American Express announced today a unique, new service that provides American Express Charge Cardmembers with the ability to set spending limits for Additional Cards on their account.
It's the only consumer card on the market to offer this type of spending control. Now, instead of providing cash to their teenagers, other family members, the nanny, or other household helpers, Cardmembers can set, manage and track spending limits on Additional Cards, helping them to maintain a tighter household budget and track all family expenditures billed to their Card.
"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. I hear from parents who feel like an ATM, handing out cash to family members and household helpers - not able to easily track where the money goes. 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 can be in control of family spending while extending the benefits, services and protections of the American Express Charge Card to others in their family and lives. Cardmembers may apply for an Additional Card for anyone who is 15 years of age or older.
Other benefits of having an Additional Card with spending limits include:
- Distinct account numbers: All Cardmembers have separate account numbers, so if an Additional Cardmember's Card is lost or stolen, a new Card will be reissued with a new number for only that Card, and the entire account doesn't have to be closed.
- Help establish or build credit history: For those over the age of 18, being an Additional Cardmember on a parent's account can begin to build a credit history- an important tool in creating a strong financial future.
- Easy tracking system: All charges made on Additional Cards are listed separately, so the primary Cardmember can easily track and manage household spending.
- Account Alerts: Cardmembers can sign up to receive emails or text messages to alert them when a set spending amount is being approached or has been reached on one of their Additional Cards.
- Ability to change the limit at any time: The primary Cardmember can modify the spending amount anytime, online or over the phone.
- Peace of Mind - The Cardmember is in control since they can use the Charge Card as a personal allowance dispenser - allowing others to spend only the amount they've approved.
- Build up Rewards Point Banks: Cardmembers can earn points faster because all Additional Cards are linked to the primary Cardmember's Membership Rewards account.
- No Interest or Finance Charges: The Charge Card is designed to be a pay-in-full product, meaning Cardmembers pay no interest or finance charges because they pay in full at the end of the billing cycle.
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.