by Bill Hardekopf, CEO of LowCards.com
Don't you wish you were able to turn off your credit cards when you don't need
them so that no one else could use them? And then back on when you were ready to
make a purchase? With OnDot
CardControl, that may not be such a far-fetched idea.
is a startup company based in San Jose, California that offers a remote control
for your credit cards. The app allows you to control which of your credit cards
are active at any given time directly from your phone or tablet. It also allows
you to set spending limits on the cards and restrict the location where the
cards can be used.If someone tries to use your card number outside of
those limits, the purchase will be declined.
This app could be
particularly helpful to parents since it enables them to restrict the money on
their child's credit card. Parents can remove the restriction in the case of an
emergency, but this ensures that their children will not be spending money
People who have emergency credit cards can turn them off
when not in use to protect against identity theft. People trying to live on a
budget can limit their spending from one card to the next.
applies to every card," said
one of OnDot's co-founders Vaduvur Bharghavan.No matter which cards you
may carry, you should be able to control the cards through your phone. You can
also set up email alerts to notify you when a transaction takes place. If it is
a purchase you did not make, you can contact your credit card company
Lone Star National Bank tested this system with their
customers and saw tremendous improvements in their fraud department. "We
were able to decrease our fraud losses from $450,000 in 2012 to $180,000 in
2013, a reduction of over 60%," said the bank's CEO, David Penoli. "This has
been a big breakthrough, and justifies the solution on its own."
want a new way to control your finances, this could be one
Bill Hardekopf is CEO of LowCards.com, a site that simplifies the confusion of shopping for credit cards. It is a free,
independent website that helps consumers easily compare credit cards in a
variety of categories such as lowest rates, rewards, rebates, balance transfers
and lowest introductory rates. It also gives an unbiased ranking and review for