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? Thoughts on this Debit card for Children

NoMoreE46
Established Contributor

? Thoughts on this Debit card for Children

Wondering if anyone here has this card for their kids from Greenlight?  It cost $5/month.

 

I know there are a Lot of FREe alternatives out there but I do like the interface and features  listed in its FAQ section.  

 

Thanks for your feedback.

 

https://greenlightcard.com

 

 

Message 1 of 9
8 REPLIES 8
Ficoproblems247
Valued Contributor

Re: ? Thoughts on this Debit card for Children


@NoMoreE46 wrote:

Wondering if anyone here has this card for their kids from Greenlight?  It cost $5/month.

 

I know there are a Lot of FREe alternatives out there but I do like the interface and features  listed in its FAQ section.  

 

Thanks for your feedback.

 

https://greenlightcard.com

 

 


I've looked at this but it was the monthly fee that threw me off. I use "Money" from Cap1 for my 11yr old DD and have had a fantastic experience with it so far. It's basically a 360 account that you may add a minor (no age restrictions) as a true secondary account holder. No monthly fees. It has two sections for 'spendable,' and 'savings' so it's like a psudo savings account built in too. Green light looks like it has a nice layout and tools to use as well. 


FICO 8 May '21: EX 751 EQ 746 TU 743
"Friends don't let friends earn 1% cash back."
Message 2 of 9
Ficoproblems247
Valued Contributor

Re: ? Thoughts on this Debit card for Children

@NoMoreE46  Literally the next day after I type this I get a recommendation in my online Chase portal for their new "First" checking account for children. I had no idea such a thing existed or when they launched this product.  It looks like it is actually powered by Greenlight after skimming the main info page. There are no monthly fees and your child needs to be at least 6 years of age. If you bank with Chase, it certainly would be worth checking out, I know that I will dump Cap1 after I do some research on this as long as it has all the features I want. Chase's local branch literally shares a parking lot with my DDs school so it could not be more convenient. I know everything can be done easily enough online these days but for her to be able to picture her own bank as a brick and mortar place she sees almost every day would help her with the rudimentary understanding of how some of this confusing money stuff all works! If you do end up choosing something and rolling with it, let us all know how you like it. I know that before I opened my Cap1 Money account I looked all over the forums and really couldn't find much info on what I was looking for, so I'm sure there are folks out there that would appreciate more DPs! Good luck on your quest! Smiley Happy


FICO 8 May '21: EX 751 EQ 746 TU 743
"Friends don't let friends earn 1% cash back."
Message 3 of 9
NoMoreE46
Established Contributor

Re: ? Thoughts on this Debit card for Children

Ha thanks.

Either its fortuitous timing @Ficoproblems247  or the internet spies are sharing your browser data 🤨.


No Chases in my area.  I also feel it helps to show young children a brick and mortar building to aid in the concept of banking.

 

The $5/month is for up to five users.  So it's not bad if you have a big family.  We have two kids; the older one has demonstrated the concept of saving money.  

 

I did enroll last night.  The first month is free, we see how it goes.

 

Message 4 of 9
mmajer4211
Regular Contributor

Re: ? Thoughts on this Debit card for Children

I've been using Greenlight for my kids for probably over a year now and I love it. The $5 fee doesn't make a difference for me because of the convenience of not having to worry about having cash to give my kids for allowances. The time spent going to the ATM to get cash is well worth an extra $5/month to avoid it.

 

My kids love it as well, they are 9 and 13. They love having their own debit card and being able to see their money grow as well. They have both set up savings goals on there as well. 

 

This is an easy way to start teaching kids about money and everything that goes along with it. If your kids have phones, download the app and let them be able to control and see their money. 

MASSIVE OVERHALL (26) MONTHS IN



Message 5 of 9
NoMoreE46
Established Contributor

Re: ? Thoughts on this Debit card for Children

Thanks for your helpful input @mmajer4211!

 

My kids are younger but DS will be 9 soon.  Both have IPads so I will have them 'play/learn' on the app on those.

