What if credit cards worked for you instead of against you?
That’s the idea with MasterCard’s inControl – a new consumer service that grants cardholders the ability to set spending limits and receive real-time updates of their accounts and information. It’s intended to keep Citi cardholders on top and in control of their debt, credit and finances, certainly something you could never have asked a credit card to do for you before.
MasterCard Worldwide will first implement the special inControl feature through Citigroup. Other banks will begin to add inControl as well, according to the New York Times, although MasterCard has yet to reveal which ones.
Those particularly worried about not only overspending, but identity theft and fraud can receive real-time alerts to your phone or email when purchases are made in suspicious geographical regions or a certain amount. This enables cardholders to keep their spending in check and maintain awareness about the possibility of identity theft and fraud.
And because identity theft affected 11.1 million adults in the United States last year, according to a survey by Javelin Strategy & Research, it’s important that to protect yourself as best you can. For complete and affordable identity theft protection, visit Quizzle.com. Or check out these 5 Tips to Protect Yourself from Identity Theft.
MasterCard is truly leading the way in giving greater choice and control to cardholders. Discover and American Express do not have similar products, while Visa offers alerts when fraud may be occurring or if you overspend.
In addition to receiving alerts, cardholders will also be able to set spending limits and budgets for particular types of spending in order to manage where, when, how, and for what types of purchases their credit cards may be used.
So let’s consider guilty pleasures.
Whatever’s digging a hole in your bank account, whether it be eating out or going to movies and concerts, inControl can help set up customized spending limits by category.
Citi will at first only include spending alerts, but eventually it will regulate your spending by denying you purchases. MasterCard will then tell your bank to have your debit or credit card reject any purchase above whatever monthly limit you’ve set for yourself.
Now, it’s unclear what this ultimately means since it will only reject a restaurant purchase after the meal has been cooked, served and eaten, meaning you’re probably still on the hook for the food (unless you happen to find yourself at the most generous restaurant this side of Grandma’s kitchen).
Either way, having your credit card manage your spending is undoubtedly the greatest advance in budgeting I’ve seen.
InControl will also allow you to contain someone else’s spending – like a family member.
The MasterCard Family Solution makes certain that if you issue a credit card to your child, there will again be limits on what and how much. It’s more or less the next step in allowances. This suggests that the bar or liquor store could reject any charges that your college-age kid tries to make behind your back.
Employers that offer company cards are already using this service. To make sure that employees don’t abuse company credit, businesses can limit what and how much is purchased on the card.
For more tips and tools to help you manage your home, money and credit – including the most affordable credit monitoring on the web and complete identity theft protection – visit Quizzle.com.
More from the QuizzleWire:
- Personal Finance 101: Credit Cards
- How to Improve Your Credit Score in 5 Simple Steps
- Pursuing Happiness: The Science of Spending
- Where Does All My Money Go?
- 5 Dangerous Money Pitfalls to Avoid
