In late 2010, Citi, a global financial services company with 200 million custome

ID: 1184086 • Letter: I

Question

In late 2010, Citi, a global financial services company with 200 million customers in 160 countries, became the first American company to introduce MasterCards with a special set of features known as inControl. Previously introduced in the United Kingdom by Barclays Bank, inControl cards contain budgeting and alert features that help credit card holders stay within their spending limits and prevent credit card fraud. With inControl, card holders can do the following: Set up and manage spending limits Set up budgets for particular types of spending Manage where, when, how, and for what types of purchases their credit cards can be used Receive alerts, via text or e-mail, to safeguard against overspending and fraud Users can customize their cards, choosing to receive alerts only when they are exceeding their limits or to have a card declined when a limit is breached. So, for example, if you choose the latter and have set a monthly limit on restaurant meals, your card will be rejected for restaurant bills above your pre-set cap. Card holders can also arrange to have their credit cards shut off once a limit is reached that corresponds to monthly disposable income. inControl is not the first product that alerts card holders when they have exceeded their limit. Mint.com offers such a service, but you have to log into your bank

Explanation / Answer

1) inControl will limit splurging to a verygreat extent.

extravagant persons may get a tool to keep a check on their spendings. they can check their spendings by setting a predefined limit to their spendings.

moreover while shopping if they recieve a notification or the card is declined , they are bound to realise their spendthriftness, and might even feel a bit ashamed among company.. this feeling may lead them to plan their spendings and in the long run it might even cure the extravagance to some extent.

inControl may also incorporate budget planning into an individual's routine as it might require the person to record the preferences of spending limits.. this might urge the people to plan and spend judiciously..

2)Acredit scoreis a numerical expression based on a statistical analysis of a person's credit files, to represent thecreditworthinessof that person.

before adopting inControl cards

the answer to this cannot be given with certainity.there are a lot of variables, governed by human nature that must be taken duely into consideration.

people who choose inControl cards may not necrssarily be those with a bad credit score, they might even be people who are merely intrested in gaining a better control over their spending.

there might be others who might have resorted to the use of inControl cards as a last resort to limit their excessive spending.

hence it is very difficult to determine the answer to this question.

after adopting the inControl cards

after the inControl cards have been introduced into the system and a large number of people have taken to their use, the credit scores of people would become fairly homogenous, and might depend only upon the declared asets and financial holdings of individuals and their credibility.

3)Ed McLaughlin

Navigate

In late 2006 and early 2007, orange crops in Florida were smaller than expected,

In late 2010, you purchased the common stock of a company that has reported earn

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.

In late 2010, Citi, a global financial services company with 200 million custome

Question

Explanation / Answer

Related Questions

Navigate