New Quicken Credit Card Tracks Spending in Real Time

Jill Jaracz
December 9, 2018
Quicken Mastercard

Managing your money can be a time-consuming task, even if you use software or online tools to help you. Every month requires keeping track of receipts and reconciling statements. Even if you do try to keep the flow of paper down and stick with digital receipts, the number of clicks you have to make to get to all of your statements can be a hassle.

Personal financial management software can be a big help in keeping track of your income and spending in order to keep easy tabs on what's going on with your money. Quicken is one of the bigger brands in this field, and millions of people use it to their financial lives easier.

Now Quicken has launched a rewards credit card to make money management even easier. The card is linked to your Quicken account and gives you real-time notifications whenever you use it. The software tracks the transactions--including pending transactions--so that your spending tracking is up to date and you can see precisely how you're doing with your budget at any given moment.

Quicken has partnered with Mastercard and U.S. Bank for this rewards card and designed it to match users' needs and reward recurring spending. Quicken conducted a survey of its users this year and found that almost 70% of monthly expenses were paid for with a credit card. About half of that is food--survey respondents rely on using a credit card to pay for groceries and eating out. That's why the card gives two points per dollar spend on recurring bills, groceries and dining out, including restaurants, bars and fast food. All other purchases net one point per dollar spent.

Two points per dollar spent on recurring payments is an interesting feature, and it's nice to be rewarded for bills that are fairly obligatory. Quicken is also pretty generous with what constitutes a "recurring payment." It not only means monthly bills, but some annual bills as well. This category includes bills for utilities, phone, cable TV, satellite TV and radio, streaming services, insurance, gym memberships, country clubs, private golf courses, and of course, your Quicken subscription.

There's no limit on the amount of points you can earn, and you can redeem them for Quicken products, travel, merchandise, a statement credit or gift cards. Points expire after five years.

"We worked closely with U.S. Bank to create the first credit card that rewards Quicken users for managing their finances effectively," said Daniel A. Chen, Head of Business Development at Quicken, in a statement. "The Quicken World Mastercard is a new finance tool on your phone and in your wallet. With the card and the Quicken mobile app, users will track spending better, earn meaningful rewards on everyday purchases, and ultimately reach their financial goals faster."

The card has no annual fee, and its APR is 15.99 to 24.99 percent, based on your creditworthiness. The lower APR is on the somewhat high side, but if you don't carry a balance from month to month, that's not a big deal. The card also has fees for balance transfers, convenience check cash advances, cash advances, cash equivalent advances and foreign transactions. Late payments will cost you up to $38, and returned payments will cost up to $35.

Other benefits of the card include Boingo Wi-Fi, rideshare protection, concierge services, zero fraud liability, extended warranty, a cellular protection plan, price protection and ID theft protection. The card is enabled for contactless payment and has the Masterpass digital wallet.

"Consumers today want a card with a rich suite of benefits, and the Quicken World Mastercard not only rewards cardholders for spending, but provides access to features that will make managing their finances easier and more effective," stated Sherri Haymond, executive vice president, Digital Partnerships, Mastercard.

Quicken has launched a rewards credit card to make money management even easier. The card is linked to your Quicken account and gives you real-time notifications whenever you use it.

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