BBVA Compass has launched a prepaid card designed to help its customers control their everyday spending by pairing it with a mobile app that provides budgeting tools that measure spending across categories.
The app for the BBVA Compass ClearSpend prepaid Visa® debit card helps customers track and manage everyday spending. The card, a replacement of the bank’s SafeSpend card, is the latest product to embody the bank’s new “banking on a brighter future” brand platform, which conveys its desire to put consumers in better control of their finances through trusted advice and personalized, fast and convenient services.
The product taps into a growing trend in the prepaid industry of consumers adapting the prepaid product as a spending tool that supplements their credit and debit cards. By adding the mobile budgeting tools, BBVA Compass is tapping into the technology that most people carry in order to bring more features to the cards. This may make them competitive with credit and debit cards that come with their other accounts or that their customers may hold from other institutions.
Overview by Ben Jackson, Director, Prepaid Advisory Service at Mercator Advisory Group
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