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Greenlight Financial Technology was founded in 2014 by CEO Timothy Sheehan who wanted a more streamlined way to teach kids about money and how to be responsible with their earnings/savings. With this vision, the Greenlight Debit Card was created!
Greenlight is a user-friendly debit card that is meant to act as an introductory payment method for kids. Parents can add funds, control expenditures, and monitor their kid’s spending habits all with one handy, easy-to-use mobile application. Greelight is free to download on Apple App Store & Google Play.
Below we discuss all of the features the Greenlight debit card has to offer, as well as any associated fees or other factors you may want to consider before becoming a cardholder.
The Greenlight debit card is an excellent alternative to giving kids cash, which can be easily lost or wasted on frivolous purchases. Greenlight allows parents the freedom to monitor their kid’s spending habits while also allowing parents to put money away in separate categories, like an emergency fund.
The special category feature can be used as a safety net so that just in case the child spends their money foolishly (which can be expected), they’ll still have money stashed away. The user-friendly and easy-to-navigate app can be customized to send alerts to the parents phone when money has been spent, funds in the account are running low, or when a payment has been declined.
Children can also send money requests to their parents in real-time if they need extra cash to make a purchase. Transfers made from the parental account to the child’s account are made instantly and are always free of charge.
Greenlight debit cards give kids a reason to look forward to chores because now they can be paid for it directly through their Greenlight account. Greenlight allows parents to set up one-time or recurring chore lists within the app, which kids can easily access. Upon completing the chore, the child can check off the chore within the app and be awarded with a payout.
This feature is just another benefit of the Greenlight debit card because it teaches children the value of a dollar and preps them for the workforce. The employer (the parents) and employee (children) relationship is one of the features parents really enjoy because their child is learning responsibility.
Greenlight’s chore and allowance payouts enable kids to earn their own wages and track their allowances. This feature is not commonly found in other debit cards. Because of the amount of parent/child features built into the mobile, we’ve chosen the Greenlight debit card as one of the best prepaid cards (although not a prepaid card) for teens.
Another great incentive Greenlight offers is parent-paid interest on any saving the child does. Parents can set a yearly interest rate, which is calculated on the amount in their child’s account daily and paid out monthly. This gives kids more motivation to save their money, especially when saving up for a new items that they’ve been wanting.
Greenlight’s convenience comes at a small price: $4.99/month. This set fee allows up to five kids on one account. There is also a one-time optional fee of $9.99, if you want to customize your kid’s card with a picture of them. Finally, if you lose your card (which kids are bound to do), the first replacement is free with a small fee of $3.50 per extra replacement thereafter.
This is a very small fee to pay for the peace of mind the card brings, as well as the security and convenience it provides both the child and the parent. Greenlight has a set country list where it is readily accepted so be sure to check the list out before attempting to order a card. Greenlight is comparable to Famzoo prepaid debit card, both cards that earned their spot as the best for teenagers and kids.
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