Two popular views persist on the financial habits of Millennials. Some say 18-to-35-year-olds are more financially sound and savvier than previous generations. Others argue Millennials generally spend outside of their means…it isn’t just college loans pushing many into debt.
Whether you believe you are financially adroit or you figure you have a lot still to learn, credit and debit charges can pile-up quickly. Ranging from automatic payments for services like Netflix and Dropbox to impulse purchases like this morning’s Starbucks run, it’s easy to let your expenses go unnoticed and, sometimes, even out of control.
CO-OP, a fintech provider to credit unions, wanted to give cardholders greater control over their debit and credit card purchases, and protect them against fraud, without sacrificing convenience. The result is CardNav by CO-OP.
CardNav is an app that puts you in control of your credit and debit cards by enabling you to turn them into active budget participants. What does this mean to you? If you belong to a credit union that offers it, CardNav can empower you to be more financially savvy and secure with little to no effort or time.
How it works
The app boasts a variety of features that easily permit users to customize settings to accommodate their needs. For example, the mobile app allows you to turn cards on or off in seconds, set alert and budget preferences, and even location controls for how and where a card can be used.
Set CardNav’s customized controls and alerts in any number of ways:
Specify a geographic region where the card will be utilized, with transactions denied when used outside the parameters. So when you realize on the way home from the bar in your Uber that you forgot to close your tab, you can easily turn your card “off” until you pick it up the next morning. The app also lets you arrange a “follow-me” travel itinerary to reduce fraud and service denials, which automatically turns your card off when it’s out of range from your cell phone.
As the cardholder, you are able to specify allowed transaction types, such as in-store, online, recurring or ATM cash withdrawals. Other types of transactions, like card-not-present, can be denied in real-time if this control is selected. You can also set a spend limit on transactions with the ability to turn that same parameter off when you’re standing in line to pay for an unusual purchase, like new car tires, for example.
Merchant categories can be limited to gas, restaurants, groceries and electronics – whatever you specify – to help you stay on budget. A specific merchant can also be authorized for a single transaction if you have concerns when making a purchase; for example, from an online vendor you’ve never used before.
CO-OP and the Financial Force of the Future
As the first completely digital, living almost entirely on their smartphones generation, Millennials are the financial force of the future. CO-OP provides credit unions with the necessary tools so they can:
- Be accessible to you in real-time, all the time.
- Communicate with you via text reminders or alerts.
- Offer you personalized solutions (not one-size-fits-most).
- Enable a banking experience that educates and empowers you.
See CO-OP’s CardNav in action in this brief video: