Starling Bank launches virtual cards linked to Saving Spaces
Starling Bank has introduced virtual cards for its personal current account customers.
Starling Bank has launched virtual cards that are linked to a Saving Space on its app. Available to personal account customers, the virtual cards work just like a normal debit card for payments. However, instead of linking to the main account balance, they are assigned to a dedicated Saving Space that can be personalised.
Virtual cards
Customers can hold up to 5 virtual cards at any one time. Each card will have a different colour and a unique shape, like a circle or triangle in the top right hand corner.
They will also have a card number, expiry date and CVV, like a physical card.
As they are linked to a dedicated Saving Space, payments can be made from a personalised space instead of your primary account. If the budget on the virtual card is used up, the card will decline instead of taking money from the main account.
However, if you need to top up your Saving Space, you can do this at any time in the app. Or if you prefer, you can set up weekly or monthly transfers.
Looking ahead, Starling said it plans to roll out virtual cards to business current account customers in 2023.
Spending insights
In addition to virtual cards, Starling has also redesigned its spending insights tool. You can now analyse your spending in specific Spaces.
As well as this, you can set custom date ranges and view interactive graphs to understand your spending habits better.
Money management tools
With the cost of living crisis starting to bite, money management tools like virtual cards and spending insights can help people budget more effectively. And as more and more payments are made online or through your mobile phone, virtual cards could become more commonplace.
The ability to separate out your payments can help you manage your money better. For example, Starling customers can use Saving Spaces to create a separate place just for subscriptions. Then manage payments through their virtual card. This will give them greater visibility of what they are signed up to.
