Limits Built In

Researchers at the University of Pennsylvania announced that they have developed a consumer programmable chip for credit cards that will allow consumers to put limits on their own spending.

For example, consumers might want to limit a card's use to a certain amount a day or to spending on only certain days or at certain establishments. Penn researchers said the card could be used to manage corporate accounts or for parents to give teenage children credit cards with restrictions.

Copyright © 2003 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 13, No. 7, 10/03