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The next era of card applications?

By Jeanine Skowronski · Bankrate.com
Wednesday, August 6, 2014
Posted: 11 am ET

Your mobile device could one day soon make filling out a credit card application even easier.

U.S. Bank is currently testing a mobile app that allows prospective cardholders to populate its credit card applications by scanning their driver's license through the camera of an iPad.

credit-card-blog-scanned-drivers-license-on-an-ipad

A new app allows you to scan your license to apply for a credit card.

Tests are currently being conducted at the Minnesota Twins' Target Field. Stadium employees use the app, powered by photo recognition technology from mobile imaging developer Mitek, to process applications for U.S. Bank's Minnesota Twins Rewards MasterCard.

Once the scan is complete, applicants verify the information. They add part of their Social Security number, income and a few other pieces of info and then the application is processed, using the card's standard underwriting criteria.

U.S. Bank says the app was designed as a way to make it easier to fill out applications on mobile devices.

"The actual work of entering data can be a little challenging on a glass screen," says Dominic Venturo, chief innovation officer for U.S. Bank Payment Services. He says the new app is "one of things we've worked on to simplify the process."

While there are no concrete plans regarding the app just yet, Venturo says the technology could be rolled out to more U.S. Bank partners and/or products.

Mitek's technology doesn't actually take a photo of your license, so you don't have to worry about someone getting a hold of the image in the event of a data breach. Once the scan is complete, information is stored the same way as with any other credit card application.

You should, of course, carefully consider whether you want or need the card in question before applying, no matter how streamlined the process may be. Credit card applications will generate a hard inquiry on your credit report, which could, in turn, ding your score, particularly if you're on the credit bubble.

Would you use a mobile app to apply for a credit card? Let us know in the comment section!

Follow me on Twitter: @JeanineSko.

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