Cardholders can track household spending by date, merchant category, merchant location, card number and name
MasterCard has launched MasterCard Money Manager, a new interactive financial management tool that enables MasterCard cardholders to monitor debit card spending for themselves and members of their household. Reportedly, using the web-based tool, consumers can review signature and PIN-based MasterCard transactions by merchant category and create customized categories to identify spending patterns and compare actual spend to an allocated budget.
According to the MasterCard, Money Manager simplifies record keeping and eliminates the data entry that most budgeting programs require. Users can track household spending on multiple cards daily, monthly or over time and have the ability to sort transactions by date, merchant category, merchant location, card number and name.
Keith Sultemeier, executive vice president and chief financial officer, Security Service FCU, said: “MasterCard Money Manager provides our members with a simple and convenient way to create a budget and then track how and where they are spending. Especially in today’s economic environment and as we approach the start of the holiday shopping season, we’re excited to be able to offer our members more control and greater financial management capabilities simply by using their debit card.”
Patricia Preston, senior vice president, US debit product management and development, MasterCard, said: “As consumers increasingly seek greater control and visibility into their spending, MasterCard Money Manager provides an intuitive and simple to use way to manage and assess an individual or household budget. The financial management tool is the latest MasterCard innovation designed to help financial institutions offer superior products that add value and make life easier for their customers.”