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Sunday, March 8, 2009

Debit Cards for Teens

My girls are still too young to realize exactly how much hold money can have on us. We do try to teach them early the value of a dollar, and they already love filling their banks with any and all coins they find to ‘save up’ for when they’re older, but what about those who have teens who have a little more independence how do you teach them about money, how do you make sure that they’re making the right choices and not spending every dime they earn?

Discover Card wants to help parents out. They’ve created the Current Card, which is a card for teens from the ages 13 – 18 and is a tool to help parents teach their kids about managing money. In this day and age a credit card, or debit card is the most used form of cash, especially when making purchases online, and the last thing you want to do is hand over your bank card, or credit card to your teen. This is the perfect alternative.

The Current Card by Discover works just like a debit card that you’re already familiar with, once the set limit is reached the card can no longer be used, no overdrafts, no credit to spend. The cool thing about this card is though that as a parent you can set the spending limits be it daily, weekly or monthly. You can also block the card from being used at specific merchant categories such as liquor stores, or even ATMs. You also have the ability via online, email or text message to track your child’s spending habits with the card.

This is an amazing new tool for parents to keep a better eye on their children and the money they have, but the card is also a great tool for kids as well. Kids can direct deposit their paychecks directly onto the card, there’s coupons and discounts available to the card holder when they use their card at specific merchants, and for current Discover Card holders (parents), if you earn cash back or miles with your regular Discover Card, you can now use this to load the Current card as well.

Check out the Current card by Discover by going to their website

Thanks to: Mom Central

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