RIVERWOODS, Ill. -- Discover Financial Services has announced two new financial tools, the Paydown Planner and the Purchase Planner to help cardholders better manage their debt load. The card brand said these easy-to-understand tools are designed to help card holders better manage their credit and empower them to make smart financial decisions.
"The Paydown Planner and Purchase Planner help guide cardmembers' 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," the brand said. "Unlike existing solutions, these tools are cardmember-specific. Each interactive planner is pre-populated with the cardmember's account information to help ensure relevance, accuracy and ease of use."
The Paydown Planner gives card members the personal information that they need to pay down their balances by finding the right payment options to reach their financial goals. Card members have two choices when accessing the planner.
They can 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 cardmembers understand how a purchase could affect their monthly payment and plans to pay down their balance. Like the Paydown Planner, the calculator allows them to either enter the total purchase price or receive an approximate monthly payment amount needed to pay off their entire balance or enter the preferred monthly payment amount and receive an estimate of how much they can spend on a new purchase.
"The planners are another example of how Discover is strongly committed to helping our cardmembers stay on top of their finances and reach their financial goals," said Mike Boush, vice president of marketing planning and new initiatives at Discover. "We encourage our cardmembers to use these free and practical tools to help them answer relevant questions and engage in good credit management."