Financial goals vary from person to person. For long-term goals, planning is key. The Vital Card App has features that help you reach financial goals.
What is financial growth?
While financial goals vary, financial growth has similar factors for everyone. Financial growth happens when your financial situation improves. This happens when you build a better credit score, and you become eligible for more credit.
Another common way to see financial growth in your money life is to build your savings. It also happens when your investment assets begin to generate more wealth.
Whatever the exact path your financial growth takes is, you will note some key factors contributing to growth.
Keeping credit balances paid on time, having a strong budget, and building savings toward a specific interest are all markers of credit growth.
Vital gives you a complete overview of your spending habits. This happens in the spending summary.
What is a spending summary?
Spending summary is the screen within the Vital Card App that categorizes your spending activity. It gives insights into how much money you spend over a given period on specific categories.
You can track the following categories: retail, restaurants, pet care, fees and adjustments, travel and entertainment, transportation, supermarkets, business services, and miscellaneous.
Learn more about Vital's spending summary features via our interactive Help Center.
How does spend tracking help financial goals?
Your spending summary is always current. It shows you the past week, month, and year of spending history.
This gives you a real-time snapshot of the cost of your average expenses. If you have a new financial goal, knowing its real cost over the recent period lets you track your budget.
Manage bill pay
Having a realistic picture of your expenses is a good step toward budget setting. You’ll want to take a step further by having a 360 view of your credit usage, your credit bill pay calendar and managing the billing cycle of your credit. It’s important to pay credit bills on time to keep accounts current.
We covered that in an earlier article that explains how account cycles work on the lender’s end.
The Vital Card App features digital access to your total card balance. The personalized settings of the app let you schedule your payment due date to accommodate your flow of funds.
By optimizing your credit usage experience, the Vital Card App helps you keep account payments current. This keeps your credit score stable and allows you to plan and budget for growing your finances.
Protect your ID
A breach of your financial security can put a damper on even the best laid financial growth plans. This is why the Vital Card App provides you with features that help you monitor your credit card safety.
Protecting your account
You can change your card number directly from the Vital Card App. This is useful if your card is lost or if you suspect it was stolen.
Vital also has credit alerts in place to help you monitor SSN security alerts, and various credit or non-credit concerns. This prevents you from becoming the target of identity theft. The Vital Card App alerts you when suspicious activity targets your account.
If you suspect that you have been the target of an identity crime, you can freeze your Vital Card instantly using the app. Freezing your card will prevent anyone from using your card while you address the account issue.
Vital rewards you for sharing and spending responsibly. Our built-in referral program encourages you to build your financial community by sharing a unique referral link with friends.
Grow community with referral rewards
As those friends get approved for a Vital Card, you unlock cash and cash rewards. You can share Vital Cash with other members of the VITAL community, including your Vital Connections.
Your Vital Connections are the members of the Vital community who directly impact your referral score. Through this, you can build wealth as a group. You can also provide support to friends.
Rewards for building better credit
Vital's tools help you track responsible spending. The tools give you in-depth analytics for your money life, so you can have informed insights for strategizing spending around money factors.
Such as targeting credit balance payments or purchases to boost your credit score, managing investments, and monitoring savings. As you build healthier credit, your credit score will grow.
When you pass credit score milestones, we celebrate your success with cash rewards.
This cash can be added back to savings and translated to your financial goals.
Financial goals are personal
Remember that financial goals are unique to your financial situation. All of these tools are to help you get started.
It’s important to research your financial goal, review your situation, and tailor your goals to meet your unique needs. If growth takes longer for you than it does for someone else, that is okay. Just remember that making progress is a combination of good planning and responsible habits.
Vital Card blog posts are intended for informational purposes only and should not be considered financial or any other type of advice.