Discover has introduced a new kind of prepaid debit card designed for teens with built-in parental controls to keep them from spending their parents money at places like the liquor store.
The Current Card lets parents add money easily to a card for their teens, set spending limits and e-mail or text message activity alerts, track purchases and access exclusive discounts online. Teens can choose from one of seven unique “teen card designs” – my daughter thought they were kind of lame and mostly guy oriented, but likes the one featured below.
Current by Discover – the perfect card for Teens
Having just traveled with a bunch of teens on a school trip, I can tell you there is a lot of confusion on how debit cards work, get more funds added, and quite frankly sometimes getting the card accepted as payment can be a problem. Having a card that lets the parents access the account should make this easier. The Current Card gets you:
- Set daily, weekly, and monthly spending limits
- Restrict teen card use in unwanted shopping categories (e.g. liquor stores, tobacco stores, hotels, etc.)
- Free Direct Deposit for parents & teens, and free deposits from any credit card or bank account
- $0 fraud liability guarantee
- Withdraw cash at ATMs
- Get exclusive discounts at teen’s favorite merchants
- Free e-mail and text message activity alerts
- No minimum balances, loading fees, or credit check
Since it’s not a credit card it requires no credit check, but it costs $5 per month, per card or you can save $10 with an annual membership for $50. You can try it for one month free with promotion code EX4093.
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That’s a pretty cool idea. I like it. Teaches some fiscal planning a responsibility which credit cards don’t really do as to the whole nebulous “credit” concept to teens is hard to grasp sometimes.