As soon as a user spends some cash, they can open up their Mint app, and input how much they spent. The app’s geolocation feature finds all the merchants around a person’s location to help them assign their expense to the respective establishment. As soon as the spending is input, Mint automatically updates the user’s bank balances.
Although the addition is somewhat minor, Mint says that it has been one of its users’ “top requests.” It makes some sense. After a payment is made, pending transactions don’t always pop up immediately on online statements. And in some cases, until the transactions clear, the balance a bank shows for an account is not entirely accurate, since the pending transactions haven’t been accounted for.
“By cleanly and immediately categorizing cash spending, no purchases remain unaccounted for in people’s budgets,” Mint said in a statement today about its iPhone app.
Mint has had a busy week. The company yesterday unveiled a new Sneak Preview program, called Bill Reminders. That feature, available to 300 CNET readers and a total of 11,000 across the company’s user base, reminds users when they have bills due.
Mint’s updated iPhone app is available now as a free download.