. Bank management consultant Novantas in New York agreed with that.
"The mobile market penetration is still very small, but it is growing and it's going to continue to grow in the banking space," Novantas partner Darryl Demos said.
U.S. Bank already has a variety of mobile apps for businesses and consumers, such as tools to pay bills, remotely deposit checks and transfer funds to other accounts.
The new app will introduce the bank to people who don't currently bank with it, said Dominic Venturo, chief innovation officer for U.S. Bank Payments Services.
Distributed by McClatchy-Tribune Information Services.