Greenlight Card Review
The Greenlight card gives you granular control over your child’s money by allowing you to line spending limits for specific stores. Plus, it’s unique features sort of a bank account that earns parent-paid interest and an investing platform where your kid can invest in real-time together with your permission. But these perks accompany an unavoidable monthly fee.
Our Personal Review as a Parent
Before choosing Greenlight, my wife and that i were asking an equivalent questions on the minds of the many parents: How old should your kids be before they get their first debit card? How does one teach your kids to be responsible about money? do you have to give them an allowance, and if so, how much? does one make them “work” for the cash by doing, say, household chores?
The short answer is that each family and circumstance are different. Ask yourself honestly if your kid is conscientious, mature and independent. Then consider what quite shape your own finances are in.
Debit cards are obviously not credit cards, and therefore the distinction is extremely likely lost on kids who mistakenly may even see all the plastic in your wallet as being equal. It’s up to you to right off the bat explain the difference and allow them to know that the cardboard you’ve given them has those finite spending limits.
The Greenlight card has several features i actually like that likely would appeal to other parents, too, all managed via the parent version of the Greenlight app.
After funding the Parent’s Wallet through your own checking account , you get to dictate how your kid can spend. you’ll direct funds, as an example , into a Spend Anywhere bucket that’s just that; the child can use the plastic card in any store that accepts a Mastercard.
But you’ll also apportion a group amount of cash which will be spent only in stores or sorts of stores (any restaurant, any gasoline station , etc.) that you simply specifically approve of beforehand . you’ll also allow the child to withdraw cash from an ATM, up to an amount you designate.
Parents can view the child’s spend history through the app. On their version of the app, kids can check their balance and permissions.
You can also plan to receive notifications that tell you where and when your kid spends money or just in case a merchant declines a sale . And yes, you’ll allow your kid through the app to request extra money on the spot – allow such requests at your own peril.
As a parent, you would like to line your kids up for fulfillment any way you’ll — which likely includes teaching the worth of earning, saving and investing money at an early age.
The Greenlight card is best for folks who want granular control over their child’s spending. The app allows you to set spending limits for specific online and in-person stores, plus you’ll indicate what proportion “fun money” they will spend out of their total account balance monthly . The app also comes with a bank account that has parent-paid interest and an investing platform that teaches your kid firsthand the facility of interest.
Greenlight‘s biggest downside is that the flat monthly fee. There are other prepaid cards — like BusyKid — that provide a lower fee. But Greenlight’s features outweigh this fee if you would like more say in how your child spends their money.
The Greenlight card has general kids’ prepaid card features, such as parental controls and the ability to create chores and pay allowances. But it also has these noteworthy features:
- Two categories you can fund: Deposit money in two categories: one that can be spent by your child anywhere and anytime, and the other that has parental control features. As the primary cardholder, you can receive alerts when purchases are made or declined, requests come in, balances get low and more.
- Investment feature: Choose the Greenlight + Invest or Greenlight Max plan and your child can invest with real money in real time. They’ll need your approval before they can make any trades.
- Parent-paid interest: Encourage savings by setting up an annual percentage yield rate that you pay toward your kid’s general savings. It’s based on the average daily balance of the general savings and pays out monthly.
- Real-time extra funds requests: If your child’s out shopping and needs to make a purchase that exceeds the funds they have, they can send you a request for additional money in real-time. Any transfers made from the parent to the child’s wallet are instant and free.
- Flexible plans: You can have up to five children on one parent account. Plus, you can customize your child’s card with a photo of them for a one-time fee of $9.99.
- Few fees: Greenlight doesn’t charge any purchase, reload or withdrawal fees — although you may pay ATM operator fees. If your card gets lost or stolen, the first replacement is on Greenlight, and any after will cost $3.50.
The Greenlight card has an EMV contribute it, which helps keep your data safe and secure whenever your child makes a sale . As a parent, you’ll set spending controls that are good for your child, and you’ll get instant notifications whenever they spend money. Together, these features help make Greenlight a secure option for your child. Through Greenlight‘s Max plan, you furthermore may get fraud protection and cellphone protection that covers damaged or stolen phones.Go To Official Greenlight Site