New Credit Card Protects Seniors
Credit cards didn’t exist when today’s senior citizens were young, so they went through a good portion of their lives paying cash for most of their purchases. But in today’s society, it is hard to make some transactions without a credit card, and this presents quite a challenge to the caregivers of the elderly. Especially with the high incidence of fraud and identity theft.
Fortunately, a new card on the market may help these individuals avoid overspending and reduces the risk of credit card fraud.
True Link Financial now offers a prepaid card designed with senior citizens in mind. With this card, a caregiver or family member can set up a direct deposit for a portion of a senior’s pension plan to give him or her a budget to work within.
The caregiver may also block certain types of purchases from occurring, like those for online shopping or toll-free numbers. The card comes with a built-in fraud blocker that will alert the caregiver if a suspicious charge comes up. Then, the person can accept or decline the charge and assess the overall situation.
The fee for using the card is $20 a year, which seems a small price to pay for this protection. It was primarily designed for seniors, but parents could also use this as a first card for their children.
This prepaid card is all about monitoring expenses and making sure someone else’s finances are protected.