Impulse purchases just got a little easier, at least at one major retailer. U.S. Bank has released an iPhone app that allows shoppers to apply for a credit card anywhere and get instant approval for their purchases. The company is launching its app with outdoor clothing and sporting goods retailer REI, a current credit card partner.

Once the app is downloaded, REI customers will be able to quickly apply for a credit card and if approved, receive instant access to their new accounts. Customers who are approved will receive a virtual credit card which they can present upon checkout to pay for their purchases.

The app will also serve as a customer account management tool, allowing users to check account balances, make payments and shop in the store or online. The app, which is named the REI Visa App, will eventually be made available to Android phones later this year, but right now is only available from the Apple App Store. U.S. Bank intends to launch similar apps for its other retail partners later this year.

The REI Visa Card has no annual fee, gives customers 5 percent cash back rewards points on purchases made at REI, and 1 percent on all other purchases. REI offers its members a 10 percent discount on eligible purchases which is not affected by the use of the REI Visa Card. It carries an APR that runs from 10.99 percent to 22.99 percent depending on credit profile, and varies based on the prime rate.

In addition to its REI card, U.S. Bank also offers partner credit cards for such retailers as Kroger, Gymboree, Caché, Fred Meyer, Sport Chalet, Ace Hardware and Harley Davidson, plus a number of airline partners.

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