More and more parents are opting for a new solution to the allowance dilemma for their older children and teens. Prepaid Visa and MasterCard debit cards can offer a great new solution to this issue. Some banks offer parents this option, but if yours doesn’t, you can find easy solutions online or in brick and mortar shops. A prepaid debit card can allow you to monitor your teen’s spending, and avoid the risk of losing cash. Moreover, mom and dad can easily fund the card with little effort and no need to remember a trip to the ATM for cash for allowances.
What should you know about these prepaid debit cards? In most cases, they are basically a gift
card, emblazoned with a Visa, MasterCard, American Express or Discover logo. Many of these cards do come with substantial fees. There are typically both set up fees and monthly maintenance fees. There may also be fees associated with adding funds to the card. If your usual bank offers a prepaid card for teens, the costs may be lower, and funding the card more convenient. When choosing a prepaid debit card for your older child or teen, keep these issues in mind.
The Visa Buxx card is one of the popular choices in prepaid debit cards for teens. More information is available at the visa buxx website, but the card itself is managed via individual banks. Moreover, the Visa Buxx card offers information on budgeting, saving and smart spending for teens.
You can also manage a Visa Buxx or Target giftcard allowance system via Payjr. This site allows parents to track chores and payment due, then pay the allowance via the site quite conveniently. A Visa Buxx card is available for those over 13, and payment via Target giftcard for the 12 and under crowd.
The Allow prepaid MasterCard at allowcard.com is another option. Again, parental controls allow for spending limits, monitoring and other benefits. The fees for the Allowcard may be somewhat higher than for Visa Buxx as it is not associated with individual banks.
The Upside Visa, available at upsidevisa.com is another Visa branded card alternative for teens. Like the other options, parents can review spending, set limits and easily fund the card. The Upside card loads instantly, making it a good choice for emergency use. Also, fees are lower than with some other cards, particularly if you do not have the option of a prepaid teen debit card associated with your bank.
Additional Teen Credit cards: