American Express has announced a new service that helps families stay within their budget. Now, primary account holders can set spending limits on each additional card on their account. This is especially helpful for parents who give extra cards to their teens and college-age children. Instead of receiving an unpleasant surprise when the monthly bill comes, account holders can choose to be notified by text or e-mail when anyone on the account has reached their designated limit. Primary cardholders can even choose to raise or lower authorized users' spending limits at any time.
American Express believes that this new service will enable families to take control of their finances and live within their means. Instead of doling out cash, parents can simply open a card in their child's name and impose a reasonable spending limit. Both cards will earn reward points, and the child can begin to cultivate a good credit history at an early age.
To learn more about this new feature, contact American Express card member services.
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