Consumer Payment Card News

Discover Tools

Discover has introduced two new financial tools for cardholders. The “Paydown Planner” and “Purchase Planner” help guide cardholders’ spending and payments by calculating the period of time it may take to pay down a balance or how a large purchase may affect their account. Unlike existing solutions, these tools are cardholder-specific. Each interactive planner is pre-populated with the cardholder’s account information to help ensure relevance, accuracy and ease of use. Cardholders have two choices when accessing the “Paydown Planner”: start with a monthly payment and see the approximate time period it will take them to reach their pay down goal or start with a target date and see an estimate of how much they will need to pay each month to reach that goal. The “Purchase Planner” helps cardholders understand how a purchase could affect their monthly payment and plans to pay down their balance. Like the “Paydown Planner,” cardholders can view results through two different options: enter the total purchase price and receive an approximate monthly payment amount needed to pay off their entire balance and enter the preferred monthly payment amount and receive an estimate of how much they can spend on a new purchase. Cardholders can also schedule payments in advance online, choose a payment due date, and opt to have automatic e-mail reminders to help them stay on top of their finances. for more information visit: “http://www.discover.com”:http://www.discover.com

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