Presently, my master credit card account number is on the charge card that my bank sends me. I can create additional temporary account numbers for on-line and mail-order transactions. But if the card is compromised, the bank has to cancel the account and send me a new card with a new master account number. I have to update my settings with Netflix, eBay, PayPal, FasTrak, and many others.
This is backwards.
I should have a permanent master credit card account with my bank that is tied to my name, address, credit limit, and automatic payment arrangements; the number of this master account is not used for purchases. I should be able to create long-lived charge numbers under this account for trusted on-line vendors, and I should be able to obtain and replace new cards with new numbers under this master account, without affecting any other master account arrangements.
This would be a convenience to the bank as well as to me and other customers. By simplifying credit card management, it would reduce fraud exposure.
