U.S. Bancorp said Tuesday that it has launched a new iPhone app that lets its retail partners offer instant credit to their customers.

Currently the app is being piloted with Recreational Equipment Inc., an outdoor gear and apparel retailer, and should be introduced with other retail partners later this year. The app allows users to apply for a U.S. Bank co-branded credit card and, if they are approved, receive credit for immediate in-store purchases.

Additionally, the app lets users view the account's balance, see recent transaction information and make a payment to the account.

The REI app, called the REI Visa App, is available from the iTunes App Store. U.S. Bank says it anticipates making the app available for Android users soon.