Reloadable prepaid debit card is ideal. This type of debit card, which is not only prepaid but is also reloadable at any time, is the perfect answer for teenagers, college students and others who depend on their parents for the use of such a card for purchases or for a recurring allowance. Emergency funds can also be added immediately.
Parents can easily fund this debit card in just seconds from their own credit card, a bank account, or online with a free app available for iPhones. There is no risk of spending more than the amount on the card, everyone’s personal information is secure, and there is never a credit risk.
The smartphone app keeps up with the card’s purchases and balances 24 hours daily.
Text alerts are instant as purchases happen, and an available balance is given in time to load more funds. The alerts also inform as to where, when, and at what time purchases were made.
It is possible to lock a card via text or with the push of a button to prevent unnecessary purchases or if a card is misplaced or stolen. Blocking features are built in to keep your child from buying in inappropriate places. A card can be unlocked when the problem is resolved.
The most important feature in many parents’ eyes is being able to sit down together and have a conversation to review the card and to discuss correct spending habits and budgeting for wise money management.