New BBVA Compass GPR Card Focuses on Budgeting Mobile App (Sept. 22, 2015)
BBVA Compass yesterday announced the launch of a new Visa-branded prepaid card and budgeting mobile app, ClearSpend, which the bank says will appeal to prepaid card users across all ages and income levels who want better control of their finances. The app tracks expenses made using the ClearSpend card, and after 30 days of spending, it can create personalized budgets for groceries, entertainment, and dining out, among other categories, based on monthly spending habits. Mobile alerts contain information on transaction amounts and locations, current balance and category budgeting trends intended to help cardholders monitor purchases and control spending, according to the Birmingham, Ala.-based financial institution. Cardholders also can block or unblock a card, as well as report a card lost or stolen from within the app, which was developed in partnership with Engage Financial Technology
BBVA Compass’ research indicates a rapidly expanding market in which more consumers are using prepaid cards to manage their budgets and avoid overdraft and check-cashing fees. “The cards are more mainstream now and expectations have risen,” said Jeff Dennes, BBVA Compass chief digital banking officer. “Clients expect greater account management functionality.”
Customers can sign up for the BBVA Compass ClearSpend online, at any BBVA Compass branch or by downloading the app from the Apple iTunesApp Store or Google Play. The card is free and there are no monthly or annual fees. There are no fees to add money using direct deposit, cash or BBVA Compass debit card, except for a $4 load fee, which applies for the first card load. The card also can be loaded at Visa ReadyLink locations, where retailers set the fee. Click here for a full schedule of fees.