Home > 2011 > Credit Cards > U.S. Bank Offers Instant Credit Card App

U.S. Bank Offers Instant Credit Card App

Advertiser Disclosure Comments 2 Comments

We’ve grown pretty accustomed to sales clerks at checkout counters asking if we’d like to sign up for a store credit card. Say yes, and it may be weeks before you actually receive that new piece of plastic in the mail.

Now U.S. Bank says it’s developed an iPhone app that cuts the wait down to a few seconds. In the bank pilot program with REI, a retail chain that sells outdoor gear, customers can walk into an REI store, download the app, and immediately get a virtual credit card downloaded to their phone. The app also lets consumers check their REI accounts online, look up recent transactions, and make payments.

[Resource: Get your free personalized Credit Report Card]

The new technology helps REI in “moving the card-opening process from the checkout lane to the front of the store, using mobile technology,” Dominic Venturo, U.S. Bank’s chief innovation officer, said in a press release.

Of course, the same precautions still apply. As Beverly Harzog, Credit.com’s credit card expert, often reminds us, in-store credit cards may offer upfront deals, but they often come with big hidden costs. The process of applying itself often places a small ding on your credit score. And many such cards come with significantly higher interest rates than you can find elsewhere.

[Featured Product: Monitor your Credit Reports and Scores]

So before you go signing up for banking apps and downloading credit cards to your phone, the same rule always applies.

“It’s really important to read the fine print, and do a comparison of all the credit cards available to you,” Harzog says.

Image: Business Wire

Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by a bank advertiser. It is not a bank advertiser's responsibility to ensure all posts and/or questions are answered.

Please note that our comments are moderated, so it may take a little time before you see them on the page. Thanks for your patience.

  • Glenn

    This means you can be approved and have a instant card on your phone with apps like Google wallet. No need to wait for the plastic cards to be sent in the mail. Good article.

    • Rahul

      What about the acceptance infrastructure for this VCC. Do you need special POS devices?

Certain credit cards and other financial products mentioned in this and other articles on Credit.com News & Advice may also be offered through Credit.com product pages, and Credit.com will be compensated if our users apply for and ultimately sign up for any of these cards or products. However, this relationship does not result in any preferential editorial treatment.