Deciding what to spend your disposable income on can be tricky; there are those things that we all have to shell out for, like rent or mortgage payments, utilities, and groceries, but beyond that, managing money can be a challenge.
The Credit Card Optimizer app aims to make things a little easier for folks by giving them actionable insights into their finances and arming them with information about the state of their bank accounts. They will be able to set up payment reminders, create budgets, and see what the interest breakdown is on various credit cards.
Avoiding fees and interest will save Americans thousands of dollars per year
The Federal Reserve estimates that consumer credit card debt was at a record setting high of $34.4 billion during the second quarter of 2016. More than one third of households in the US carry credit card debt, and pay an average of $2,600 in interest over the course of a year.
Features of the Credit Card Optimizer app
With the app, which will be available for iPhone users through the App Store, customers can do the following:
• See all their credit card information in one place, review balances, and go over statement information
• Minimize interest payments by having easy access to outstanding card balance information and projections of how much the interest will be if they don’t pay off a balance in full
• Choose the right credit card to use to minimize interest payments or balance their credit utilization between cards
• Never miss a payment when they enable push notifications to remind them of upcoming payment due dates
Raphael Ouzan, vice president of product and technology at Prosper Marketplace, the maker of the Credit Card Optimizer app, said the goal of the app is to help consumers make better financial decisions, especially in regards to their use of credit. “All too often, people get in trouble with their credit cards through uninformed or careless actions or inactions. These moments can really add up, affecting your financial well-being.” He went on to explain that negative outcomes such as late fees and high interest payments can be avoided if consumers make more informed decisions.