Greenlight Mastercard® Prepaid Debit Card for Kids
Consumer Reviews, Fees, Credit Score, Application & Best Alternatives
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Greenlight Mastercard issued by Community Federal Savings Bank is a perfect teen's card for families with teenage children. With plenty of spending controls, work chores, and a real-time notification system, this card can help you teach your kids financial responsibility. Beautiful and intuitive mobile apps make using this card engaging and fun.
The GreenLight is part of the Mastercard network. It can be used on all terminals that accept Mastercards. It is also suitable for online shopping, given that it comes with additional safeguards to keep children from spending on sites inappropriate for their age.
- Greenlight helps to raise financially-smart kids
- The first month is free. No contracts.
- Full parental control
- Real-time notifications
- Automated allowances
- Instant transfers
- Fully personalized prepaid Mastercard - selfies, sketches, the family pet or any art can be used as a card design
- Greenlight Chores - manage weekly or one-time chores and motivate kids to get them done
- Greenlight Mastercard is issued by Community Federal Savings Bank, Member FDIC
GreenLight Mastercard 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 this card are minimal. Any family with access to a valid debit credit card and with a Social Security number can apply for it. The application is easy and very fast - the approval and credit card delivery takes anywhere from 5 to 10 days. The process can be expedited, but it costs more.
This card's value lies in its features built to help you automate allowance and teach your kids responsible spending and how to save money.
Who Is This Card for?
This 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.
What are the main account features?
- Wide Acceptance. This card comes with many benefits. The most noteworthy one is wide acceptance. The card is accepted on all Mastercard terminals, both online and offline. It can also be used on ATMs nationwide.
- 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.
- Full card personalization. Optional custom card design for $9.99.
- 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.
- Referral Bonus. The referral program is the final benefit worth mentioning. Every time a family you invite gets approved and receives the card, both accounts will receive symbolic funds.
What are the benefits of the Greenlight debit card?
- The first month free. No contracts.
- Includes debit cards for up to five kids.
- No transaction or overdraft fees
- No International transactions fee
- No minimum age. No minimum balance.
- Countless financial lessons for kids and parents
Are There Any Disadvantages
There are several disadvantages to keep in mind here. First is the monthly fee. Although it is right there at the industry average, it can add up over time, making the card less affordable than some of its counterparts on the market.
Then there is a slight issue with acceptance. While the company is continuously working to extend its network, the card still remains unaccepted in more than a few countries. This can be a problem for families that often have their kids abroad.
Finally, 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.
Should You Use This Card?
If you have kids on a regular allowance rotation schedule and have little to no control of how they use the cash, this card is perfect for you. The issuer has removed all obstacles from the application process and has very 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.
Best Greenlight alternatives available for application
- Straightforward application process
- Minimal approval requirements
- Easy and convenient to use
- Many spending controls
- Only monthly fee
- No bonuses or cashback rewards
- Doesn't report activity to credit bureaus
- Limited direct deposit
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Rates & Fees
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