Three in five Americans* struggle with chronic credit card debt. It’s easy to see how a shaky foundation in personal finance can lead to overspending, irresponsible budgeting, and a lack of money management skills.
That’s why there’s a growing trend among parents to teach financial education from an early age. While there are many kid-focused debit cards and financial products aimed at boosting financial literacy, we’re excited to introduce Greenlight Debit Cards for kids, a brilliant banking app for the whole family.
We checked out Greenlight and have a few answers to your questions:
1. How does Greenlight promote financial literacy for your kids?
Named best overall kid’s debit card in 2023 by the Wall Street Journal, Greenlight helps kids learn to save, earn, and spend wisely. Available for all ages.
The Greenlight app offers fantastic features, including videos, games, and quizzes for both parents and kids. What a fun way to teach financial literacy and empower children to have healthier spending and saving habits as they grow.
2. How is the Greenlight debit card for children and teens different from what you’ve got in your wallet?
Unlike traditional credit cards, Greenlight operates as a debit card with parental controls via the app, making it suitable for minors who are learning financial literacy. It gives kids some financial freedom but lets parents weigh in when necessary. We call it a debit card with a seat belt.
3. What are some of Greenlight’s features that both parents and kids love?
- Spending Limits teach them how to stay within an established budget.
- Real-time Notifications for each transaction allow parents to keep track of their spending instantaneously.
- Linking Daily/Casual Chores to specific rewards helps children learn the value of work and money management.
- Setting and Tracking Savings Goals encourages them to save for specific items or experiences.
- Full Visibility Into the ‘Parent’s Wallet’ so they can instantly transfer money to their children when needed.
- Card Customization includes enabling or disabling the card for specific types of purchases or transactions.
4. How do I get Greenlight working for me and my kids?
Five easy steps and Greenlight gives you the green light!
- Register as a parent or guardian: Then add up to five kids to your account. Each gets a Greenlight debit card.
- Verify Your Identity: Greenlight is legally required to verify your name, address, DOB, and SSN — to protect your account, funds, and your kids’ cards.
- Link a Bank Account: Securely load funds from your debit card or bank account to the Parent’s Wallet, verify your account, and cover the subscription fee.
- Choose a Plan: Core, Max, or Infinity — based on your family’s needs.
- Request Debit Cards & Activate: Once the cards arrive — typically within 7-10 business days — activate them through the app.
5. What Are Greenlight’s Subscription Plans?
- Greenlight Core: Includes debit cards for kids, spending limits, chores and allowance and savings goals. Terrific for families who are introducing their kids to managing money and developing healthy financial habits.
- Greenlight Max Plan: Includes all Core features, with investing, phone, purchase, and identity theft protection, and up to 3% on savings.
- Greenlight Infinity Plan: Has everything in the Max Plan plus a safety bundle — driving reports, SOS alerts, crash detection, family location sharing, and more.
Final Thoughts
More than just a financial tool, Greenlight is a valuable resource for teaching crucial life skills and encouraging healthy financial habits. It offers cash-back on purchases, higher interest on savings, and family safety features like location sharing and crash detection, all of which make it the most comprehensive option for families.
Together, you and your kids can learn to earn and save, setting them up for a bigger, brighter financial future!
Sign Up for Greenlight & Have Your Kids Start Their Financial Journey
*https://finance.yahoo.com/news/jaw-dropping-stats-state-credit-130022967.html