If you’re like many people, you rely on apps to track everything from fitness goals to prescriptions. Why not use apps to manage your credit cards and help simplify your finances?
This U.S. News guide will get you up to speed on apps designed to manage all aspects of your credit life.
What Credit Card Management Apps Can and Can’t Do for You
“It’s clear that personal finance as a category is just a huge challenge for most Americans,” says Lynnette Khalfani-Cox, CEO and co-founder of financial blog AskTheMoneyCoach and author of “Zero Debt: The Ultimate Guide to Financial Freedom.”
With U.S. consumer credit card debt at roughly $1.13 trillion in the last quarter of 2023, according to a report by the Federal Reserve Bank of New York, and many people without adequate savings, Khalfani-Cox says Americans can use all the help they can get. That includes apps.
[Read: Best Rewards Credit Cards.]
Credit card management apps can help you get clarity on your credit use without having to analyze mounds of bills and statements. “A hidden benefit of using apps for credit card tracking is that they make you much more aware of your spending patterns,” says Ariana Arghandewal, founder of PointChaser, a credit card points and miles blog.
Yet no app is a magic bullet for your finances, no matter how robust its features are, Khalfani-Cox says. Apps have mastered the “set it and forget it” approach, but this can be dangerous with money, she adds.
“Money management is dynamic, not static, and should be revisited, tweaked, updated, monitored and updated from time to time,” Khalfani-Cox says.
Also, technology isn’t flawless, and being aware of when your credit card bills are due is important, Arghandewal says.
“You never know what might happen: Your notifications could get turned off, or not updating the app could lead to a malfunction,” she says. “You don’t want to be on the hook for late and interest fees because you relied too heavily on this technology to tell you when your credit card payments are due.”
Keeping that in mind, here are some top credit card management apps worth exploring. These apps span a range of categories, including budgeting, paying bills, reducing debt, tracking credit card rewards and monitoring card benefits.
For Budgeting: YNAB
Why it’s worth downloading: If you’re seeking an app to take charge of your finances, the You Need a Budget app literally allocates every dollar you make into an expense category. It also helps you plan for infrequent but sizable expenses, build a buffer into your budget leaving more room for fun spending, and create flexible financial plans. It helps you get a real-time snapshot of your finances by connecting to and importing your bank account and credit card transactions.
Although there is no free version, one subscription can be shared with up to six family members. Also, college students get a 365-day trial, making it a great option for a young adult who wants to start off on the right financial footing.
Drawbacks: There is no free version of YNAB, though you can try it out for 34 days before you begin paying. The app also requires a time investment from you to input transactions that don’t automatically import and to categorize purchases as needed. Finally, because you cannot track bill payments from the app and it doesn’t include investment activity, you’ll have to use YNAB in tandem with other tools to see your full financial picture.
Where to get it: Start your free trial at YNAB.com.
Cost: $99 per year or $14.99 per month.
[Read: Best Cash Back Credit Cards.]
For Paying Bills: Quicken Classic Bill Manager
Why it’s worth downloading: Quicken is a leading player in financial software for both consumers and small business owners. One of its services is Quicken Classic Bill Manager, which lets you track, manage and pay your bills via electronic or check payments. You can view PDFs of all your bills from the platform, making it easy to manage your expenses. Also included with Quicken Classic are tax reports, investment tools and budget tracking. To manage your bills on the go, you can download the Quick Classic Companion app in the Apple App Store or Google Play.
Drawbacks: Though Quicken is loaded with features to manage your finances, much of that work is designed to work best on a computer. The companion app is helpful for keeping tabs.
Where to get it: Download Quick Classic Companion app from the App Store or Google Play.
Cost: Quicken Classic Premier, which features Bill Manager, starts at $4 per month.
For Reducing Debt: Debt Payoff Assistant
Why it’s worth downloading: For anyone with revolving credit card debt, this app lets you choose which payoff method is best for you. Debt Payoff Assistant focuses on the snowball method of repaying your debts from smallest to largest. But you can also opt to target your highest balance or interest rate first, or create a custom plan.
“This app has flexibility, and it will help you track your payoff efforts and show you the progress,” Khalfani-Cox says.
Drawbacks: Unlike other apps that pull your balance information directly from your creditors, this one requires you to enter what you owe and interest rates for each account. You can update balances, interest rates and payments as you go.
Where to get it: Download Debt Payoff Assistant from the App Store.
Cost: The app is free but has ads. A Debt Payoff Pro version has no ads but costs 99 cents.
For Tracking Credit Card Rewards: AwardWallet
Why it’s worth downloading: You can see all of your credit card rewards — including credit card points such as Citi ThankYou Points, American Express Membership Rewards and Chase Ultimate Rewards — in one place. The app also lets you know when your awards will expire so you can use them before you lose them.
Arghandewal, who travels all over the world by using points and miles, says the AwardWallet app helps her keep tabs on everything. “You can link all of your frequent flyer, hotel and even bank rewards accounts and get notifications when your rewards balance changes,” she says.
Drawbacks: Some loyalty programs, such as United’s, aren’t part of the platform.
Where to get it: Download it from the App Store or Google Play.
Cost: free. More advanced rewards users can opt for AwardWallet Plus for $30 per year. This gives you historical transaction records, advanced reporting on account balances and transactions, and other extras.
[Read: Best Travel Rewards Credit Cards.]
For Monitoring Credit Card Benefits: Sift
Why it’s worth downloading: Sift aims to help make you aware of the sometimes-hidden benefits your credit cards offer, such as price protection, extended warranties, travel protections and more. It works by linking to your email account so it can “sift” through your digital receipts and then alert you about protections available for those purchases.
For about 20 retailers — including Amazon, Target and Macy’s — you’ll also get automatic price protection, as long as your corresponding credit card offers that benefit. If a price drops on something you recently bought, the app will file a claim for you so you can get a refund for the difference.
Drawbacks: Sift requires access to your email account, which could make some folks uncomfortable. And if your purchase receipts don’t go to your email, the app won’t know about them.
Where to get it: Download Sift from the App Store or Google Play.
Cost: free.
Choosing the Right App
No matter your credit card goals, you can probably find an app to support them. But downloading an app is just the start, Khalfani-Cox says.
“Just having the tool means nothing if you’re not going to make the best possible use out of it,” she says.
Assess your pain points, Khalfani-Cox recommends. Do you have too many credit cards to manage? Are you struggling with credit card debt? Are you unable to maximize rewards programs? Your answers will help you find the most helpful apps.
What’s best for you is really a matter of preferences and priorities. Test a few credit card management apps to see which ones you like, Khalfani-Cox and Arghandewal suggest. In the end, the “best” apps will be the ones that keep you motivated and focused on achieving your goals.
More from U.S. News
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Credit Card Perks That Are Worth the Annual Fee
How to Pay Off Credit Card Debt
5 Credit Card Management Apps to Stay on Top of Payments originally appeared on usnews.com
Update 03/27/24: This story was previously published at an earlier date and has been updated with new information.
