Smart Credit Card
It's easy to cave in and buy that something you just have to have...but often times, you can't afford it or you simply don't need it. Now new technology puts the control in your hands to keep you in check with your credit limit
How many times have you caved in and splurged on a new gadget, cd or outfit? Althea Paul knows the feeling.
Althea Paul, Shopper
"There was this suit that I had wanted to get and I was contemplating whether to get it or not because it was a little bit pricey but I did end up getting it.
Soon Althea won't have to fight that urge to spend all on her own, a new kind of credit card with a tiny computer chip built in will help her.
Carl Gunter, Prof., Computer and Information Science
"We designed a software system that allows you to put software on a card and restrict the kinds of purchase the credit card is able to make.
Carl Gunter helped invent a smart credit card that can be programmed to restrict your spending. Either the issuing company can set the limits, or you do it yourself. You could limit it based on the date, the merchant, or in some cases, possibly even the product. You could program your teenagers card, so it can't be used at the mall, or set up a company credit card so it can only be used during the work week or up to a certain amount. Special programs on the chip protect your personal information too.
Gunter
"It can do clever things like have the card communicate partially to the merchant and partially to the credit card company."
So both the store and the credit card company only receive the information they need to know. This way the merchant never sees your credit card number, and ultimately prevent other people from stealing your credit card number.
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