Citi and MasterCard Worldwide today announced that Citi will implement the first-ever consumer application in the U.S. of MasterCard inControl – an innovative service that gives cardholders the ability to set spending controls and receive real-time information about their accounts.
“We believe that MasterCard inControl will help enhance our cardholders’ experience, through increased transparency, greater spending confidence, and more secure and efficient financial management.”
MasterCard inControl empowers customers to establish customized spend management controls as well as maintain secure and intended usage through real-time alerts. Through inControl, cardholders will be able to:
- Set up and manage spend-limits.
- Set up budgets for particular types of spending and manage exactly where, when, how, and for what types of purchases their credit cards may be used.
- Establish how and when they receive alerts, via SMS-text or email, to safeguard against overspending and keep them informed in real-time about attempted card activity.
Recent MasterCard research showed that 49 percent of consumers feel the type of budgeting tool that inControl enables would help them better manage spending while 51 percent of consumers also feel that inControl alerts will help them feel safe and secure using their cards.
“Citi is committed to providing greater choice and control to our customers, making their lives easier, and helping them better manage their money consistent with the principles of Responsible Finance,” said Ed Garofalo, executive vice president, Citi Cards. “We believe that MasterCard inControl will help enhance our cardholders’ experience, through increased transparency, greater spending confidence, and more secure and efficient financial management.”
“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, chief emerging payments officer, 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.”
The service will be available to cardholders of participating Citi MasterCard credit cards in late 2010.