The Greenlight Debit Card is one of the many available options aimed at teaching kids how the world works when it comes to spending and earning money. While parents are still in the picture, and pretty much have control, it gives kids a dose of what it’s like to have money at their fingertips and how to be responsible when it comes to spending and saving.
- What is the Greenlight Debit Card?
- Does the Greenlight Debit Card come with any fees?
- How do parents set up the account?
- Can I control the Greenlight Debit Card from my phone?
- Is the Greenlight Debit Card for kids safe?
- What are some alternatives to the Greenlight Debit Card?
What is the Greenlight Debit Card?
The Greenlight Debit Card is a card that allows parents to load money onto a card that their child can use to make purchases. The limit is set by the parents, unlike a credit card where the limit is set by the bank or company issuing the card. Kids quickly learn that they can’t spend money they (or their parents) don’t have.
The Greenlight card also has flexible controls that many parents like. They can turn the card off from the app at any time if needed. They can also make instant money transfers to their child’s card at any time. Parents can also set a limit on how much money can be spent at certain stores and receive alerts any time the card is used. While parents have many controls, the Greenlight card does give kids the feeling of what it’s like to have a certain budget.
There is also a chores management tool and a saving motivation machine. The chores management tool allows parents to set up weekly and one-time chores with rewards to motivate kids to do them. There is also an option to set up automated allowances where kids receive the same amount of money each week at the same time.
The Greenlight Debit Card can be used anywhere MasterCard is accepted. Parents also have the option of getting a customized card for their child with their picture on it. There is a one-time $9.99 fee for this option.
Besides learning about spending, kids also learn about saving. There is a feature that allows parents to set their own interest rate on money saved to teach kids about compounded interest.
Does the Greenlight Debit Card come with any fees?
Once you set up your child’s account, there is a $4.99 monthly fee that comes along with it. The first month is free and you can cancel at any time and avoid penalties.
The account includes debit cards for up to five kids. The monthly fee covers all cards under the account. There are no transfer or overdraft fees and no minimum balance required. Parents can set this up for their children of any age as there is no minimum age.