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Tracking your credit card spending can be a boon for credit cardholders everywhere. Not only will they know exactly how much they have spent but also know about the categories, the amounts, and the retailers or merchants whom they have visited to make purchases. To make things simpler, all the statistics have been put together in a really easy to understand manner – like a pie chart, bar graphs, and itemized transactions in the spend analyzer tool.
The spend analyzer tool is freely available to all Discover credit card holders. It does exactly what the name suggests – analyze your spending patterns. Furthermore, there is no need to input your transactions manually. The tool uses your account information to populate the data automatically. No more hunting through old billing statements and going through stacks of paper to figure out how come money goes out as soon as you deposit your paycheck in the bank.
The Best Way To Track Your Spending: Online
The spend analyzer is an online tool designed to give you the information you need in the manner that you best comprehend: visually. Your spending patterns are broken down into categories like gas, automotive, supermarkets, medical services, merchandise / retail, warehouse clubs, travel and entertainment, home improvement, department stores, government services, restaurants, and more. These categories are then represented as slices on a pie chart, clearly labeled with the relevant totals of expenses in each category.
Click on a slice (category) and the chart expands into a new chart showing you the merchants and retailers you have shopped with in that category. Click down further on a merchant and you can track your spending to the exact dates and the amount you spent on that particular day at that merchant.
By taking one look at the pie chart, you can know exactly how much you have spent in each category in a time period ranging from the past month to the past 24 months. The spend analyzer does all that and more. Just log in to the Discover site and see how your expenses are turning out.
Bar Graphs And More
To help you to keep a track of your spending, the spend analyzer also comes equipped with bar charts to show you your levels of spending based on time periods chosen by you. These bar graphs are set on your per month total spending limits. They are specifically designed to help estimate and actually reflect all payments made by you in the past twenty four months.
The Benefits Go On
With the Discover card, the benefits do not stop with the online spend analyzer. There are other tools like the paydown planner which can help you to reduce your outstanding balance to zero within a certain timeframe by giving you the option to choose your payment and your timeframe. Like the spend analyzer, this tool is free of charge and is populated automatically based on the transactions on your Discover card. Tracking your credit card spending is important and when you understand how this can save you money – it is one more benefit to add to your Discover card.