Services exist to harness merchant codes and transaction IDs for consumer good. The increasing use of plastic with vulnerable populations (those with addictions, disabilities, memory loss, etc.) has prompted some promising offerings from companies such as True Link, which sells robust features currently limited to prepaid cards (and a monthly subscription rate). Increasingly granular functions allow end user input into spending categories (ex. gambling), subcategories (ex. casinos), and even spending limits tailored to specific merchants.
My own interest is how to use these tools to encourage better habits and budget awareness for my family and me. Think of this as an exploration into the occasional nudge and conversation, rather than lacing anybody into a digital straitjacket. I've posted on the matter before (see here), so long ago now that myFICO forums archived the post.
Do you bank somewhere with these kinds of digital guarddrails? Does anyone know of a bank or credit union that provides category-wide parameters? Below is a list of consumer products, for reference:
Card Suite ("Lite" and "Pro" variants, previously branded as SecurLOCK)
CardValet
CardNav (found at some credit unions)
Card Control
MobiPay
MyCardRules
UShield
How these tools generally work:
- restrict spending by merchant category (on/off)
- restrict spending by dollar amount
- limit purchases to a geographic area
- turn card on or off
Any specific feedback to the above questions is welcome. Looking more for data points than debate here; I don't begrudge people using debit or credit cards differently from me, but I'm content reading about those adventures elsewhere.
