Greenlight Review – Advanced Banking and Investment App

Greenlight App with Mastercard Debit Card for Kids & Parents to Learn to Save, Invest and Earn Together

Greenlight 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 App – is best for families with up to 5 teens from 8 to 18 years old, who want to educate their kids on financial literacy including investment.

4 Things You Should Know About Greenlight Card

A debit card designed with parents and kids in mind, the Kid’s debit card allows your family to experience all the conveniences of a credit card without the worry of falling into debt. Drawing funds directly from your checking account, this debit card gives you, as a parent, full control over the finances while also teaching your children valuable financial responsibility.

Interactive chores and allowances feature. The card incorporates a chores management function. This allows parents to create a to-do list for their children, where each task and the entire list can be linked to rewards. For instance, a child could earn an allowance for completing all the chores. The card also offers an autopilot allowance feature, eliminating the need for ATM runs or handling cash. This feature is particularly beneficial for busy parents aiming to automate as many processes as possible. Using the app, parents can configure automatic allowances on a weekly or monthly basis and specify the amount they wish to transfer to their child’s card.

Savings education tools. Another noteworthy feature of the card is its ability to assist in teaching your children about savings. Children can round up their purchases to the next dollar, with the difference being automatically directed into their savings account. Furthermore, you have the option to set and pay interest on the savings account, a functionality that the card issuer refers to as Parent-Paid Interest.

Comprehensive financial app. This card is linked to a mobile app compatible with both Android and iPhone devices. Instant cash transfers to cards can be made anytime and anywhere at the touch of a button. The app also provides insights into your child’s spending habits, sending notifications every time the card is used. Within the app, you have the ability to control where your child can make purchases. If a purchase is attempted at an unapproved location, you’ll be alerted instantly. Additionally, the card can be toggled on or off in the app, a function that proves handy in various scenarios. Recognizing today’s tech-savvy teenagers, the creators of this card also provide a separate Greenlight mobile app for kids. This educational app helps children manage their chore lists and easily monitor the balances in 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 plenty of 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 it to work on 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, it 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.

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 on whether to apply for this card:

• Monthly fee per card, per family – Greenlight Plans
• Operator fee when making cash withdrawals at ATMs
• A card replacement fee (the 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 it 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. 

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.

How to Apply for Greenlight

Applying for Greenlight is as easy as it gets. The company has an official website with a built-in Greenlight 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

Make sure to apply from a secured network, such as your home or mobile network. Avoid using public networks when applying. To complete the application, you will need to disclose private and sensitive data. Using a public network will expose you to cybersecurity risks

Competition and Alternatives

The Biggest Greenlight competitor is FamZoo. See our side-by-side comparison article – Greenlight vs FamZoo, Greenlight vs Current. Also, check the Current vs Extra comparison.

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 debit card with a Mastercard network. 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 Greenlight 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, blocklist 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.

Frequently Asked Questions