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22/09/2010 -
With consumers adopting frugal spending and saving habits, payment processor and issuer MasterCard has launched a new credit card to help cardholders stay on budget.Through a partnership with CitiBank, the credit card issuer has introduced the new "In Control" program, which will allow customers to put limits on their credit cards - if they try to go over, the card will be denied.
Each month, cardholders will be able to designate how much money they want to spend. For example, if a customer only wants to spend $100 a month on nights out, once they have spent this money, the card will be declined.
Not all are convinced this will help consumers budget, however.
"I think the kind of help they're trying to offer right now is just a Band-Aid," Catherine Schwartz, a financial planner, told Denver television station CBS 4. "It's not really going to help people make the kind of changes they need to make."
MasterCard also recently announced that it would be partnering with Delta Air Lines to offer a co-branded debit card to earn miles on qualifying purchases. It will be the largest and most comprehensive debit card program offered to Delta customers.
