Using Prepaid Credit Cards for Teens
Prepaid credit cards for teens make perfect sense. Parents have knowledge and control about their teens spending habits. Teens benefit from these cards by learning money management skills. The MasterCard prepaid debit card is a secure payment card that parents load with funds. The amount and time of deposit are completely up to the parent to determine. If the parent wants to stop their child from spending or in the case the card is lost or stolen, the parent can shut the access to funds down immediately. Credit cards for children have been around for a while but this one provides real time information about balances and purchases.
Parents are sent a text message each time the card is used. The text message contains details about the purchase such as amount. Parents can set the amount a child receives each month to achieve more control over spending. Parents know where the money was spent and the exact amout. Parents may also appreciate that because credit bureaus are not included in the application process, their own credit score is not a factor in obtaining the card. There are no overdraft fees since the child can only spend what is available. Because of this parents never pay an overdraft fee.
Teens enjoy the freedom of being able to shop with their friends. Using the card helps them learn life skills about money. They can monitor their spending and balance easily and learn to budget. They can purchase clothing, shoes, school supplies, or earbuds anywhere the MasterCard debit card can be used.
Grandparents, non custodial parents, godparents, aunts and uncles and others can easily add fund to the cards. The parent can easily set the controls for the card to allow others to send birthday or holiday money. There is no waiting for a birthday check to clear. The check cannot be lost in the mail. Money goes directly into the account and is ready to use.
Student debit cards allow college students who are far from home enjoy a little more security. Emergencies like flat tires or car repairs can cause unpleasant surprises and leave students short on money. With these cards, parents can easily make sure their child has money without the hassle of wire transfers or money transfer services. Students can pay for school supplies, books, clothing or food anywhere the MasterCard debit card is accepted.
Parents like prepaid credit cards for teens because it makes life easier. Tracking expenses, setting or limiting spending amounts are easy. Teens will like the freedom of making their own choices and will learning from these experiences.
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To learn more about student debit cards or credit cards for children, please visit our website at http://www.billmyparents.com/parents/ and http://www.billmyparents.com/frequently-asked-questions/
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