Chetwood Financial targets ‘near prime’ customers for new credit card

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Chetwood Financial (“Chetwood”) today announced the launch of Wave, the first digital banking credit card, allowing customers to control their spending and manage their finances for the long haul.

Designed by customers for customers, the Wave credit card offers flexibility and ease to near-premium consumers who typically have fewer credit options available to them, with fewer features. Those who apply for a Wave card receive an actual pre-approved 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, as well as matching documents and selfies to confirm identity
• Ability to add the card to Apple Pay or Google Pay to make secure payments instantly
• Card freezing and thawing capabilities in the event of loss or theft
• Modification of reimbursement amounts if customers want to pay more
• Alerts to help customers control their spending and monitor spending to improve their financial behavior
• UK based customer support via live chat

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

“The coronavirus pandemic has severely affected the finances of many people over the past two years, which means that access to safe alternative sources of credit has never been more important,” said Andy Mielczarek, CEO of Chetwood Financial. “At Chetwood, we strive to create bespoke products that help make things better for people. With the launch of Wave, customers are able to take an important step toward achieving their financial goals, from paying off larger balances to learning about long-term financial responsibility.

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 initial customer feedback for improvement. still the product. Feedback from the first 2,000 credit card customers through ClearScore was overwhelmingly positive, 96% of those who responded described the application process as “very easy” or “easy”, and 98% of customers rated the application process as “very easy” or “easy”. rated 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 on new applications, increasing up to £ 10,000 over time depending on customer eligibility. Customers can accept and decline 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 behavior and help customers understand how interest on credit cards works. Using the simple in-app tool, customers can see how paying a little more than the minimum payment each month can reduce interest amounts and clear their balance faster.

Wave is the fourth banking product launched by Chetwood, having launched its first LiveLend loan product, the world’s first dynamic loan, to the market in November 2018. LiveLend Reward Lending uses technology to adapt to good financial behavior of customers, reducing their loan rates when their credit score improves. The product encourages customers to further improve their financial situation while providing a fast, fair and flexible way to borrow.

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