Control Your Budget – With A Little Help From Your Credit Card
In the near future, you may no longer be able to blame your debit or credit cards for that gaping hole in your monthly budget. As the New York Times reports, MasterCard and Citigroup have teamed up to present consumers with a new type of credit card that helps monitor your spending. These cards will contain unique security features that will prevent any transaction that is outside of your monthly budget from being processed.
The service, called inControl, will allow users to set a monthly credit and debit card allowance. If you try to use your credit or debit card for any purchase that’s outside of that monthly limit, your card will be automatically declined. InControl customers will also have the ability to tell card companies to decline any purchases that are not made in-person or that are processed overseas.
How InControl Can Benefit Your Wallet
If you happen to have a spouse, employee, or child who has access to one of your credit cards, the inControl system will prevent these people from exceeding a monthly limit. The inControl system will also help you to stay within your monthly budget, since you won’t be able to use your debit or credit card if you can’t afford to purchase an item. When you want to remove or alter a limit, you will be able to phone MasterCard in order to change this amount (inControl cell phone apps are expected to surface soon).
MasterCard and Citigroup benefit from the inControl system by preventing credit card theft. These companies are also banking on the assumption that people will use cards more often if spending with these cards can be monitored. In the end, inControl seems to work out for both credit card companies and consumers, though this service may not be an optimal choice for everyone.
When to Use (and Not to Use) inControl
You may find it easier to use a credit card that has an inControl feature, since this feature will give you a sense of security – after all, what harm could come from using a card that controls your spending? Plenty. Don’t consider a MasterCard with inControl if:
- You carry a balance: you’ll still pay interest fees!
- You don’t have any room in your budget for spending money.
- You don’t have a monthly budget worked out (this has to be in place before you use inControl).
On the other hand, inControl may be a good idea if:
- You want to rack up miles or points.
- You want to keep track of your spending.
- You don’t carry a balance.
As with any other type of credit card, make sure to read the fine print when signing up for an inControl MasterCard. There’s no word yet on the release date of the MasterCard inControl card, though it is speculated that the cards will hit consumer wallets within the next month or so.
Similar Posts:
- Prepaid Debit Cards With No Monthly Fees?
- SkyMiles Debit MasterCard
- Why your business needs a merchant account
- The Perks of American Express Credit Cards
- Dear Credit Karma… Secured Cards vs. PrePaid Debit Cards
Leave a Reply