Over recent years, credit providers and fintech companies have collaborated with local banks and tech giants like Google to make managing credit easier. And as a result there are now many secure and convenient credit card apps that cardholders can choose from. If you’re ready to take control of your credit from the comfort of your smartphone, here are the things you should look for in a credit card app.
Contactless or cashless payments are perhaps the most basic features of any credit card app. Also, allowing you to set up automatic payments either for monthly bills or debit-to-credit payments is another common feature. Many apps also have dedicated sections that let you see your credit history, including purchases and whether or not you’ve been late with payments. Certain apps like CRED even allow you to manage different credit cards, including offering rewards for keeping up-to-date with balances across various accounts. While the mechanics may differ from app to app, these are the basic and most useful features that make these apps a convenient when managing credit.
From the way you navigate through the app to how hard or easy it is to get customer support from the app’s developers, user-friendliness can make or break an app. Even if an app has unique rewards or valuable in-depth reports about your credit utilisation, those benefits could be offset by a thoroughly confusing user interface that makes an app inconvenient to use on a regular basis. On the other hand, if a certain app only offers rudimentary features – but does so through an intuitive interface combined with a highly responsive customer support team, you might find that app easier to use in the long run. Ask your most trusted friends and family how their particular experience has been with the credit card app they’re using, and check verified app store reviews. Choosing an app based on ease-of-use and its customer support is a good way to ensure smooth sailing.
An app’s rewards system determines how much extra value you can get from using the app. Rewards typically include options from restaurants, clothing stores, hotels, and certain services. You should also take into consideration how rewards points are accumulated. Payment solution provider Paytm for instance allows users to accrue rewards points with no expiration date, and includes cashback options in the form of almost universally accepted Paytm Gift Vouchers. This type of reward is useful if you don’t have specific rewards in mind. But if you have special interests, certain apps may specialise in providing those particular rewards, so keep an eye out.
With the amount of competition out there, many apps offer unique features in an attempt to draw in more users. For instance, apart from CRED’s multiple account management options, they also offer credit score analysis, which cardholders can use to optimise the way they use different cards. For example, the Petal Card app has an interest calculator, which can be an extremely useful tool for estimating future changes in interest rates based on not paying off full balances. This is also useful for weighing up which payments you should settled first. There are even dedicated budgeting sections in some apps, discouraging users from overspending by setting monthly budgets or limits on spending.
These are just some of the ways in which credit card apps can make managing your finances easier and more convenient. Before you install anything, ask your credit provider if they have a dedicated or recommended app, as well as which other credit card apps support your card.