BBVA Compass is launching the new ClearSpend prepaid Visa card with a mobile budgeting app to help customers track and manage their finances effectively.
The app, developed in collaboration with Engage Financial Technology, has been designed to help track expenses made using the ClearSpend Visa card.
It automatically creates personalised budgets following 30 days of spending, which clients are allowed to adjust depending on their monthly spending habits.
The app also provides real-time in-app mobile alerts, comprising information on transaction amounts and locations, current balances and category budgeting trends, in order to help customers monitor spending.
Clients are allowed to block or unblock a card, and report a card lost or stolen from within the app.
Customers can apply for the new card online, at any BBVA Compass branch or by downloading the ClearSpend app for free from the Apple iTunes App Store or Google Play.
BBVA Compass chief digital banking officer Jeff Dennes said: "Our research shows a rapidly expanding market, with more clients turning to prepaid cards to manage their budgets, stay out of debt and avoid overdraft and check-cashing fees.
"The cards are more mainstream now and expectations have risen. Clients expect greater account management functionality, and we’ve responded with one of the most convenient and easy-to-use products in the industry."