Quicken's new credit card lets users track spending in real time

The personal finance software maker Quicken is launching a credit card with U.S. Bancorp that will allow consumers to manage their spending in real time.

The cobranded product offers a different value proposition than most of the competition in the high-end card market — rather than focusing mainly on rewards, it promises a better way to track household finances.

Quicken CEO Eric Dunn

That functionality may appeal to Quicken’s roughly 3 million customers, whose financial lives are typically well organized.

When Quicken users swipe the card to make a purchase, they will receive a real-time notification in the firm’s mobile app. They will then have the opportunity to categorize the purchase and attach a photo.

“That’s very cool, and it’s very consistent with what our base of users values,” said Quicken CEO Eric Dunn. He noted that the product will be available only to Quicken users.

Customers who make purchases with other credit cards also have the ability to track and categorize their spending in the Quicken app, but a day or more often passes before purchases post to their accounts.

The Quicken World Mastercard has no annual fee, and it offers points on certain purchases. Customers who spend $500 on the card in the first 90 days get a one-year extension of Quicken Deluxe, a value of up to $49.99.

Dunn declined to share annual percentage rates, but he said that they will be competitive. He added that U.S. Bank is handling the underwriting and providing the credit.

Quicken, formerly owned by Intuit, was spun off as a separate company in 2016.

For reprint and licensing requests for this article, click here.
Credit cards Consumer banking Mobile banking U.S. Bancorp U.S. Bank Mastercard
MORE FROM AMERICAN BANKER