Kids don’t typically learn about money and finance in school, so if you want them to know how to manage money like an adult, you’ll have to point them in the right direction. But you’re not alone if that sounds like a daunting task. Fortunately, the card_name will provide you with the tools you need to teach your kids what they’ll need to know about money.
That includes not only spending it, but also earning it, saving it, and investing it. As they transact, you’ll be able to monitor the activity in their accounts, as well as place limits on how much they can spend.
Card overview
Greenlight Debit Card For Kids
Greenlight Debit Card For Kids
Regular APR
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Credit score needed
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Greenlight perks
Greenlight packs in the features and benefits of their cards. Those perks include the following:
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The Greenlight program starts with the card_name. Yes, the card can be used for spending. But it can also help kids earn money when parents set up chores, set savings goals, and even invest money. The card can be funded with transfers or through direct deposit.
Parents can set controls and get real-time notifications to track their kids’ spending. Parents can even set specific limits for ATM cash withdrawals and purchases at specific stores. The card also provides for instant money transfers, balance tracking, and mobile payments, using Apple Pay or Google Pay.
Investing
Available with the Max and Infinity plans for both parents and kids. Kids can use the app to learn about investing. They can research stocks and invest in exchange-traded funds (ETFs). The app even provides recommended fund investments after the completion of a personalized quiz.
Investing can be done with as little as $1 through the use of fractional shares. Parents will receive real-time notifications before investments are made and can approve any trades directly on the app. Both kids and parents can invest through the Greenlight app. You can choose between more than 4,000 stocks and ETFs.
Investments are held in an account in the parent's names. These are standard brokerage accounts accessed through the “Invest Module.” When the child reaches the age of majority, the account is automatically transferred over to his or her name. However, parents can maintain their own investment accounts separately.
Investment accounts are held with DriveWealth, LLC.
Level Up
Level Up is a financial literacy game designed for kids and teenagers. It uses a combination of curriculum, educational challenges, and rewards to help engage kids to learn about investing. Topics include budgeting and investing, as well as personal financial education.
Chores and allowances
This is one of the best learning tools offered by Greenlight. You can teach your kids how to earn money using the app. This can be done by setting up a payment system for routine chores, or specific tasks.
Rather than paying your kid an allowance, you can allow her to earn money from taking responsibility in the home. For example, a regular payment can be established when she unloads the dishwasher. Periodic payments can be made for less frequent tasks, like washing the car or mowing the lawn. It’s a system designed to create an incentive for your kids to take on greater responsibility around the house. Conversely, you can withhold payment – either fully or partially – if chores are either only partially completed or not done at all.
The app also makes it possible to pay an allowance at regular intervals.
Cash back and savings
Greenlight pays cash-back rewards for multiple activities. The reward levels are based on the plan you select, and are as follows:
| Plan Level | Savings Rewards* | Cashback Purchase Rewards** | Parents' credit card rewards*** |
|---|---|---|---|
Greenlight Core | 1% | N/A | 3% |
Greenlight Max | 2% | 1% | 3% |
Greenlight Infinity | 5% | 1% | 3% |
* Kids earn cash rewards on money they put into savings, on average daily savings balances up to $5,000.
**Kids earn 1% cash back on purchases made with the Greenlight Card. This applies to Greenlight Max and Infinity plans only. Rewards are deposited into kids’ savings accounts.
***Credit card issued to the parents, with the kids added as authorized users. Purchases by the entire family count toward rewards.
Greenlight savings are held with Community Federal Savings Bank, an FDIC member bank.
Security and control
Greenlight provides the following protections for accounts:
Greenlight Debit Card for teens
The card_name enables teens to earn 1% cash back on purchases, as well as to pay using mobile payments, like Apple Pay and Google Pay. Teens can also track their spending history and even set up a budget. And if your teen has a job, paychecks can be directly deposited into the account.
The app also accommodates instant money transfers, not only from parents and guardians but also to and from friends and family. By sharing his or her link, transfers to and from a kid’s account can be accomplished free of charge.
Referral fee
Teens – and their friends – can earn $30 each, if a friend is referred and uses the app for at least one month. The process requires a unique referral link, which can be sent by text, email, or by social media. The referred friend will enjoy the first month free.
Teen credit builder
Parents can sign up to receive a credit card that earns up to 3% cash back on purchases. Kids can be added as authorized users. In that way, their purchases will also contribute toward cashback rewards, as well as help to build their own credit rating, even before turning 18!
Like the debit card, parents can set monthly spending limits with the credit card, as well as purchase alerts. But teens will be able to track their spending and learn more about credit use along the way.
Greenlight gifts
Greenlight enables users to give a gift by sending money from their phone to someone who is also a Greenlight user. It can range from $25 to $100. The gift can be for general spending, to put into Greenlight savings, or to be spent at a favorite store.
