Greenlight Card Review
Greenlight Mastercard is issued by Community Federal Savings Bank, which is also a member of FDIC. The Greenlight card is a financial product specifically designed to cater to the needs of parents with kids or teenagers in their homes. This kids debit card offers a number of perks to make it easy to send money to your teen whenever you want to. If you are a parent who wants to raise financially smart kids, this prepaid debit card can help you do it hassle-free. You can all do it on your phone and get instant notifications about your teen’s spending habits. Before you decide if this is the right card for your kid(s) and your family, you need to learn everything there is about it. Below you will find about offer details, pros and cons, the benefits, and more.
- 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
4 Things You Should Know About Greenlight Card
- Kid’s debit card made for parents. It means that you and your child will be able to enjoy all the benefits a credit card can offer without risking going into debt. The card draws money from your checking account, but you have complete control of the funds. On the other hand, this card is a debit card made for parents with kids. It gives parents plenty of opportunities to control the funds and help their kids to grow up into financially responsible individuals.
- Easy chores & allowances. The card allows parents to do chrome management. Parents can create a list of chores for their kids to complete. Each chore, as well as the entire list, can be tied to perks. For instance, a child can get an allowance if it completes all the chores. There is also a feature that enables parents to put the allowance process on autopilot, which means no running to the ATM and no cash. Autopilot allowance is quite convenient for those busy parents that want to streamline as many technical things as possible. Parents can use the app to set automatic allowance on a weekly or monthly basis and the number of funds they wish to transfer to their child’s card.
- Learn to save tools. The card also has a very useful feature to help you teach your kids how to save. They can round up purchases to the next dollar. The change automatically goes into their savings, and you can set and pay interest on the saving account. The issuer named this feature Parent-Paid Interest.
- Dedicated money app. The card is tied to a mobile app available for both Android and iPhone smartphones. The cash transfers to cards are instant. You can do it anytime and anywhere with a simple press on a button. The app will also keep you in the loop with your child’s spending habits. You’ll be notified whenever the card is used. In the app, you can also choose the stores your child is allowed to make purchases in. If your child attempts to use a card in an unapproved location, you will be momentarily alerted. The app also allows you to instantly switch the card on or off, which can be quite convenient in a number of situations. The team behind the Greenlight card is aware that teenagers these days are tech-savvy. They also offer a Greenlight mobile app for kids. The app is educational, and it will help your kids work chore lists and easily track balances on their Spend and Save accounts.
If you have a teenager who doesn’t understand the concept of saving, consider getting a GreenLight. It will help your child learn to take control of their financial life and the value of saving cash in the long-term.
Why Do We Like the Greenlight?
We put Greenlight Mastercard under our scope. We’ve discovered a great deal of many things that we like.
Debit card supporting DD. First of all, we were happy to discover that this is a debit teen card. It means that your child will be able to spend only the cash that you personally transfer and not a cent more. Transferring funds is very easy, and it is almost instant. We also loved that card supports direct deposit, which is great news for parents whose kids have jobs. Teenagers can set their paychecks to go into the Greenlight account directly. The parents will continue to have complete insight and control of their spending habits.
Innovative mobile app. Apps for parents and kids are not the same. The issuer made sure that apps are available on two major smartphone platforms, Android and iOS. The app designed for kids has an educational character. Kids can use to work their chore lists and get instant insight into how much they have to spend and how much they’ve saved so far. The app also stores the entire activity on the card. Parents can take a look at the historical activity on Spend, Save, and Give accounts anytime they want. The kids can do it as well. It can do wonders in helping teenagers learn how to budget with the future in mind.
Withdrawals control & savings. Parent-paid interest on savings is perhaps the most valuable feature when it comes to teaching kids the concept of saving and compound growth. Parents are at full liberty to set and pay interest on their child’s Save accounts. It is a great way to help kids become more financially aware and responsible. We also liked that the card issuer kept ATM withdrawals in the loop. Kids can use their cards at ATMs. But parents can decide whether they want to enable it or not. Parents can also decide how much cash kids can withdraw at ATMs.
1 fee 5 cards. Finally, Greenlight comes with a monthly fee. However, a family can have Greenlight cards issued for up to five children. The monthly fee remains the same, though.
Check Greenlight vs Famzoo article to see how it stacks with other prepaid kid cards.
