June 23, 2009 - 10:52am
This week American Express announced the launch of a new service that allows its cardmembers to set spending limits for Additional Cards on their account. 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.
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.
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.