Disclaimer: The article and product(s) that is/ are mentioned are non sponsored. All insights are based on personal opinions and researches done. The information would have been updated during the time you read this article. The resources are based on the day of this article being posted.
Have you ever wonder why your money had disappeared from bank account time by time? Having no ideas where it had been spent on.
That's when a financial or budgeting app is meant to be installed on your phone, to record all the money you had spent.
Recording expenses manually is easier say than done. Some thoughts on "I will record it later" or "I could not reach my phone right now" will always end up miss-recording and the incidents of losing money would come back as déjà vu.
This is when a Credit Card App comes in handy. Credit card apps offers e-statement on closing date every month and every purchases put on card will be shown on app, so there is no excuses on "I have no idea where I spent that money" anymore.
Some might argue that not everywhere takes credit card. That is true, but the concept is try to put as much expenses as you could on cards.
To put expenses on cards is not by just physical swipes. It could be done by the help of e-wallet (eg. Boost, WeChat Pay, Grabpay, Line Pay and True Money Wallet). For instance, With True Money Wallet in Thailand, I could pay for a 25 THB (approx 3.30 MYR) Sandwich from 7-11. That's a 25 THB I would have already spent. I could track that I had spent this money in 7-11 on this specific date any time in the future and I had earned myself 1 Credit Card point, together with TruePoint.
The question is, what are the differences between a great credit card app and a good one?
A. Notification
Notifications should be pop up once transaction is made. Credit cards have undeniably increase the ease when purchases being made. It does not feel being robbed once we check our saving account. We often being shocked only when receiving the monthly statement.
Notification from credit card apps play a crucial part in reminding us, that money is being spent.
If the app does not send you any notification, it is not great.
Notification is important as well when an unauthorised transaction is being made. If it is a fraud, it could be reported immediately, to prevent it becoming a bigger crime.
From my personal experience, UOB Bank (Thailand and Malaysia) has the least desirable notification system on its app. There is no notification once transactions being made.
However, UOB Malaysia App sends out SMS once transaction is completed. Meanwhile, UOB Thailand App sends out message to its cardholders on Line App, only if the cardholders connect his/ her credit cards on UOB's official account on Line.
In the world that moving in such fast pace, isn't do it right on the first place makes everything easier? To have the notification on App. How if the registered number is not reachable or has no Line Account?
B. Ease for logging in App
Continue with the "fast moving world" situation, time required and ease on using app is the key.
In most Credit Card or Banking Apps, there is only one security check before accessing to the app itself (6 digits' Password, Fingerprint or Face ID).
On UOB App of Thailand and Malaysia, the steps are a bit more:
The first two steps are straight forward, that should be having in all Banking App.
Now is the trick part. When I clicked to see more details on what I have spent on "Amount Used", it requires 2 more steps of verifications: Password (again) and an SMS OTP code.
This is definitely not the best user interface in spite of the additional security. Fromy my person opinion.
C. Points Redemption
From my personal experience with UOB Thailand, the points could not be redeemed on app itself. Would need to call to UOB Call centre representative or do it online by filling up redemption form (or send by mail).
This is a downside in coping with the fast pace world, for sure.
Krungthai Bank for example, the points can be redeemed by just few clicks on mobile phone. Even for airline miles.
Ease of points redemption is one of the crucial part in evaluating the Credit Card app.
Earning point is easy, but spending points is an art.
If the portal made it even more inconvenient in redemption, the user experience will never be great.
D. App Interface
Remember how an App could be a great reminder on money we spent?
Having a dynamic app design that shows not just how much we could spend, but how much we have to pay back at the end of month.
Of course, banks would want you to spend more money, so they could earn more transactional fees or even interest.
But, to do the right thing: Remind the ability for pay back is fundamental as morale of banks.
Krungsri Bank (Thailand) sets up a good example.
These are the critical parts that make a credit card app stands out from its' competitions.
Think from the users' experience in using the app is the key.
Even if the credit card issuers provide amazing benefits of credit cards, if the App itself is not ergonomic for its' users, it won't be providing a fulfilling experience.
As users, always remember to spend as how you would normally spend despite of any credit limits been offered.
You are your best reminder. Not the App itself.
Comments