 

Do you incentivize your kids with any of the tasks or chores built in the app?

Message 6 of 9
mmajer4211
Regular Contributor

Re: ? Thoughts on this Debit card for Children

@NoMoreE46 We assign them chores in the app and set a weekly allowance amount for completing those chores. When I say my kids love having the debit card that might be an understatement. It puts the responsibilty in their hands and they control how they save/spend their money to a certain extent.

 

There are some cool features like the savings goals and just having the debit card alone but you can also set spend limits at different stores, track history, and now there is an investment tab in there as well. I have not looked into that yet because it just came out but I will definitely get around to it.

 

Also, if they leave their debit card at home for some reason and they want to but something then no problem. I buy it on my card and then transfer money from their account back into mine instantly. 

 

I know your kids are younger so some of these things you might not use yet but eventually you will. It's a great service and I've never had any issue whatsoever. 

MASSIVE OVERHALL (26) MONTHS IN



Message 7 of 9
Credit4Growth
Valued Contributor

Re: ? Thoughts on this Debit card for Children


@Ficoproblems247 wrote:

@NoMoreE46  Literally the next day after I type this I get a recommendation in my online Chase portal for their new "First" checking account for children. I had no idea such a thing existed or when they launched this product.  It looks like it is actually powered by Greenlight after skimming the main info page. There are no monthly fees and your child needs to be at least 6 years of age. If you bank with Chase, it certainly would be worth checking out, I know that I will dump Cap1 after I do some research on this as long as it has all the features I want. Chase's local branch literally shares a parking lot with my DDs school so it could not be more convenient. I know everything can be done easily enough online these days but for her to be able to picture her own bank as a brick and mortar place she sees almost every day would help her with the rudimentary understanding of how some of this confusing money stuff all works! If you do end up choosing something and rolling with it, let us all know how you like it. I know that before I opened my Cap1 Money account I looked all over the forums and really couldn't find much info on what I was looking for, so I'm sure there are folks out there that would appreciate more DPs! Good luck on your quest! Smiley Happy


My oldest turns 6 years of age within 180 days.   

Thanks for pointing this out, I will look into this and others that initially catch my attention.

Current as of April 25rd
FICO 08 EQ723, TU722, EX728 || DTI 8%
Mortgage Scores: EQ724, Tu694, EX726 ||
Inquiries: EQ/TU/EX (0 / 3 / 1) - 0/6 - 0/12 - 4/24 ||


Next App on the list is ???
Last apps: (2) August 18, 2019
Garden goal - May 22th 2021
Going for Sapphire spade - May 17th 2021

Dirty/ Thick/ Aged/ New Accounts
Message 8 of 9
Credit4Growth
Valued Contributor

Re: ? Thoughts on this Debit card for Children


@NoMoreE46 wrote:

Ha thanks.

Either its fortuitous timing @Ficoproblems247  or the internet spies are sharing your browser data 🤨.


No Chases in my area.  I also feel it helps to show young children a brick and mortar building to aid in the concept of banking.

 

The $5/month is for up to five users.  So it's not bad if you have a big family.  We have two kids; the older one has demonstrated the concept of saving money.  

 

I did enroll last night.  The first month is free, we see how it goes.

 


Yep!  i was just thinking most of the same as you!  

Especially after reading you first two sentences.  Anyway, it is good to know others have considered this and continue to move forward with the experience with their little ones as well.  We will be signing up in a few months.

Current as of April 25rd
FICO 08 EQ723, TU722, EX728 || DTI 8%
Mortgage Scores: EQ724, Tu694, EX726 ||
Inquiries: EQ/TU/EX (0 / 3 / 1) - 0/6 - 0/12 - 4/24 ||


Next App on the list is ???
Last apps: (2) August 18, 2019
Garden goal - May 22th 2021
Going for Sapphire spade - May 17th 2021

Dirty/ Thick/ Aged/ New Accounts
Message 9 of 9
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