News and resources on payments systems, innovations and initiatives worldwide.

Chetwood Financial targets 'near prime' customers for new credit card

Source: Chetwood Financial

Chetwood Financial (“Chetwood”) today announces the launch of Wave, the digital bank’s first-ever credit card, empowering customers to control their spending and manage their finances over the long term.

Designed by customers for customers, the Wave credit card offers flexibility and ease for near-prime consumers who typically have fewer credit options available to them, with less functionality. Those who apply for a Wave card are provided with a pre-approved real rate and their credit limit upfront 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, plus document and selfie matching to confirm identity
• Ability to add the card to Apple Pay or Google Pay to make secure payments instantly
• Card freezing and unfreezing capabilities in case of loss or theft
• Changing repayment amounts should customers want to pay more
• Alerts to help customers control spending and monitor outgoings to improve financial behaviour
• UK-based customer support through live chat

Customers are also afforded a three-day grace period for missed payments, providing additional support when faced with life’s unexpected challenges.

“The Coronavirus pandemic has heavily impacted many individuals’ finances over the past two years, meaning that 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 tailored products that help make people better off. With the launch of Wave, customers are able to take an important step closer to achieving their financial goals, from paying off larger balances, to learning how to become more financially responsible for the long term.”

During the Beta testing phase of Wave, Chetwood worked closely with ClearScore to ensure the credit card and its features were performing as expected and fulfilling customer needs, actively responding to initial customer feedback to further improve the product. Feedback provided by the credit card’s first 2,000 customers through ClearScore has been very positive, with 96% of those who responded 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-£1,750 to new applications, increasing up to £10,000 over time based on customers’ eligibility. Customers can opt-in and out of credit limit increases and decrease their limit at any time through the app.

As part of the Wave offering, Chetwood has also launched a Repayment Calculator to encourage better financial behaviour and help customers understand how interest works on credit cards. By using the easy in-app tool, customers can see how paying a little extra than the minimum payment each month can reduce the amount of interest and clear their balance quicker.

Wave is the fourth banking product launched by Chetwood, having brought its first lending product LiveLend, the world’s first dynamic loan, to market in November 2018. The LiveLend Reward Loan uses technology to adapt to customers’ good financial behaviour, reducing their loan rate when their credit score improves. The product helps encourage customers to further improve their financial position whilst offering a fast, fair and flexible way to borrow.

Comments: (0)