FamZoo Prepaid Mastercard® for Teens

FamZoo was founded in 2006. This prepaid card provider has built its service around teaching young kids the value of money and managing it properly. The company works together with Mastercard and TransCard, to provide FamZoo Prepaid Mastercard and the FamZoo IOU app – the best services possible, including quality support, security, and compliance. The whole company was started by a parent who understood that children aren’t getting the necessary knowledge they need to manage their personal finances. The root of financial problems for many people is a lack of understanding of the economy, money, and financial responsibility.

Why the FamZoo?

Every parent wants to teach their kids valuable lessons from practical examples. One of the major lessons we must teach our kids as parents are how to use money. Just think about it, if you learned certain things on time, wouldn’t you be able to avoid a lot of big financial mistakes?

What’s done is done, and we learned our lessons the hard way. Luckily, we can do a lot to help our kids avoid the same mistakes and learn financial responsibility from the very start of their adult lives. This is where FamZoo and its prepaid cards come into play. Their service allows kids to learn practical lessons by actually using money. The whole service is designed by a father, and it’s meant to be used by parents and their kids.

RELATED: Famzoo vs Greenlight

What is FamZoo IOU Account?

FamZoo offers IOU accounts to give parents the ability to manage allowances for their kids. With these accounts, you track the money you are holding for your kids on other accounts. It can also be used for transferring money to their IOU accounts. This was the first service offered by FamZoo, and the company took it a step further by adding prepaid card accounts. These accounts are similar to any other debit card accounts, and they allow parents to:

• Create budgets
• Share payments for expenses
• Create savings plans
• Add rewards for their kids
• Add parent-paid interest for available savings

What are FamZoo Fees and Plans?

What’s great about these prepaid accounts is that they come with fixed costs. The most basic plan costs $5.99 per month. If you commit to a longer period, the monthly costs are lower. Furthermore, the cards are Mastercard meaning that they can be used on all Mastercard supported ATMs or payment terminals without any fees.

So, if you choose the best deal above and order 4 cards for your family, you’ll be paying the equivalent of $0.63 per card per month. Yes, that’s an insanely great offer. However, keep in mind that there are No restrictions on how many cards you can have per account. You just have to pay a ONE-TIME $3 fee for each card after the fourth card to cover shipping.

Is FamZoo Card Legit?

These cards are pretty similar to IOU but have one major difference – they come with prepaid debit cards that can be used by children. Additionally, parents can load their cards with as much allowance as they want. These accounts are more suited for teenage kids that already want to make their own purchases without parents present. The card comes with minimal fees that are barely noticeable parents can track spending and perform actions with them if necessary. They can check where their kids are spending their money and suspend their cards if they want. It’s important to know that kids can’t get into debt with these cards.

Does FamZoo Have App for Mobile Devices?

All FamZoo accounts can be accessed on the company’s site or through a mobile app. The company offers an app for both iOS and Android users.

Should You Use the FamZoo?

You should try out the FamZoo service as prepaid or as IOU in case you want to track how your kids spend their money with ease. There is no need for managing checkbooks or spreadsheets. All of the money that you give them can be transferred easily in an instant. If you want your kids to learn about cards, earning, budgeting, and spending money, this is the right tool for the job. FamZoo is simple and easy, and it’s definitely worth trying out. Bear in mind that you don’t have to commit right away as there is a 60-day free trial.

How Famzoo Compares to Other Teen Cards

Famzoo vs GoHenry

GoHenry and FamZoo are two popular debit cards specifically designed for kids and teens. Both offer parents a way to manage their child’s money and teach them financial responsibility. GoHenry Mastercard is a great option for parents who are looking for an affordable entry-level plan, as they offer the cheapest monthly fee of $4.98 per card per child, with the first month free. They also allow kids to earn money for the completion of chores. FamZoo also offers an affordable family plan and includes several kids in their monthly fees even at the basic level. With both companies, parents can set up parental controls, track transactions, and set spending limits on their child’s accounts. Ultimately, both GoHenry and FamZoo are excellent options for parents looking to teach their children about money management and financial responsibility.

Greenlight vs FamZoo

When it comes to choosing a kids debit card, parents may find themselves torn between Greenlight Debit Card and FamZoo. Both offer great features, so it can be difficult to decide which is best for you and your family. Greenlight offers five debit cards per family, while FamZoo offers four. This can be an important factor to consider if you have multiple kids. Greenlight also charges a flat $4.99 monthly fee for up to five children, while FamZoo charges $5.99. However, if managing chores and family finances are more important to you than the number of cards and cost, then FamZoo is the better choice as it offers features like loans, age ranges, and parental accountability that Greenlight does not provide. BusyKid Visa is similar to both services but allows kids to earn money for completing chores. Ultimately, the decision will depend on your individual needs and budget.

FamZoo Free Alternative

Till Financial is a great choice for kids and parents alike. With its free app and Till debit card, it’s easy for parents to send money to their kids and for kids to spend it responsibly. The app features no ATM fees, direct deposits, and interactive budgeting tools that help kids make smarter spending decisions. The app is designed to give parents an easy way to give their kids financial independence while teaching them good financial habits. For both parents and kids, Till Financial is a great tool for learning how to manage money wisely.

Other Options

• Extra Debit Card
• Current Visa Card
• BillMyParents

Frequently Asked Questions