Move over stodgy store credit cards. Now there's an app for instant credit.
A new app launched by U.S. Bank allows iPhone users to apply and receive on-the-spot credit at retail stores.
Rather than apply for a store credit card like the rest of us, iPhone users will be able to reach for their phones and, voila, instant credit.
This app is being piloted with REI, or Recreational Equipment Inc., a retailer of outdoor gear and apparel, and will be introduced to other retailers later this year, according to a press release from U.S. Bank.
The REI Visa App makes it easy for iPhone users to apply for a U.S. Bank co-branded credit card. Once approved, the new cardholder receives a virtual credit card via their iPhone. The virtual credit card contains account information and can be used to make immediate purchases.
The app includes access to account management tools that allow iPhone users to view account balance and recent transactions and make payments to their virtual credit cards. The app also provides a link to REI's website for online shopping.
According to a press release from U.S. Bank, this app will be available to shoppers with Android phones in the near future.
What do you say iPhone users? Do you like the idea of using your iPhone as a store credit card? Or do you prefer other personal finance apps for your iPhone?