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Mint tweaks its personal-finance iPhone app

The company says that with a new feature, users will be able to know their true bank balances at any time.

Mint's iPhone application.
Mint's iPhone application. Mint

Mint, which makes a personal-finance app, is taking full advantage of the iPhone's geolocation features in an update to the application.

As soon as users spend some cash, they can open up their Mint app and input the amount spent. The app's geolocation feature finds all the merchants nearby to help users assign the expense to the respective establishment. As soon as the expenditure is logged, Mint automatically updates users' bank balances.

Though the addition is somewhat minor, Mint says it has been one of its users' top requests. That 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.

"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 people 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.