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.
What else can I do with it?
After successfully connecting your credit card with your goal, you can view your current balance, recent transfers, saves made towards that goal, and withdraw funds back to checking if needed.
View your live balance
To enable your live balance for your credit card and view your recent activity, just follow the steps to connect, and then click "Turn on Live Balance:"
View your recent credit card transactions
After you have live balance turned on, you can also view your recent transactions for that card by clicking on the card itself:
View savings history
To view all of your saves Digit has made towards your credit card goal, and add funds manually/withdraw funds back to checking, click on the top white box, which displays your current goal balance: