New credit card can help manage credit card debt

New credit card can help manage credit card debt. Over the past few years, many consumers across the country may have found that credit card debt can pile up in a hurry if they’re not careful with their finances and don’t pay attention to their spending. Fortunately for those consumers, there is a new credit card, which is offered jointly by MasterCard and Citi, which may be able to help them keep track of their finances.

The new inControl credit card allows for increased flexibility in credit card debt management. It not only allows consumers to establish personal monthly spending limits, it also alerts them when they approach those balance totals. This card will be available to consumers by the end of the year.

Those limits are able to be set up not just for the total account, but even for spending in particular categories. This way, consumers are able to ensure that they aren’t spending more than they want to for specific items or services in a given month. Similarly, the alerts consumers can set up will allow them to know when they’re approaching these monthly totals, and can be received via text message, email or both. In this way, they are able to stay on top of their finances in real time.

"Through the MasterCard inControl service, we are focused on leveraging the latest technology and consumer trends and our global network to provide card functionality that gives power to the people as they navigate today’s new financial realities," said Ed McLaughlin, the chief emerging payments officer for MasterCard Worldwide. "We are excited to be working with Citi to bring these cardholder alerts and controls to life, offering them better information and greater control over their spending activity."

A MasterCard study found that 49 percent of consumers surveyed felt the inControl card offered them the kind of budgeting tools that would help them to better manage their spending. It also found that 51 percent of consumers would feel safer and more secure in using this card over others.
Many consumers that may be concerned about how safe their credit card accounts are should be aware that the best way for them to protect themselves from a potential threat is to stay vigilant and constantly monitor their finances.