New card can help consumers manage credit card debt

Because many Americans are growing increasingly cautious with their credit card debt, one lender has teamed up with the world’s second-largest credit network to offer a new card to help consumers manage it.

Citi and MasterCard have teamed up to offer the inControl card, which will give consumers unprecedented power over their accounts. It allows customers to establish not only customized spending limits, but also set up real-time alerts that will let them know when they’re approaching their pre-set personal limitations.

The card can also be set up for budgets on spending in particular categories, and manage where, when, how and for what types of merchants it can be used. Alerts when a limit is being approached can be set to be received via text message or email, which further guards against overspending.

A MasterCard study said that 49 percent of consumers surveyed believe this budgeting tool can help them rein in spending, while 51 percent said it makes them feel safer about their card’s security.

If consumers are worried about identity theft, they should be aware that the best way to safeguard themselves from it is by remaining vigilant when it comes to their accounts.