Author Topic: Limit credit card usage by vendor?  (Read 845 times)

secondcor521

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Limit credit card usage by vendor?
« on: April 01, 2018, 06:06:31 PM »
Hi,

My Dad is at the point where I'm helping with his finances.  Right now I just look over stuff after the fact and make sure he's not making any huge mistakes or being taken advantage of, and helping him fix things as needed.  I'm fairly certain that my "help" will at some point evolve into me taking responsibility for his finances.

On his last CC statement, there were three charges he either didn't intend to make or didn't remember making.  The three charges total about $750.  One was a thing where he thought he was getting a single bottle of something but it looks like he also ended up with an expensive subscription.  One was Amazon Prime, which is the second time he's accidentally signed up for it, probably when he ordered something at Amazon.  The third was a $650 charge that he doesn't remember anything about.

On the plus side, there were a lot more that made sense and/or he remembered making.

At this point, taking away his CCs is too draconian.  OTOH, leaving him to his own devices will likely leave us cleaning up / canceling / disputing several charges per month.

Is there any middle ground?  What I'd love but don't think exists is a CC where we could whitelist the places where he uses the card most (the grocery store, Amazon, maybe the airlines), and then anything else would get rejected or need an additional approval or something.  Are there any other ideas?

I am already POA on his investment accounts and his local checking account.  I'm not an agent or anything on his credit cards, but he's agreed that adding me would be a good idea so I can deal with stuff like this without going to his place and having him approve me each time we call the CC company.

Sibley

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Re: Limit credit card usage by vendor?
« Reply #1 on: April 01, 2018, 07:02:28 PM »
I'm not aware of anything like you describe. However, your father is officially HIGH RISK for scams, being taken advantage of, etc. Keep a close eye on things. You might consider seeing if he's willing to run purchases past someone else to make sure he doesn't mess up. Generally, talk to him. Assuming he's in agreement there's a problem, ask him what makes sense to address it.

Beyond that - make sure you've got the right paperwork in place re POA, wills, trusts (if needed), etc. You want those in place prior to the time you need them.

I've got elder issues as well with my parents as well. You're not alone!

secondcor521

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Re: Limit credit card usage by vendor?
« Reply #2 on: April 01, 2018, 07:30:15 PM »
Thank you Sibley.

We do have POA, wills, trusts, healthcare POA, etc. in place.  And I agree with you it's much better to have them in place before needing them than vice versa.

Scams are my main concern.  I'm not sure if he would agree there is a problem or what he would suggest doing about it, mostly because the pattern I see over time is one he can't remember because he's a tad forgetful nowadays.  Sigh.

I am gradually getting more involved / inserting myself.  But it's hard on many levels, as I'm sure people with parents like ours understand.

CrustyBadger

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Re: Limit credit card usage by vendor?
« Reply #3 on: April 01, 2018, 07:37:37 PM »
I don't have any experience with them myself, but would a reloadable prepaid card be of use?  There is probably a monthly fee to use it, but it would allow you to put a certain amount of money on the card at one time, and he could use it just like a credit card only he could only spend so much.

https://www.forbes.com/sites/moneybuilder/2014/05/22/protect-the-elderly-from-scams-with-a-prepaid-debit-card/#360001c451bb

CrustyBadger

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Re: Limit credit card usage by vendor?
« Reply #4 on: April 01, 2018, 07:39:33 PM »
The Forbes article from 2014 mentions this card for Seniors as having some of the features you are looking for.  Again I have no experience with it myself.

https://www.truelinkfinancial.com/card/true-link-card-for-older-adults#newsbar-link

daverobev

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Re: Limit credit card usage by vendor?
« Reply #5 on: April 01, 2018, 08:00:46 PM »
I was thinking the same, CrustyBadger.

Any normal prepaid card would do (make sure there are no/low monthly fees...), or even just a credit card with a low limit.