One of the best things we can give our kids is the ability to manage their finances. This, when they possess that ability, allows them to make far better decisions in all aspects of their lives. They’re far less likely to find themselves in poverty, they are much more aware of the subtle differences in everything from their career choices (and the differences in the salaries they might earn in those careers) to acquiring the patience and maturity needed to make wise automobile and home purchases.
And while we don’t want our children to suffer through the devastation of a divorce, for those who do and are financially savvy, they’re less likely to find themselves on the wrong end of a monetary settlement. Studies have shown the sooner we begin instilling these educational efforts, the better.
This is one reason we watch closely for those credit card offers that seek to serve as a tool for parents to use. The BillMyParents Prepaid MasterCard (also available as Rob Dyrdek MasterCard and Green Starburst Card) is one of those tools. In many ways, it’s the total package. It allows parents to closely monitor their teen’s spending habits while also keeping the control in the parents’ hands. They can quickly shut off access and just as quickly restore it.
Of course, there are those who believe learning by mistake is the only sure fire way to know any of life’s lessons “took”, but with the BillMyParents MasterCard, you, as the parent, can control just how bad those mistakes ultimately become. Here’s more on this powerful financial tool –
Why it’s Different
The application process is the same as any other prepaid debit card in that you can easily apply online and load funds from the credit card company’s website. It provides detailed information for every transaction, which is great considering how quickly teens forget where they’ve been and what they bought. Kids can easily see in black and white how their spending habits are affecting their purchasing and saving power. Those who save will also have an opportunity to see their money grow. It’s an incredible tool for both parents and their teens.
There are no annual fees or application fees and you can open the account for just $10. It’s a debit card so there’s no need to worry about late payments, grace periods or interest charges. The other fees, such as ATM fees and balance inquiries are minimal – there are no fees, of course, for balance checks via the website.
Another great feature included with this prepaid card is the ability for others to load cash onto the cards. This is ideal for grandparents and friends who want to give cash for graduation, birthdays or any other reason. Teens who have part time and after school jobs can have their paychecks loaded directly into the account provided the employer offers direct deposit.
Other Cards for Young Adults
While the prepaid debit card is excellent for teaching teens and college students the importance of financial stability, there are other offers too that emphasize young adults. The Discover Mix Tape Student Card has an intro APR of 0% and your young adults will earn up to 5% cashback bonuses.
Like the BillMyParents Prepaid Debit Card, the Discover Mix Tape Student Card has no annual fee. That said, a credit inquiry is necessary, so this is a good way to bring your financial educational efforts to the next level.
Finally, we take a look at another Discover card. The Discover Student Card Monogram Collection allows for a bit more personalization. It’s considered a student card and this card can be acquired with no credit history necessary. There are several perks, including no annual fees, low interest rates and up to 5% cash back. Balance transfers are also offered and transaction fees are reasonable.
All of these cards have zero fraud liability protection guarantees, too. Unlike the BillMyParents card, you won’t be able to monitor spending trends unless you have access to the account. This makes a great choice for those who may be preparing to graduate college and set out into the adult world.
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