A debit card for kids can be a fantastic opportunity to teach them the fundamentals of managing money. Studies show that teaching children about money at a young age can allow them to grow into financially educated adults and perform better in relationships with their partners.
There are a variety of companies that offer debit cards for children as well, and Greenlight is among the more well-known choices. Through this card, kids can spend, save, and invest in a secure spot.
Are you wondering if you are unsure if you should get the debit card for children is the right choice for your household? The Greenlight card review gives you more details on the process.
Greenlight, an infant, Atlanta, Ga.-based startup, is trying to address the problem that every parent with an elementary, junior or high school student will be able to comprehend the difficulty of giving kids money without fear of losing it or using it for something they shouldn’t.
The company, based in Atlanta, was founded at the end of 2014. It was founded by Tim Sheehan and Johnson Cook in 2022. over 4 million households have signed up for accounts.
The app was created with families in mind and is designed for children of all ages eager to learn about money. Utilizing Greenlight, the card for children’s parents can help their children learn about budgeting, spending responsibly, and saving and investing.
The debit card is a safe debit card and it is designed for children and teens. It is suitable for tweens, teens and kids. This card features its Mastercard logo and can be used wherever Mastercard can be used. Kids can even upload an image to personalize their card’s design.
Pros and Cons
Remember that the kinds of card reviews on websites like the Better Business Bureau are often heavily skewed towards negative reviews. If you’re considering taking out the credit card to your children, It’s worth examining the pros and cons before making a final choice.
- Industry-leading parental controls
- Chore and allowance set-up as well as administration and supervision
- The monthly plans for all monthly plans cover up to five children.
- The interest payments (Savings Boosts, 1% or 2%, based on the plan)
- Alerts in real-time, notifications about spending and access controls
- The cost is higher than we’d prefer on the Greenlight + Greenlight Max and Greenlight Max products.
- Parents/children are not able to lend
- There is no cash reload options.
What Is Greenlight?
It is the debit card serves as a credit card designed for children. This prepaid debit card allows parents to transfer allowance funds and other money into the debit accounts of their children. It allows children to understand how to manage cash with the help of a debit card rather than cash for their daily spending.
The reviewers are not unanimous, with the business getting a B grade by the Better Business Bureau and 4.3 out of 5 ratings from Trustpilot. The most frequent complaints concern the unexpected issues with financial transfers or withdrawals, regardless of whether parents are trying to transfer money into or take money from the account of their children’s account.
Details and Features
So what is greenlight card details and features, The debit card has many features to teach children how to save, earn, and invest money. The choice is yours. Depending on which plan you select – Greenlight, Greenlight + Invest or Greenlight Max the two of you, as well as your children, will have access to all or any of the following benefits:
- Debit card: All plans include debit cards that up to five children can use. This is ideal for families with multiple children because the monthly fee can cover up to five debit cards.
- Educational application: All plans provide an educational app that helps children monitor their balances, complete task lists, earn money and much more. Parents can also utilize this app to switch their kids’ debit cards on and off. If your child loses their debit card, you can switch off the card’s function until it is located or replaced.
- The most fundamental tools for financial management: All plans offer children the chance to understand the fundamentals of finance, including how to set an amount of savings. It’s financial tools are focused on saving, earning, spending and giving. They can also aid you in transferring your financial wisdom to your children. to your children.
- Priority Customer Support: The Max plan allows parents to get to the top of the support line for customers.
- Protection against identity theft This Max plan gives everyone in your family monitoring of identity theft and alerts for fraud and restoration services.
- Controls for parents: All Plans offer parental controls, such as limiting the amount your children can spend in a specific segment (such as gaming) or at a specific retailer.
- A platform for investing: The Greenlight + Invest and Greenlight Max plans offer a children-friendly investment platform that helps children understand the basics of investing. It also teaches them to assess risks, diversify investments, and how compounding growth could enhance their investments.
- Greenlight Black Card: This Max plan gives children access to this Greenlight Black Card, an elegant, contemporary card that could help children be excited about saving and spending.
- Protection against purchases: The Max plan provides security on any purchase made with your debit card damaged or lost.
- Protection for phones: The Max plan protects damaged, lost, or stolen phones for up to five children. (That’s more than five phones you must be concerned about.)
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How It Works
So what is greenlight card basic plan, the basic plan includes a debit card for children and an access point for the app. Greenlight has debit cards available for up to five children per account, making it ideal for families with a large families.
Parents can load money into the debit card to let their kids use or save. You can transfer money to your child’s account manually or set up automatic transfers.
For instance, if you give your child an amount of money each week, such as a daily allowance, and you want to automate transfers so that the money is transferred on the same day every week.
Transfers are made through the application. Adults who have accounts can also carry out the following tasks.
- Keep track of the balances.
- Keep track of purchases and expenditures.
- Control account management
- Include chores or other requirements to be eligible for transfers.
- Establish direct deposits
- Limits for ATM withdrawals
- Limit purchases
- Unfreeze or freeze kids’ cards
Parents can establish rules for the places their children are allowed to purchase and receive alerts whenever their child uses the card. The cards can be used anyplace Mastercard is accepted. However, Greenlight can restrict transactions to certain retailers. So what is the greenlight card used to purchase:
- Money orders, wires, or money transfers
- Deals with security brokers or
- Dating/escort service
- Massage parlors
- Online casinos and online gambling
- Racing with dogs and horses
- Non-sport internet gaming
- Cash back at the time of the purchase
Kids can access the application through their dashboard. However, they have an entirely different set of controls. They can view how much money they can spend and review their transactions history. They also have to access essential tools within the app that teach them about saving, spending, earning and giving.
It provides kids with a 1 per cent savings reward to help children to understand the importance of goals and compound interest. The reward for savings is similar to the interest your child would receive from a traditional financial institution. Adults with accounts can also enable “parent-paid curiosity” to help children increase their savings quicker.
If you’re wondering if Greenlight is genuine, it is. The amount on the kid’s debit card has been protected by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000. Greenlight was registered with the U.S. Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA) as well as the Securities Investor Protection Corporation (SIPC).
How much does the debit card cost?
So what is greenlight credit card cost? The debit card is available in three payment levels: Greenlight, Greenlight + Invest and Greenlight Max.
You’ll be unable to offer your children a Greenlight debit card without paying an annual fee. However, you’ll be able to decide the best tier for the family.
|Greenlight + Invest||$7.98||
Is Greenlight Safe?
Is the debit card legit? Yes. FDIC ensures your debit cards, and you can utilize debit cards almost anywhere Mastercard can be used.
Where shouldn’t Greenlight be utilized? Safeguards protect Green light from being used for purchases that are not considered child-friendly.
The debit cards from being used to make purchases that aren’t considered safe for children, like gambling on the internet or dating services. The debit cards cannot be used to buy money orders, wires or other items or to get cashback at the time of purchase.
What is the issue with the app? Is it suitable for use? Yes. Greenlight app is secure. The application uses standard encryption methods to ensure that any information sent via it is safe as possible.
The debit card for kids is designed for children is among an increasing number of debit cards created to teach children about spending, saving and giving.
It distinguishes itself from peers by offering an investment program that lets children learn about making investments, assessing risk, and monitoring compound growth.
The monthly cost may be too high for certain families. Others may consider the benefits offers by them – such as parental control and the ability to limit spending be worth the price.
Suppose you’re considering getting the Greenlight kids ‘ debit credit card to your loved ones. In that case, you may have many concerns, including whether your kids can use Greenlight to purchase items using Apple Pay and other well-known mobile wallets.