More Than Just Paying Bills

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. For over 25 years, we’ve been able to pay bills online, but that’s just the beginning.

Advanced Features to Boost Your Financial Health

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. For instance, Adam Winchester, head of experience for consumer and small business payments at U.S. Bank, says, “We started looking at the online experience as the new battleground. If we can win there, we can win market share.”

• Spending Trend Analysis
• Virtual Assistants
• Recurring Charge Management
• Account Security

These features can provide valuable insights into your spending habits and help you make informed financial decisions. Some virtual assistants, like Capital One’s Eno, the U.S. Bank Smart Assistant, and Bank of America’s Erica, can even make suggestions on ways you can save money.

Limitations of Banking Apps

However, there are limitations to these features. According to Winchester, a major limitation of some banking apps is the inability to link accounts from other financial institutions. This can make it difficult to get a comprehensive view of your financial situation.

• Difficulty in linking accounts
• Insufficient data
• Limited features

If you have multiple accounts with different banks, you may need to use multiple apps to get a complete picture of your finances. But some apps have solved this issue by allowing you to link outside accounts.

Choosing the Right App

Beth Robertson, managing director of Keynova Group, a financial services intelligence firm, advises, “You have to set it up one time, but from there on out, you can get a really good compilation of information.” When choosing an app, pick the one with the user experience you find the easiest to navigate and understand.

Securing Your Account

In addition to providing valuable insights into your spending habits, banking apps can also help you keep your account secure. You can regularly check your card activity for suspicious purchases, set up alerts that will notify you of any charges over a certain amount, and even freeze or lock your account if your physical card is missing.

• Regular card activity checks
• Alerts for suspicious purchases
• Freezing or locking your account

Revoking Access to Your Data

But account security isn’t just about knowing where your physical card is. It’s also important to know who else has access to your account data, such as merchants storing your card information for later purchases, or businesses where you have a recurring membership payment, like gyms. Many banking apps let you see who has access to your data, and some allow you to revoke that access from within the app.

Using the Security Meter

Bank of America offers a security meter on its website and app that shows your account security level and suggests steps you can take to protect your accounts even more. This includes actions like updating your password and setting up two-factor authentication.

“By using our security meter, users can take proactive steps to protect their accounts and stay one step ahead of potential threats.” – Adam Winchester, head of experience for consumer and small business payments at U.S. Bank

Checking Your Credit Score

Many banks offer customers the ability to not just see their credit scores, but also learn about how different actions can raise or lower those scores. This can provide important context for anyone who experienced a recent score change, or who is hoping to grow their credit before applying for a loan.

• Viewing credit scores
• Learning about credit score changes
• Generating an action plan

Nerdy Tip

Different banks show scores from a variety of credit scoring companies and scoring models, so the credit scores you see on your banking apps may vary.

Conclusion

The credit card tools hiding in your banking app can be a powerful tool for managing your finances and improving your financial health. By understanding the features and limitations of your banking app, you can take control of your finances and make informed decisions about your money.