Citi will implement MasterCard's consumer application inControl in the US to allow cardholders to set spending controls and receive real-time information about their accounts.

Through MasterCard inControl, cardholders will be able to set up and manage spend-limits and set up budgets for particular types of spending and manage accurately where, when, how, and for what types of purchases their credit cards may be used.

The cardholder can also select either SMS-text or email kind of alerts, to safeguard against overspending and keep informed in real-time about attempted card activity.

Citi Cards executive vice president Ed Garofalo said that MasterCard inControl will help enhance cardholders’ experience, through increased transparency, greater spending confidence, and more secure and efficient financial management.

MasterCard chief emerging payments officer Ed McLaughlin said that through the MasterCard inControl service, the company is focused on leveraging the latest technology, consumer trends and global network to provide card functionality as the company navigate today’s new financial realities.

MasterCard said that the service will be available to cardholders of participating Citi MasterCard credit cards in late 2010.