New App Helps Consumers Avoid Fees
The Credit Card Optimizer, a new app from Prosper Marketplace, helps consumers make better financial decisions and avoid fees by providing payment reminders, a breakdown of interest bearing balances by card, and other tips.
Fees and interest payments are costly to Americans. According to a survey by the Federal Reserve, more than a third of American households carry credit card debt.
Other features of the new app include:
- Users can review balances, utilization and statements for all credit cards they link to the app.
- Consumers can see a projection of the interest they will incur if they do not pay off their balances.
- A “Which Card to Use?” feature helps customers decide which card will cost them the least to use.
- Push notifications to remind users of minimum payments and due dates.
The Apple version is already available in the App Store, and an Android version will be released in the coming months.
“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, resulting in a series of negative outcomes including late fees and high interest payments,” said Raphael Ouzan, vice president of product and technology at Prosper Marketplace. “Prosper Daily’s goal is to be the trusted mobile companion for consumers that are looking to make better financial decisions.”