Reloadable debit cards, or prepaid debit cards as they are widely known as, are emerging as a great alternative for cash as they are safer than carrying cash and offer more convenience. Offline or online transactions with these cards are as secure as using standard credit and debit cards; as they offer all the important security measures such as remote card blocking & theft protection facilities to safeguard you from the threat of unauthorized transactions.
Pre-approved vendors where you can use the card
SpendSafe offers parents further peace of mind as they allow you to pre-approve a list of vendors where your child can use their prepaid debit card; an additional convenience which cash can’t offer. Parents or legal guardians can choose to reload their child’s Spendsafe card via the mobile application. Reloadable debit cards have thus also become a popular gifting option for kids since they work just like gift cards and also allow your young ones to learn about important money management skills. Such platforms also allow you the facility to track and monitor your child’s spending and understand their spending patterns.
No risk of debt accumulation with a prepaid debit card
The Spendsafe kids debit cards also offer security acting as a safety net for your financial future as you can only use the amount loaded on to it; safeguarding you from the risk of accruing huge amounts of credit card debt and ending up with a bad credit rating. Parents have begun to give their young ones prepaid debit cards instead of making them an authorised user of their personal credit cards to protect their own credit ratings as well as allow their children to become financially responsible and judicious right from a young age.
Protecting your financial information
A huge benefit of opting for our Spendsafe kids debit cards is that it protects you from data-theft since a prepaid debit card isn’t linked to your bank account, thereby securing sensitive information from potentially getting exposed. If your child loses the card or accidentally shares details about it online then the card can be locked immediately. If someone does try to use the card fraudulently they will only be able to access the amount loaded in the card – not your entire bank account.
Learn more about SpendSafe and our prepaid debit cards for kids.