Chetwood Financial (“Chetwood”) today announces the launch of Wave, the first-ever digital banking credit card, enabling customers to control their spending and manage their finances for the long term.
Designed by customers for customers, the Wave credit card offers flexibility and convenience to near-tier-one consumers who typically have fewer credit options available to them, with fewer features. Those who apply for a Wave card receive a pre-approved real rate and their credit limit up front 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 document and selfie matching to confirm identity
• Ability to add the card to Apple Pay or Google Pay to make secure payments instantly
• Ability to block and unblock cards in the event of loss or theft
• Changing refund amounts if customers want to pay more
• Alerts to help customers control their spending and monitor their spending to improve their financial behavior
• UK based customer support via live chat
Customers also benefit from a three-day grace period for missed payments, providing additional assistance with life’s unexpected challenges.
“The coronavirus pandemic has had a significant impact on the finances of many individuals over the past two years, which means access to safe alternative sources of credit has never been more important,” says Andy Mielczarek, CEO of Chetwood Financial. “At Chetwood, we strive to create bespoke products that help improve people’s well-being. With the launch of Wave, customers are able to take an important step towards achieving their financial goals, from paying off larger balances to learning how to become more financially responsible over the long term.
During Wave’s beta testing phase, Chetwood worked closely with ClearScore to ensure that the credit card and its features worked as intended and met customer needs, actively responding to early customer feedback to improve the product again. Feedback provided by the first 2,000 credit card customers through ClearScore has been 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 a 4- 5 out of 5 for overall satisfaction.
The Wave credit card will offer credit limits of £250 to £1,750 for new applications, increasing up to £10,000 over time depending on customer eligibility. Customers can enable and disable credit limit increases and decrease their limit at any time through the app.
As part of the Wave offering, Chetwood has also launched a Refund Calculator to encourage better financial behavior and help customers understand how credit card interest works. Using the in-app tool, customers can see how paying a little more than the minimum payment each month can reduce interest and settle their balance faster.
Wave is the fourth banking product launched by Chetwood, having launched its first loan product LiveLend, the world’s first dynamic loan, in the market in November 2018. The reward loan LiveLend uses technology to adapt to the right financial behavior customers, reducing their loan rate when their credit score improves. The product helps encourage customers to further improve their financial situation while providing a fast, fair and flexible way to borrow.