The Purchase Eraser feature is available on Capital One’s banking app for iPhone and Android devices. Previously, the feature was only available through online banking.

“Purchase Eraser is a simple and easy to use redemption feature now available to Capital One rewards card customers on their smartphones via our mobile banking app,” said Sukhi Sahni, senior communications manager at Capital One, Mclean, VA.

“By offering this feature on smartphones we are simply giving more flexibility to our customers so they can redeem their miles when and how they want to,” she said. “Everyone in today’s digital age is connected and we want our customers to be able to redeem their miles for previous purchases in real-time.”

Save on mobile
Capital One’s iPhone and Android apps have been updated to include the Purchase Eraser feature.

Consumers can use the feature to erase travel costs that they have already made in order to claim mile rewards on Capital One rewards cards. Qualifying purchases include flights, cruises and hotel stays.

Consumers with the Capital One app will see the feature under the “redeem card rewards” tab once logging in. From there, consumers can see how many miles they have claimed and options on how they can redeem the points.

Once users tap on the “Purchase Eraser” tab, they can select a travel-related purchase to redeem. The credit automatically redeems inside the app to indicate the rewards that consumers have used. The transaction will then be reflected in a user’s account within five to seven days.

Users have 90 days to use their miles and claim their credit by “erasing” the transaction.

Bank on mobile
Earlier this year, Capital One was one of several large financial institutions that backed the ISIS Mobile Wallet. Other financial institutions on board included Chase and Barclaycard (see story).

Additionally, Capital One revamped its app this summer to focus on daily deals and included offers from brands such as Starbucks and Whole Foods (see story).

As mobile banking continues to gain traction, it is important for financial institutions to always stay one step ahead of consumers by updating apps with new features.

However, streamlining the banking experience with simple and easy to use features is still prized by consumers, according to Ms. Sahni.

“We are finding that the biggest value customers are getting is by having access to core features such as account balance and latest transactions. That said the No. 1 feature of mobile banking is its ease of use and rapid accessibility,” Ms. Sahni said.

“It’s like having your bank in your pocket,” she said. “Capital One is also providing several banking innovations. Customers have the ability to redeem their rewards directly from their smartphones using the app, they can access mobile deals – a fast and hassle-free method to save our customers some money without having to clip coupons.”

Final Take
Lauren Johnson is associate reporter on Mobile Commerce Daily, New York