American Express Adds Option To Set Transaction Limits On Their Credit Cards

American Express just added a new feature on its website allowing its cardmembers to change the transaction limits on their credit cards for different transaction types. You can also enable/disable a particular category of transactions on your American Express credit card online.

Enable/Disable a Particular Category of Transactions

This new feature added by American Express allows the cardmembers to enable/disable a particular category of transactions on their credit cards via the credit card management option on the American Express website. For example, you can disable your American Express credit card for contactless payments or international transactions by logging in to your credit card account on the American Express website.

The various toggle options available on the  American Express website include options to enable/disable your credit card for-

• Domestic online transactions
• Domestic chip transactions
• Domestic contactless transactions
• Domestic ATM transactions
• International online transactions
• International chip transactions
• International contactless transactions
• International ATM transactions

This feature can come in handy in certain situations when you are under the doubt that your card’s security was compromised. For example, if you suspect that you might have been a victim of online fraud, you can disable your card for online transactions, while it can still be used for POS purchases and ATM transactions.

Set Transaction Limits

You can also set the maximum limit on the amount that can be spent with your American Express credit card via different transaction methods. For example, you can limit the amount that can be spent with the credit card on online international transactions or, say, via contactless transactions.

How to Set the Transaction Limit

You can enable/disable your American Express credit card for a particular category of transactions or limit the maximum amount that can be spent via a particular type of transaction by following the steps as under-

• Log in to your American Express online account.
• Click/tap on “MENU” on the top left corner of the screen that opens.
• Select the “How do I manage my online account” option.
• Now scroll down a bit and select “Account Servicing” followed by “Transaction Security Settings”.
• Make the desired changes on the next page.
• Now submit the preferences. Your request shall be processed within 1-2 working days and you will also receive a confirmation message regarding the same.

Bottom Line

RBI recently advised card issuers to provide online card management options to their credit card customers. Following RBI’s guidelines, HDFC Bank recently introduced a web app for online card management. Now American Express is also allowing its credit cardmembers to change the transaction limit or to enable/disable the card for a particular type of transaction. Unlike HDFC, American Express was already providing other card management options like downloading card statements, tracking Membership Rewards Points, etc. to its cardmembers.

We consider it a good initiative by RBI and card issuers to allow credit card management to the customers online via website/mobile app as it not only improves transparency but also gives full control over monthly expenses to the cardholders.