In the modern world, most individuals and businesses use some kind of digital payment method or another. To make sure that their kids are active participants in this global online market, more and more parents are opting to get their kids a prepaid debit card. Prepaid debit cards enable youngsters to purchase products online in a well monitored and secure environment. Teenagers are free to spend their money without the risk of carrying cash and parents can finally breathe a sigh of relief as they can assess their child’s spending habits at the click of a button. Here are some features that you can consider if you are planning on getting your kid a prepaid debit card.
Ability to monitor financial transactions – Perhaps the biggest benefit for parents getting children prepaid debit cards is the amount of oversight they can exercise. Using our services, parents can pre-approve shops and set specific limits so that their teenage kids are unable to use their cards elsewhere. Our easy, user friendly interface allows parents to monitor transactions, track spending habits and prevent their children from making unwanted or illicit purchases.
Eliminates risk of carrying cash – Operating completely on a digital interface, prepaid debit cards absolutely wipe out the need for cash and all worries that are associated with it. While lost cash is not replaceable, lost cards are immediately blocked and easily replaced. This would come as huge relief for parents as carrying a lot cash can be a bit risky, especially for teenagers.
Easy transfers between accounts – As the accounts of their parents are linked to theirs teens can easily receive money from parents through dedicated and free app services. Regular reminders ensure that they never miss their monthly allowances.
Limit and pre-approve purchases – A big worry for many parents is the spending habit of their teenage wards. By using our services, parents can pre-approve vendors and shops. This ensures that the card won’t work in any other store other than approved ones. In order to limit spending capabilities, parents can cap budgets on those shops and their kids won’t be able to use more than allowed.
Single interface monitoring – If raising a single teen seems difficult, teaching a bunch of them financial responsibility might seem impossible. Thankfully, our services allow parents to monitor multiple accounts from a single digital user-friendly interface.
With more awareness, cashless transactions are on their way out. Register with SpendSafe to know more on the benefits of our prepaid debit service and how it can empower your child with online financial management.