7 money management tools from Capital One
March 21, 2023 8 min read
Keeping tabs on your money is an important part of reaching key financial goals. But managing your money isn’t always easy—especially when you’re balancing busy schedules, professional demands and personal commitments.
Luckily, there are some mobile money management tools you can use to monitor your financial accounts, track spending and more. And many of them are built into your Capital One Mobile app. Learn more about how you can use digital tools to manage your money on the go.
- Money management apps are digital tools that let you monitor your accounts and control your finances from your cellphone, tablet or computer.
- Money management apps are generally safe, but it’s important to do your research and find a trustworthy app before connecting your bank account.
- Capital One’s suite of digital tools allows you to service your account 24/7, set up fraud alerts, review transactions and more, all from your computer or mobile device.
What are money management apps and tools?
Money management apps—or personal finance apps—and tools can be used to monitor and control your finances from your phone, tablet or computer. Some—like the Capital One Mobile app—may even have features that help you reach certain goals, like saving a certain amount each month, tracking changes in your credit score or paying off debt.
Are money management tools safe?
Many money management apps and tools use security measures like encryption and multifactor authentication to keep your personal information secure and prevent hackers from accessing your account. That said, security can vary based on the tool you use. So it’s important to do your research and choose a money management app from a reliable financial company.
7 ways to use Capital One’s money management tools to optimize your finances
Money management apps, tools and features can help you achieve your financial goals. But in many cases, users have to download multiple apps to accomplish goals like monitoring their bank accounts and tracking their credit score.
Luckily, the Capital One Mobile app offers several tools that can help you effectively manage your money. Here are seven ways you can use Capital One’s suite of digital tools to help optimize your finances—all from your phone, tablet or computer.
1. Manage your bank account
The Capital One Mobile app can make monitoring your finances easier than ever. You can enable notifications that help you stay current on recent transactions. You can set up an automatic transfer on payday to build your savings or establish an emergency fund. Or you can lock a lost or stolen debit or credit card without calling customer service or visiting a bank branch.
Tapping into these digital tools can also put enhanced account controls right at your fingertips. For example, the Capital One website and app offer 24/7 access to your accounts and balances. With just a few clicks, you can:
- Check credit card balances
- Make one-time bill payments
- Set up automatic payments
- Manage payment due dates
- Use Zelle® to send and receive money in minutes
- Deposit a check using your cellphone
You can even reach out to Eno, your Capital One virtual assistant, for additional account information. For example, you can chat or text with Eno and get insights into payment due dates or unusual account activity. Eno can also answer account questions, activate a new credit card or update your personal information.
2. Keep tabs on your credit score and credit report
Your credit scores are a key indicator of your financial health. And routinely monitoring your credit scores and credit reports can help you understand where you stand in the eyes of potential creditors. With that in mind, consider finding a tool that gives you an overview of your credit health.
CreditWise from Capital One makes monitoring your credit simple. The app breaks down account balances, tracks credit utilization and alerts you to changes in your credit reports. It also lets you know if your personal information has been found on the darknet so you can take action to protect your identity.
Using the digital tool to track your credit score and report can have other benefits, too. For instance, if CreditWise alerts you to a change in your credit report, it could help you spot identity theft or fraud and react faster. It could also give you insights into tactics that could strengthen your finances, like paying down credit card balances and lowering your credit utilization ratio.
3. Track your spending
According to the Consumer Financial Protection Bureau, tracking your spending can provide clarity about your spending habits. It can also help you create a budget and make decisions that get you closer to your savings goals.
Some people prefer to manually track expenses using a spreadsheet or even pen and paper. But a digital app lets you keep tabs on expenses no matter where you are. For instance, the Capital One Mobile app gives you an at-a-glance, real-time look at your expenses and account balances. You can even ask Eno for a list of your most recent transactions or an update on your credit card spending limit through the app or via text message.
4. Identify recurring charges
Recurring payments are charged to your account at predetermined, regular intervals. Some of the most common examples include monthly payments to a TV streaming service, your gym or your utility provider.
Signing up for recurring payments can be convenient. In many cases, you can “set it and forget it,” and never worry about losing access to a service or running out of a product you use regularly. But tracking and managing recurring payments aren’t always easy, especially if you tend to pay your credit card bill without examining each transaction. And if you’re not careful, you could end up paying for a subscription you no longer want or need.
That’s where Capital One can help. You can log in to your Capital One Mobile app to view a snapshot of upcoming bills, subscriptions and payment deadlines. Eno can also help you track recurring charges and send you notifications if your recurring charges increase significantly or if duplicate charges appear on your account. And the virtual assistant can alert you when a free trial period is about to end. That way, you can decide whether you’d like to cancel the service before you’re charged.
5. Make online shopping safer with virtual cards
Virtual credit cards are temporary, automatically generated credit card numbers connected to your actual account. Some credit card companies require you to contact them and ask for a virtual card number. But with Capital One, eligible credit cardholders can easily use and manage virtual credit cards.
Virtual cards allow you to shop online without needing your physical card on hand. You’ll proceed through the checkout process the same way. But instead of inputting your actual credit card number at checkout, you’ll use your virtual card number.
Using a virtual card number means you don’t have to share your actual account number with merchants. And that could help keep your financial information more secure in the event of a hack or data breach.
Plus, you can lock, unlock or delete your virtual cards for added control and security while shopping online. You can even generate virtual credit card numbers for specific merchants and set up an automatic expiration date to lock your virtual card and prevent additional charges.
6. Find the best deals on everyday purchases
Shopping online can be an effective way to save money—if you do it right. Keeping an eye out for online-exclusive deals, free shipping or discounts for new customers may help reduce the cost of everyday purchases. And you can always perform a quick search for potential coupon codes and apply them to your purchase.
Looking for another way to help save money while shopping online? Consider downloading Capital One Shopping. When you add the free web extension, the app scans thousands of websites and digital coupons to ensure you’re getting a better deal. The extension can add coupon codes automatically at checkout, too. And you can earn rewards on purchases, which you can redeem for gift cards.
7. Stay one step ahead of fraud
In 2022, the Federal Trade Commission received roughly 2.4 million reports of fraud, with consumers losing nearly $4 billion to scammers. As the world becomes more and more connected, it’s even more important to protect your personal information from fraudsters.
Fortunately, tactics like checking your credit card statements, using strong passwords and monitoring your credit report can help you prevent and identify fraud. So can setting up fraud alerts using a mobile banking or money management tool. For instance, the Capital One Mobile app offers security features like:
- Proactive fraud alerts to help protect you and your money
- The ability to lock a lost or stolen card to help prevent fraudulent purchases
- Instant purchase notifications that let you monitor transactions in real time
Simply sign in to the mobile app to set up alerts and enjoy more control over your financial security.
Money management apps and features in a nutshell
Using money management features from Capital One can be an effective way to get more control over your finances and monitor your accounts on the go. And if you’re ready to make financial management even simpler, learn more about how Capital One digital tools look out for you and your money.