What Greenlight Can Do Better
While the Greenlight debit card appears as a solid teen’s card for families, there are still a few red flags that you should know about.
Subscription fee. Let’s start with a monthly fee. When you register for the first time, the issuer delivers the first month free – however, the monthly fee adds up to considerable expense every year. While the fee covers the issuing up to five debit cards, it is still a substantial amount, given that there are other cards for kids with a lower fee.
National but not international. If your teenager is often traveling abroad, you should know that the Greenlight debit card is not accepted worldwide. While it is a Mastercard, there are still some countries that don’t accept it. It is impractical to list out all the countries here.
Limited Direct Deposit feature. One of the card’s strong points is the ability to deposit cash directly. As we’ve stated earlier, teenagers with jobs can have their paychecks directly deposited. You should know that direct deposit doesn’t come without limits. The card supports direct deposits from an employer. Transferring cash from other sources such as PayPal, Apple Cash, or Venmo is not possible.
No bonus or acceptable rewards. The credit card issuer didn’t think that this card shouldn’t offer any bonuses or cashback to cardholders. Even if you decide to use this card straight for several years, you won’t be able to cash in on being a regular customer. The card only offers a referral bonus, which activates if someone you refer registers an account with Greenlight. The referral bonus is $10, which is significantly below the industry average.
Greenlight Card Cost and Associated Fees
Credit card shopping can be hard, especially if you are doing it for your kids. Learning about the features and applications is only one side of the coin. You also need to discover any fees associated with using a card. You’re probably aware that no credit card issuer will enable you to use a financial product for free. It also applies to Greenlight. Here are the fees you’ll have to take into account when making a decision whether to apply for this card:
- Monthly fee per card, per family – Greenlight Plans
- Operator fee when making cash withdrawals at ATMs
- Card replacement fee (first replacement is on the house)
- Card replacement express delivery fee
- Custom card fee
When considering costs and fees, you should also consider the fact that all cardholders are eligible for FDIC Insurance. The insurance covers the scenario of Community Federal Savings Bank failing. The funds are insured up to $250,000 by FDIC Insurance.
How Easy and Convenient is to use Greenlight
Since we are talking about the teen’s card, it is important to address the ease of use aspect. Using Greenlight card is extremely easy both for kids and parents. Let us remind you that the card is not accepted by all countries. If your teenager is traveling abroad, make sure to check whether the card is accepted by the country your child is visiting. Using the card in the stores is the same as using any other Mastercard. The card management and fun transferring are streamlined as well.
The issuer has a dedicated app for cardholders. The app is available on App Store and Play Store. There are two versions of the app – one for parents and one for kids. Both apps feature modern design and come with easy-to-use options. Even if you don’t have any previous experience, you’ll be able to use the app and understand its functionality in a matter of minutes.
What are Qualification Requirements?
Community Federal Savings Bank made sure to set the bar low when it comes to qualifications and requirements. To qualify for this card, you will need the following:
- A valid debit card or checking account
- A mobile phone number
- A valid email address
The issuer doesn’t make a soft or hard credit inquiry with any of the major consumer credit bureaus. The issuer also made sure to provide cards to kids without setting any age restrictions. Families with kids of any age are eligible for this card. The applicant has to provide the Social Security number (SSN) to proceed with the application.
Applying for Greenlight Card
Applying for Greenlight is as easy as it gets. The company has an official website with a built-in Greenlight card application wizard. To apply, you need to visit the official website and click on the “Get Started” button. Once you click the button, you will start the application process. You will need to enter some basic information:
- Mobile phone number
- Email address
- Your child’s (children’s) name
- First and last name of your child
- Your mailing address
- The date of birth
- Your SSN
- A debit card or bank account information
The Bottom Line
The card issuer, Community Federal Savings Bank, is a trustworthy and reputable bank. It is a member of FDIC and delivers FDIC Insurance to all credit cardholders. Greenlight card is a teen’s Mastercard. It was purpose-built for kids and parents. The card is a debit card enabling the parents to control how much their kids can spend. It comes with a number of very useful features to help parents have even more control over how their kids spend their allowance.
The card is paired with a mobile app built to provide kids and parents with bonus features. The app enables parents to easily transfer cash, turn cards on/off, automate allowance, blacklist certain stores, and a lot more. It’s a perfect card for families who want to help their kids learn budgeting skills and how to efficiently save and earn money.