American Express Offers to Set Spending Limits for Additional Cards
American Express announced 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.
Cardmembers may apply for an Additional Card for anyone who is 15 years of age or older.
"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."