New service allows cardholders to setup cards with spending limits…
A unique consumer credit card service has been introduced by American Express that offers the opportunity for cardholders to set spending limits for additional cards that are authorized on the account. Track spending to help manage and maintain a household budget by providing teenagers and other family members a card with a specific limit instead of cash. The service is designed to be a pay-in-full product, with no interest or finance charges accruing because the account is paid in full at the end of the billing cycle. In addition, American Express credit card benefits, services and protections will be extended to all additional card carriers on your account.
“We heard from Cardmembers that they were looking for extra control, especially in these tough economic times,” said Ralph Andretta, executive vice president and general manager of Cardmember Services at American Express. “Parents want to provide their teens and older children with a Card that lets them spend, while helping to instill financial responsibility. This new service is an added control feature that acts like a chaperone, allowing Cardmembers to set and track the amount that can be spent at any time.”
- Cardmembers may apply for an additional card for anyone who is 15 years or older.
- Each of the additional cards will have their own account number; if one is lost or stolen a new card will be reissued with a new number. The account doesn’t have to be closed.
- Change the limit at any time via phone or online.
- Additional cardmembers who are 18 years of age or older will begin to establish or build a credit history, a vital tool in creating a healthy financial future.
- Account activity will be listed separately, making it easy to track and manage spending.
- Receive text or e-mail alerts when spending is approaching the limit on one of the cards.
- Rewards will accumulate faster with the activity of all cards building reward points.
The new service is available to Cardmembers who have the following American Express Charge Cards: the American Express Card, the American Express Rewards Green Card, the American Express Preferred Rewards Green Card, the American Express Gold Card, the American Express Rewards Gold Card, the American Express Preferred Rewards Gold Card, the American Express Rewards Plus Gold Card, the Platinum Card®, the Centurion® Card. To request an additional card and set limits, please visit www.americanexpress.com/
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