Capital One Adds Subscription Management Tool to Mobile App

Capital One officially introduced a new subscription management tool to the Capital One mobile app.

The tool helps consumers view, block and cancel recurring charges from select merchants with just a few taps, the bank said in a Wednesday (Oct. 16) email to PYMNTS.

“Consumers are often unaware of just how much they’re spending on these recurring services,” Matt Knise, senior vice president, premium experiences at Capital One, said in the release. “We’re always looking for opportunities to simplify and empower our customers when it comes to their financial lives.”

With Capital One’s new subscription management tool, customers can block and cancel subscriptions from select merchants within the bank’s mobile app; view upcoming subscriptions charges to see when payments are due; and receive alerts for subscriptions they have blocked, canceled or are about to renew, according to the release.

The tool is integrated with the Capital One mobile app and is available at no additional cost, the release said.

It is designed to solve common subscription management pain points for consumers, including the challenge of keeping track of recurring charges and facing unexpected expenses, per the release.

“Whether blocking a charge for an unnecessary subscription service or receiving alerts about upcoming payments, Capital One cardholders can feel comfortable and confident about how their money is being spent,” the release said.

PYMNTS Intelligence found in early 2023 that 56% of consumers canceled a retail subscription due to cost in the previous year. Cost is the top reason for cancelation of these subscriptions, according to the PYMNTS Intelligence and sticky.io collaboration, “Subscription Commerce Readiness Report: Bridging the Gap Between Subscription Conversion and Retention.”

In an earlier, separate product launch, Atomic said in May that it launched a subscription management technology called PayLink Manage that can be added to banking apps. With this technology, financial institutions can enable their account holders to view and make real-time changes to all their recurring payments — all within their banking app.

In March, Mastercard said it was piloting a subscription management solution that financial institutions can add to their consumer banking offerings. The Smart Subscriptions solution enables consumers to cancel, pause and resume their subscriptions.