Customers of Starling Bank in the UK can now set up dedicated ‘Saving Spaces’ for up to five different kinds of expenditure and then create a virtual card for each one that they can use to make payments online and in stores directly from the funds they’ve specially set aside.
“Starling customers can have up to five virtual cards at any one time and can choose a different colour for each one, free of charge,” the bank says.
“To help customers with visual impairments differentiate the cards, each colour also has a unique shape, such as a circle or triangle, in the top-right corner of the card.
“Each virtual card is assigned to a dedicated Space in the Starling app that can be personalised to give customers more control over their budget. Payments can be made directly from a Space, such as a daily bus fare from a ‘travel’ Space or food from a ‘groceries’ Space, rather than coming out from the customer’s primary account.
“When the budget is used up, the virtual card will decline instead of dipping into the customer’s main balance. Spaces can be topped up any time through one-off, weekly or monthly transfers.”
“You can use your card details online and over the phone, or add the card to your mobile wallet to shop in-person,” the bank adds. “When you spend, we’ll deduct the money from your Space, and not your main balance. It’s just like a normal debit card, but we won’t send you a physical card in the post.”
“Our customers asked for virtual cards and we’ve delivered,” says Starling Bank’s Helen Bierton.
“Virtual cards allow people to completely compartmentalise their personal finances for better control of their spending, making it easier to stick to budgets.”