Greenlight plans
Greenlight offers three different plan levels, Greenlight Core, Greenlight Max, and Greenlight Infinity. Greenlight Core is the base plan, and it packs plenty of benefits.
Greenlight Core
Greenlight Core comes with the following perks:
- Kids debit cards for up to five kids.
- Access to the educational app to help educate your kids about finances.
- Core financial tools to allocate savings, spending, earning, and giving.
- Parental controls you can set category and store level limits for your kids.
- Greenlight Savings Reward kids can earn 1% cash rewards on money they put into savings, on average daily savings balances up to $5,000.
- Greenlight Level Up has fun games designed to help teach your kids money skills.
- A credit card for parents that pays up to 3% cash back on purchases by the entire family.
- Teen credit builder that allows your teens to start building credit as authorized users on the Greenlight credit card for parents.
- Investing for parents, providing a way for you to invest for your kids’ futures.
Greenlight Core is available at annual_fees.
Greenlight Max
Greenlight Max is the mid-level plan that comes with all the perks of Greenlight Core, but adds the following additional benefits:
- Greenlight Savings Reward where kids can earn 2% cash rewards on money they put into savings, on average daily savings balances up to $5,000.
- Investing for kids that allows kids to invest right on the Greenlight platform.
- Priority customer support.
- Protection, 3X provides protection for identity theft, purchases, and cell phone protection.
Greenlight Max is available at $9.98 per month, after a one-month free trial period.
Greenlight Infinity
Greenlight Infinity is the top-level plan, that comes with all the perks of Greenlight Max, but adds the following additional benefits:
- Greenlight Savings Reward where kids can earn 5% cash rewards on money they put into savings, on average daily savings balances up to $5,000.
- Family location sharing that enables families to stay connected in different locations.
- SOS alerts sends an alert to emergency contacts, 911, or both, just by swiping the card.
- The app automatically dispatches 911 when a crash is detected.
Greenlight Infinity is available at $14.98 per month, after a one-month free trial period.
How to get the most out of the card
card_name will work best for parents who are looking to get more out of a debit card than simply a safer and more convenient way for their kids to spend money. The card is a teaching tool that will help your kids to learn about money. That includes how to earn it, spend it, and even invest it.
If you take advantage of the credit card with authorized use by kids, you’ll even be giving your children an opportunity to build a credit rating before they get out of high school.
If financial responsibility and knowledge are the goal, the card_name is a step in the right direction.
Pros:
- No age limit – open to kids of all ages
- Three plan levels to choose from
- The debit card is a MasterCard, accepted anywhere that card is honored
- Multiple ways to earn rewards through the program
- Offers investing accounts for both kids and parents
- Referral fee of $30 to both the referrer and the referee when your kid refers a friend to the Greenlight app
- Payment for chores can create an incentive for kids to learn the value of responsibility
Cons:
- Greenlight does have a monthly fee ranging from $4.99 to as much as $14.98
- The savings account does not earn interest
- Can’t make cash deposits into the savings account
- Does not work with popular payment/transfer apps, like PayPal or Venmo
Alternatives
GoHenry kids’ debit card is a debit card and app, designed to teach kids between the ages of six and 18 about money, including budgeting, saving, giving, and investing. Like Greenlight, it provides flexible controls, real-time tracking and notifications, savings, and the ability of parents to pay allowances, and compensate kids for chores. GoHenry is offered at $4.99 per month per child, or $9.98 per month for a family with up to four kids.
Chase First Banking offers a debit card for kids and teens, between the ages of six and 17. It ties into a bank account owned by the parent or guardian. The card enables you to set limits on how much your child can spend, as well as alerts to track activity. Your child can also learn to save money using the Chase app, and you can set up a payment system for allowances or chores. Not only is the debit card free but it can be used to access over 15,000 fee-free Chase ATMs.
FamZoo is a prepaid debit card that allows you to set up sub-accounts for spending, saving, investing, and giving. Like Greenlight, it’s also designed to help kids become financially literate. One of the advantages of this debit card is that it does not require connection to a bank account. The card is available for a monthly fee of $5.99, or prepaid for six, 12, or 24 months, at rates of $25.99 to $59.99.
Frequently asked questions (FAQs)
Is Greenlight a good debit card for kids?
Yes. Greenlight not only provides kids with an introduction to personal finance, but also a way to spend and make spending decisions using a debit card, credit card, or payment transfers. It can also help kids learn about budgeting, saving, earning money, and investing it.
Is card_name free?
Greenlight does not have a free version. They offer three plans, with monthly payments of $4.99, $9.98, and $14.98, though each comes with a one month free trial.
What are the disadvantages of Greenlight?
As noted above, Greenlight does have a monthly fee. And while it offers a savings account, it is not interest-bearing. The app also cannot be used with popular financial apps, like PayPal or Venmo.
What is the best age to start a child on Greenlight?
Since there is no minimum age required for Greenlight, you can start your child at any age you believe he or she is ready to begin taking on financial responsibility.
