Prepaid cards are on the rise across all ages and income levels and BBV Compass is debuting a new app to give users better control of their financial lives.
According to the firm’s Chief Digital Banking officer, Jeff Dennes, the firm’s research shows a rapidly expanding market, with more clients turning to prepaid cards to manage their budgets, stay out of debt and avoid overdraft and check-cashing fees. “It’s great for anyone looking to track their discretionary funds, create a household budget or as a way to teach young people about spending money.”
The usage of prepaid cards among consumer groups has expanded significantly in recent years, with millennials, adults 18 to 32, leading the way, according to internal and external research — like the findings in “Millennials with Money: A New Look at Who Uses GPR Prepaid Cards,” a recent study co-authored by a Federal Reserve Bank of Philadelphia official.
The BBVA Compass ClearSpend app, which was developed in partnership with Engage Financial Technology, tracks expenses made using the ClearSpend Visa® card and after 30 days of spending, it automatically creates personalized budgets — which clients can adjust — for groceries, entertainment, transportation, dining out and other categories based on monthly spending habits.
Real-time in-app mobile alerts contain information on transaction amounts and locations, current balances and category budgeting trends, helping clients monitor purchases and control spending. Clients can block or unblock a card, as well as report a card lost or stolen from within the app.
For more details see the BBV Compass newswire.