Greenlight Debit Mastercard for Kids
Kids need access to money too, right?
Well, if you’re tired of handing over cash or your personal debit card, there’s an option available to you: Greenlight.
Greenlight’s tagline says it all:
The debit card for kids, managed by parents.
With this approach, you can provide your children with access to money while teaching them what it means to be financially responsible. It’s a win-win!
How Does the Greenlight Debit Card Work?
The Greenlight debit card works in a similar fashion as a debit card.
With a single click – regardless of time or location – you can send money to your child’s debit card. You don’t have to hand them cash. You don’t have to go to the ATM. And you surely don’t have to give them access to your debit or credit card.
Also, since you’re giving your child such a big responsibility, you have access to parental controls and spending notifications (more on this below).
What Does it Cost?
At this point, you’re probably wondering if there’s a catch.
Here’s what you need to know in regards to the cost of the Greenlight debit card:
- There’s one low fee – $4.99/month – for the entire family
- You can request debit cards for as many as five children
- There is no minimum age
- There is no minimum account balance
- There are no international, overdraft, or transaction fees
- There is no charge for replacement cards (the first time around)
And best yet, the first month is free and there are no contracts. You can close your account at any time, without penalty.
There are two optional extras to consider:
- Custom design cards are available for $9.99
- Expedited shipping – delivery within three days – for $24.99
Remember, both of these extras are optional. Greenlight doesn’t charge for your first card (and first replacement) or delivery.
Safety and Security is Priority
Let’s face it: safety and security are always on your mind when it comes to your children. So, it’s only natural to have concerns when you hand over a debit card.
Greenlight takes this very seriously, so they’ve taken the time to build a safe and secure experience for every parent and child. Here’s what you get:
- State of the art encryption to protect your personal and financial data
- FDIC-insured
- Greenlight blocks unsafe spending categories
- Greenlight blocks the ability to request cash back at the register
The last two points, in particular, should give you peace of mind.
Greenlight Features
By now, you have a basic understanding of what the Greenlight debit card has to offer. However, we still need to dive into some of the more advanced features.
- Chore management: Attach chores to perks with this in-app feature. This allows your children to work for their money.
- Autopilot allowance: For example, if you want to give your child a specific allowance on the first of every month, you can set this on autopilot. It saves you money. It also saves you from your children asking for their allowance.
- Access to three account types: Sped, save, and give.
- Instant transfers: Your child doesn’t want to wait for their money to arrive. And for that reason, Greenlight provides instant transfers from your bank account to their debit card.
- Real-time notifications: Want to know how your children are spending their money? You’ll get an alert every time the card is used. You’ll also receive an alert if the card is declined.
- Spend controls: You choose the stores where your children are allowed to make purchases. If they attempt to use their debit card elsewhere, they’ll be denied and you’ll be notified.
- Easy to enable and disable: For example, if you need to disable your child’s card, perhaps as a punishment, you can do so via the app. It only takes a second.
- Savings goals: There’s more to the Greenlight debit card than giving your children an easier way to spend money. It also teaches them how to save. By setting savings goals, you can help your child save money for the future.
What Do You Need to Sign Up?
If you’re convinced that Greenlight is right for you and your children, it’s time to sign up. As expected, they make the process as easy as possible. Here’s the information you need to sign up:
- Your phone number
- Your email address
- Your mailing address
- Your legal name
- Your date of birth
- Your Social Security number
- A personal bank account or debit card
- Your child’s name
Final Thoughts on the Greenlight Debit Card
Although the Greenlight debit card has some competition, it’s proven to be the best in class on many fronts.
If you want to make life easier for you and your children, learn more about the Greenlight debit card and how it can fit into your financial lives.
It’s affordable, packed full of features, and designed to teach financial responsibility.
