Everyone has lost his or her credit card at some point, and whether it was left at a restaurant or on the subway, the first step is to cancel it. Now disabling lost credit cards is as easy as pressing a button. The OnDot has a introduced a mobile application called CardControl. According to the company website, the OnDot CardControl app allows users to control credit card preferences on their cell phones.

Not only can users immediately disable credit cards through the app, but the change is immediate, meaning that as soon as the card is turned off on, it can’t be used. However, the ability to “shut-down” the credit card is just one of many features offered through the application.

Additionally, the OnDot CardControl app allows users to “correlate mobile phone and transaction location,” meaning that a credit card will only be active when it’s in a certain region or area, or within a close vicinity of the user’s mobile device. In addition to location-tracking services, users can limit card spending based on specific transaction types. For example, users can allow a card to only be used for groceries or gas, until that user manually allows for department store purchases.

Similarly, users can choose to entirely disable the ability for a credit card to permit online purchases.  Each preference can be easily changed within seconds through the application. And for those users who have trouble keeping track of a budget, the OnDot CardControl app can be used to set spending limits on individual transactions or on a monthly or weekly basis.

According to an article on Business Insider, Vaduvur Bharghavan, the company’s co-founder and executive officer, “Our system applies to every card.”

The company has stated that it works on debit, pre-paid, and credit cards and on a variety of channels, including online stores and auto-pay. In fact, as Business Insider goes states in its article, the OnDot CardControl has been in the works for three years. “In that time, it’s raised $18 million and perfected its product, in addition to partnering with four major credit card processors and 10,000 banks and credit unions across the U.S.” If a bank isn’t working with the OnDot CardControl app “all they would need to do is flip a switch and turn on the technology.”

Will you give the next generation of credit card monitoring a try? Personalization is king, and the credit card business is keying in.