NEW YORK--(BUSINESS WIRE)--American Express announced today the launch of Money Manager, a new, free online personal finance service that helps Charge Cardmembers manage their finances and rewards accounts in one, easy-to-access and secure location on AmericanExpress.com. Charge Cardmembers now can link bank accounts, credit cards, investment accounts, mortgage loans, car loans, student loans and rewards points from more than 11,000 institutions all in one place through Money Manager so that they can spot ways to spend and save smarter.
"In today's economy, consumers are looking to gain greater control over their money and to get a clearer picture of where their money is going each month," said Robin Korn, senior vice president and general manager, Consumer Charge Group, American Express. "Money Manager addresses these needs and provides an easy, one-stop solution for those concerned about the time commitment involved in managing their budgets."
Charge Cardmembers can easily access Money Manager by logging into their Card account at AmericanExpress.com and providing username and password information for the financial accounts they want to manage. Once a Cardmember has registered, all their account information is linked and automatically updated, so they can easily and securely access all their accounts without having to log in to multiple individual accounts. Cardmembers also can view charts that automatically categorize their spending, set budgets, receive alerts to stay on track, and get updates on their investments.
Money Manager provides Charge Cardmembers with a range of practical and easy-to-use tools in one location, including:
•Budget Tracker - Set monthly budget goals and receive e-mail alerts on budget limits
•Spending Reports - Analyze spending trends over time
•Financial Calendar - Displays due date and amount due for each financial account where payments are owed, including bills/utilities, credit cards, insurance, mortgage and loan payments
•Rewards Tracker - Monitor balances from frequent flyer, car rental, hotel and other rewards accounts
•Personal Net Worth Calculator - Displays account information in a personalized balance sheet format, categorizing it into assets and liabilities and calculating a total net worth
Consumer Research
Research has shown that now more than ever consumers need these kinds of tools to help them create a budget, while monitoring the numerous financial accounts and rewards programs that have increased over the past couple of years. In fact, a recent American Express survey of consumers about personal finances illustrates a real need for tools such as Money Manager that provide consumers with greater control and insights into their finances. According to the survey results, more than half (57%) of consumers age 18 to 64 are concerned that, in any given month, the amount of money they pay in bills will exceed their monthly income. One in five (21%) consumers say they don't have enough time to monitor their household budget and plan their finances, while a similar number (22%) feel they could use some help finding resources to effectively manage their personal finances.
"Money Manager is a built-in benefit for Charge Cardmembers - a Card that serves as a great management tool by helping people spend within their means and stay out of debt," said Korn. "With these additional financial management tools, along with the security and service American Express is known for, Cardmembers can be reassured that their money works harder for them."
Consumer Charge Cardmembers can access Money Manager at www.americanexpress.com/moneymanager.
This online service is available to all U.S. American Express Charge Cardmembers.
The launch of the service coincides with the news that, for the third year in a row, American Express has been ranked highest in customer satisfaction among credit card companies by the J.D. Power and Associates 2009 Credit Card Satisfaction Study.
About the Survey
This anonymous research survey was conducted by Echo Research and commissioned by American Express. The survey was conducted by telephone among a random sample of consumers aged 18+. A total of 946 interviews were completed among decision makers. Interviewing was completed between September 11 and 14, 2009. The poll has a margin of error of +/- 3.2%.
About American Express
American Express Company (www.americanexpress.com) is a leading global payments, network and travel company founded in 1850.
