Chitwood Financial announced the launch plank, The first ever digital bank credit card, enabling customers to control their spending and manage their finances for the long term.
Designed by customers for consumers, the Wave credit card offers flexibility and convenience to semi-privileged consumers who typically have fewer credit options available to them, with fewer functionality. Those who apply for a Wave Card are provided with a pre-approved real rate and an upfront credit limit so they can make an informed decision, without affecting their credit score.
Customers can manage their card through the feature-rich Wave app available on iOS and Android, including:
Fast and secure access with biometric login, as well as matching documents and selfie to confirm identity
The ability to add the card to Apple Pay or Google Pay to make secure payments instantly
Possibility to freeze and unfreeze the card in case of loss or theft
Change payment amounts if customers want to pay more
Alerts to help customers control spending and monitor expenses to improve financial behavior
UK customer support through live chat
Customers are also given a three-day grace period for missed payments, providing additional support when faced with life’s unexpected challenges.
“The coronavirus pandemic has significantly impacted the finances of many individuals over the past two years, which means that access to safe alternative sources of credit has never been more important,” he says. Andy Melcharick, CEO of Chetwood Financial. “At Chetwood, we strive to create customized products that help make people better off. With the launch of Wave, customers are able to take an important step closer to achieving their financial goals, from paying off bigger balances, to learning how to increase financial responsibility in the long run.”
During the beta testing phase of Wave, Chitwood worked closely with ClearScore to Ensure that the credit card and its features work as expected and meet customer needs, and respond effectively to initial customer feedback to further improve the product. Feedback from the first 2,000 credit card customers through ClearScore was overwhelmingly positive, with 96% of those responding describing the application process as “very easy” or “easy,” and 98% of customers rating the Wave card as 4.5 out of 5 for overall satisfaction. .
The Wave credit card will offer credit limits of £250-1750 for new applications, increasing up to £10,000 over time based on customer eligibility. Customers can subscribe or cancel the credit limit increase and decrease at any time through the application.
As part of the Wave offering, Chetwood has also launched a repayment calculator to encourage better financial behavior and help customers understand how interest on credit cards works. With the easy in-app tool, customers can see how paying a little more than the minimum payment each month can reduce the amount of interest and clear their balance faster.
Wave is Chetwood’s fourth banking product, after its first lending product LiveLend, the world’s first dynamic loan, came to market in November 2018. The LiveLend Reward Loan uses technology to adapt to customers’ good financial behavior, reducing their loan rate when they improve their credit score. The product helps encourage customers to improve their financial position while offering a fast, fair and flexible way to borrow.