The biggest reason for choosing a SpendSafe debit card over a bank debit card or ‘prepaid credit card’ is the ability to monitor spending. With regular cards you have to log onto each bank account separately to view transactions and then isolate them from your own; this isn’t even possible with most reloadable cards.
Best way to control online shopping and in-app purchases?
With the Spendsafe app, encouraging parents to monitor their child’s spending habits on their debit card. We believe it’s truly important for parents to devote time, have conversations about spending habits early and offering their guidance. This is the reason why Spendsafe offers a seamless user experience, for parents with multiple children to fund and access their accounts from one platform. With features like activity monitoring of your child’s debit cards to scheduling allowance payments through the same app, it provides full transparency. Teach your kids to become budgeting pros.
The benefit of using the app is the amount of control you have. If at any point your child accidentally misplaces the debit card, there is an option to lock the card and protect the funds on it. This option may also be useful to prevent children from overspending. You can approve where any money can be spent – physically or digitally. Online shopping, ‘app stores’ and in-app purchases have become one of the most common points of sale for kids these days. Using a combination of SpendSafe parental controls in our app and the on-device parental controls you can determine where children can spend money, and how much. Convenient push notifications by our app straight to your phone keep you informed at all times and save you from the dreaded ‘bill shock’, something that’s become all too common for parents who simply hand over their credit card to children.
Someday your children will thank you for the financial discipline you instilled in them from an early age. By choosing SpendSafe, your child will receive hands on-experience with money. Parents will be able to start an early on educational home lesson on budget spending. By spending their own allowance and chore money, they will realize the value of money. It reduces their urge to spend money on impulse.
Protected and Trusted.
The SpendSafe reloadable card experience has been designed, first and foremost, to be easy to navigate. We want parents and children to be able to transact conveniently, while still maintaining boundaries. Spending limits, pre-approved merchants, alerts warning you if your child tried to use the card somewhere they were not permitted to are just a few ways the safety of your child’s transactions are protected. The payment process is secure so parents have nothing to worry about, the debit card is powered by mastercard and insured by CDIC. With encrypted security software, SpendSafe is looking to eliminate stress from parents’ minds about their kids’ purchases. This leads to trust and open communication between parents and children on whether they are making the right decisions.