Unlike other children’s accounts, GoHenry Kids Debit Mastercard and app allow parents to track their kid’s spending activities first-hand. That enables parents to fully understand their children’s financial habits and intervene on time when necessary.
GoHenry Kids Debit Card is Best for
- Parents looking for a reliable financial platform for their children
- Teaching children the importance of money responsibility
- Accelerating learning with in-app Money Missions
- Tracking kids’ real-time spending
- Having a personalized card with customizable features
What Are GoHenry Mastercard Advantages?
This debit card for teens comes with numerous advantages for its users. Let’s go over some of the most important.
- Free trial. With this card’s one-month free trial feature, you can access and experiment with all the available features for an entire month. If you like the service, you can begin paying the membership fee starting from the second month. The monthly membership fee is withdrawn from the attached debit card or the parent account.
- Tracking spending. If you’re curious about what your kids spend their weekly or monthly allowance on, this platform will provide you with all the answers. It notifies parents about where and how much money their children spent, so tracking your kids’ spending with this Mastercard is a piece of cake.
- App notifications. Closely related to the previous point, the platform sends real-time app notifications. Besides helping parents track their kids’ spending, the app notifications are an easy and helpful way to find out where your children are once they head out.
- Spending limits. The primary purpose of this account is to provide parents with the tools they need to nurture their kids’ healthy money habits. The parent account provides transparency into where your kid spends their money, and parents can set spending limits to manage their children’s finances seamlessly.
- Automatic payments. Stop thinking about whether your children received their weekly allowance or not. With this platform, you can easily set up automatic payments and repeat them for as long as possible. Whether you want to automate your daily, weekly, or monthly payments, you will have all the customizable tools and features necessary to complete payment automation quickly.
- No overdrafts. Most parents worry about overdraft fees and expenses once they get their kids a credit or debit card. However, that’s not the case with the GoHenry Mastercard. The company automatically declines transactions that the existing balance can’t cover, so there’s no way to spend more money than on the account.
- Money Missions. Being financially conscious is highly important, and this fintech company understands that. That’s why children can find many interactive tools that will help them learn more about spending, saving, investing, and borrowing. Cardholders can educate themselves on the financial basics and earn valuable points, from fun videos to unique quizzes.
- Custom tasks. Completing chores and tasks for a small sum is the most popular method of educating children on the correlation between work and earning. You can now implement this feature in this company’s mobile app. Namely, you can set up one-time or repeating chores and tasks your children must complete. Each task can have a different payout amount you can transfer once you or your kid mark it complete.
- Custom saving goals. Set unlimited saving goals and work together with kids to plan future purchases.
- Co-parenting. The mobile app is helpful even if you’re co-parenting. Co-parenting can be less complicated and more streamlined since you can add more separate funding sources.
Does GoHenry Debit Card for Kids Have any Disadvantages?
Yes. Although the GoHenry debit card for kids has some of the most impressive features, it still isn’t perfect. Here are some of the disadvantages you should consider before applying for this kid’s debit card and app.
Monthly fee. After the first free month, the monthly fee for using the services is $3.99 per account. While the monthly fee exists, the GoHenry cost isn’t very high compared with other similar apps.
Limited daily load. Parents using this service are limited to $500 a day for financing their subaccounts. In addition to the maximum daily load, only three per day are available, so parents might need to plan their payments to get the most out of them.
Limited subaccounts. One parent account can have only four subaccounts. While having four accounts for children is enough for most families today, that’s not the case for larger families. Therefore, if you have five kids or more, you need to open an additional primary account.
Call to cancel. Although the app’s primary purpose is to help children aged 6-18 manage their spending, your kids can still use the platform after they turn 18 but only until their card expires. Canceling the account requires parents to call customer support and avoid unnecessary membership fees. Being unable to do it online or in the app may not be very convenient.
What Makes GoHenry Mastercard Different
Parents created this debit card for kids with a unique concept in mind, and most of its features are different from other platforms and apps on the market. What makes it different are the 3 following features:
- A single app designed for the whole family, although tools differ for parents, kids, and teens;
- Encouraging children and teens to learn about saving and spending through interactive in-app lessons;
- Providing transparency into children’s spending habits through real-time notifications.
Similar Competing Offers and Alternatives
The GoHenry is one of the fastest-growing apps and kids debit cards for parents and children. However, it can do much more than provide parents with transparency in tracking their kids’ spending activities. Namely, this platform is the perfect tool for teaching your children the importance of carefully managing their funds. The app offers educational material and numerous helpful videos and quizzes suitable for different ages. The app and the GoHenry Kids Debit Mastercard can serve as your foundation for building a reliable, honest, and healthy relationship with your kids when it comes to finances.
Frequently Asked Questions