Greenlight Mastercard® - Debit Card for Kids

Greenlight Mastercard debit card is a popular teen’s card available to families with kids who are otherwise underaged to apply for credit cards. The card is operated by Greenlight and issued by Community Federal Savings Bank. The requirements and qualifications for the Greenlight are minimal. Any family with access to a valid debit card and with a Social Security number can apply for it. The application is easy and very fast – the service approval and card delivery take anywhere from 5 to 10 days. The process can be expedited, but it costs more. This Greenlight value lies in its features built to help you automate allowance and teach your kids responsible spending and how to save money.

Who Is the Greenlight Card for?

This debit card is for any family with a child or several children. It provides an efficient way to manage allowances. It comes with an average monthly fee and no contract whatsoever. You can cancel it anytime you see fit. The card has no ATM withdrawal and foreign transaction fees. Thanks to an abundance of money management features, this card is perfect for families with young teens who need to learn the healthy principles of financial life. The issuer will supply up to 5 cards per family account for a fixed monthly fee.

RELATED: Current vs Greenlight

What are the Benefits of Greenlight Debit Card for Kids?

• Trial Period. New members get 1st month free. There is no contract – you can cancel anytime.
• Multiple cards. Membership includes prepaid debit cards for up to 5 kids.
• Full card personalization. Optional custom card design for $9.99.
• Little fees. No transaction or overdraft fees. No International transactions fee
• Straightforward application. The application is fast and is done all online. No minimum age. No minimum balance.
• Financial education. Membership allows access to countless financial lessons for kids and parents
• Referral Bonus. Every time a family you invite gets approved and funds the account, you will receive a symbolic bonus.

Are There Any Disadvantages

There are several disadvantages to keep in mind here.

• No credit reporting. The cards are prepaid debit cards and do report activity to credit bureaus. Greenlight does not help to build credit.
• No Rewards. Members do not earn rewards while using the app and the debit card. However, there is a referral bonus, which is a great perk of the service,
• Limited direct deposit. Parents and kids are limited when it comes to direct deposit options. A family can make deposits via another debit card or bank account. If a child has a job, it can deposit the paycheck to the card. However, PayPal, Venmo, and Apple Cash remain unsupported.

What are Greenlight Fees and Plans?

What are Greenlight Account Perks?

Weekly or monthly allowances

The other benefit is hidden in the features of the card support via a mobile app. Parents can automate allowance. Kids will be able to receive their funds on a weekly or monthly basis.

Chore List

In-app chore lists tied special to perks.

Real-time card usage notifications

Parents also have the kill switch of sorts in their hands. They can turn off the card at any given time. The built-in notification system lets parents find out how and where their kids spend money.

Parental Control & Fraud Protection

Parents can blacklist certain shops to prevent kids from purchasing there. When it comes to online shopping, there are several safeguards to prevent the card from being used on suspicious and inappropriate websites.

Savings Option

The saving feature is extremely beneficial in terms of helping the young ones appreciate the process of saving for the future. Parents can facilitate the decision by providing interest on the amount saved.

Investment Options

Upgraded membership plan allows access to investment features. Kids can invest their earn money in stocks.

Should You Use the Greenlight Debit Card for Kids?

If you have kids on a regular allowance rotation schedule and have little to no control over how they use the cash, this teen debit card is perfect for you. The issuer has removed all obstacles from the application process and has low requirements. It comes from a reputable issuer and with FDIC insurance. The great mobile app, no fee other than a monthly one, and dozens of features make it an excellent teen’s card.

How Greenlight Compares to Other Teen Cards

Greenlight vs GoHenry

These are two popular options for parents looking to provide their children with the tools to manage their finances. GoHenry has 2 plans that costs $4.99 per month for one child or teen or $9.98 per month for up to 4 children. And it offers a GoHenry Mastercard as well as parental controls and educational features. Greenlight, on the other hand, has more advanced features such as investing and cashback, making it a great educational tool for kids. Additionally, it has a monthly fee for the entire family. Both services provide money management and financial education features to help kids learn how to manage their finances. Regardless of which service you choose, both GoHenry and Greenlight are great options to help your child become financially literate.

Greenlight vs Famzoo

When it comes to choosing a debit card for kids, Greenlight and FamZoo Debit Card are two of the most popular options. Both services offer parents the ability to manage their kid’s finances, with Greenlight connecting directly to the parent’s bank account and charging a flat $4.99 for up to five kids in the family. On the other hand, FamZoo charges $5.99 and offers four debit cards per family, as well as additional features such as chore management and loan systems with set interest rates and terms. FamZoo is best suited for younger kids, while Gohenry is a great option for those looking to earn money through completing chores. Ultimately, each card has its advantages and it will depend on your individual needs when deciding which one is best for you.

Other Kids’ debit cards to check for – Till Visa, Current Visa, Extra Debit Card, and BusyKid Visa.

Frequently Asked Questions