What is credit card debt reduction?
Digit has created a new experience called credit card debt reduction that will help you save for and pay off your credit card debt. When you enable this feature you'll connect a credit card and Digit will save what it can toward your credit card goal. Once a month it'll automatically send the money in that goal as an extra, supplementary payment to the credit card you've connected. This is not meant to replace your regular or minimum credit card payment.
- Algorithmic savings
- Enabling auto-payments
- Go faster or set limits
- Track debt progress
- Pause or stop whenever
How does it work?
To start chipping away at that debt, you'll want to create a “credit card debt” goal. Periodically, Digit will move money from your checking into your credit card debt reduction goal, based on what you can afford. Once a month, Digit will automatically apply the amount that’s been saved for the goal to your credit card. Payments will typically post to your credit card within 2-5 business days.