Is it time for banks to start issuing "limited use" credit cards?
Personally, I would love to have:
* A general use credit card # good for transactions up to $SMALL_AMOUNT_I_SET per transaction and $SMALL_AMOUNT_PER_DAY limit unless I specify otherwise in advance. This would be of limited value to a data thief.
* A travel credit card # that is good only at $CERTAIN_TYPES_OF_BUSINESSES like airlines, hotels, gas stations, etc. and only for dollar amounts typical for the particular merchant unless I specify otherwise in advance. This would also be of limited value to a data thief.
* An internet credit card # that is only good for goods delivered to pre-designated addresses and with a pre-set daily and weekly limit unless I specify otherwise in advance. Likewise, this would be of limited value to a data thief.
* For merchants that have recurring charges, like my phone bill, a unique credit card # just for them, one that would be worthless to a data thief.
* A relatively easy but secure (yeah yeah, it's a trade-off) way to pre-authorize short-term exceptions like buying a refrigerator or a large Christmas-shopping trip. Preferably this authorization would require two independent communications channels, such as me calling the bank and talking to a live human and/or entering a code number printed on my monthly statement prior to going online and making the authorization.
* Alerts for any activity that is over any limit I set or otherwise meets any fraud-related parameter that I pre-set (some banks allow this today).