Greenlight Card Review 2022: As a parent It is super important to teach your kid financial responsibility from a young age, and you want to incentivize them for learning financial concepts like saving, spending, interest and giving, so in this article we're going to be talking about the greenlight debit card, Greenlight Card Review and how it's helping kids learn basic financial concepts.
Greenlight Card Review 2022
What is a Greenlight Debit Card?
The green light debit card is going to allow you to issue your child's allowance and this is whether you want to tie it to a Shorts list or not, and once your child receives their allowance they can divvy up earnings of their allowance through saving, spending and giving categories.
Now this debit card must be funded with a parent account as well as if the child is old enough to have a job they can also direct deposit their pay to that account as well. Your child can use the green light debit card anywhere that mastercard is accepted which is awesome. Now let's go into some of the features of the card and show what it's all about.
Greenlight Card Review 2022 Features:
1. Make Instant Transfers
Now as long as you have funded your parent account you should be able to do instant transfers to your child's account whenever you need to do so, Keep in mind it needs to be done through the greenlight app.
2. Incentivize Certain Shorts
You can set up one-time Shorts or recurring Shorts for your child to do, and your child must do it before the deadline. now if your child does it before the deadline they are incentivized with a cash bonus and this cash bonus will be paid by you obviously.
3. Automate Allowance
Now you can use the green light app to automate your allowance to your child you can set this up weekly, bi-weekly maybe you want to set it up for one time monthly or depending on the Shorts list that you give to your child
4. Receive real-time notifications
Anytime your child uses the green light debit card you'll get a notification explaining what they're spending their money on, how much they're spending and if their card gets declined for any moment in time you will see why it got declined and how much it got declined for, so you get all the stats the notifications on what your child is doing.
5. Institute Spending Guard Rails
Because the green light debit card is for kids they won't be able to spend the card on certain things. Now this may include adult entertainment, gambling just to name a few but there are some other specific niches that they won't be able to look at so just check the website to see what that constitutes and what is involved in that actual list
Now let's talk about the actual fees associated with this account. The debit card does come with a monthly fee, and usually it's not uncommon to see this with a prepaid card, however there is no way to waive this fee at any time now as well as you paying this fee every single month.
The card also does not pay any type of interest as well as you cannot do any cash deposits, as well as there are some fees for personalization to the card as well as a replacement card fee which is pretty standard for most cards. Now on a monthly basis you should expect to pay about 4.99 for this card 9.99 for card personalization and about 3.99 just in case you need a replacement card and about 29.99 for expedited shipping for that card.
There are also many limitations to be aware of when it comes to this green light card, The maximum balance that a child account can hold is only about five thousand dollars with the parent account being about ten thousand dollars as well as atm withdrawals can only be about a hundred a day per child and 500 a day per family, now let's get into the pros and the cons for this card because there's a lot of pros and there's a lot of cons to it.
Greenlight Card Pro’s:
- The ability to set the allowance and set the chores so it's awesome that you can incentivize your kids for doing chores and be able to pay them based off of the incentivization and them doing it
- Set meaningful interest rates: As you know a lot of these banks don't pay any type of interest and even if they do it's nothing life-changing so you as a parent you have the ability to set a interest rate just so you can teach your kids how banks work and when they're saving their money you can incentivize them saving their money by giving them a nice little interest rate to help them grow
- Monitor exactly what they're doing: So obviously you want to know what they're spending their money on and you're making sure you're keeping them safe, so it's awesome that you can see what they're doing as well as you can know when their card gets declined so maybe you can send them some money so they don't get stuck in a pickle
- Create spending limitations so kids they tend to spend their money on a lot of crazy stuff so you can set a limitation on how they can spend maybe daily monthly weekly so they have some money saved up or they have money to do the things that are really important to them being successful.
Greenlight Card Con’s:
- They don't pay any type of interest and to be honest a lot of banks regardless if they pay some type of interest, interest isn't something that is going to be life-changing when you receive it from the bank because it's usually very minuscule, so i wouldn't really look at this as a con too much because regardless of if they're paying interest or not it's not going to be too much.
- Monthly fee: So obviously that money is going to sneak up on you and sometimes people don't want to come out of pocket to do something like this but it is for a good reason so it's a con because it's taking money out your pocket but then again you can't really teach your kids these financial concepts without putting them in the game to be honest and letting them learn so it's kind of for good reason.
- You can't deposit cash onto the green light debit card now the bank does mention a workaround for this but obviously you want to make things as easy as possible when it comes to processes, but kind of makes it annoying that you have to like take money from your one of your working debit cards transfer it to the green light then you can transfer from the green light to your kids. It's a whole lot of work to be honest but honestly the green light debit card is very safe. I feel like it's reliable and it's a great resource to show your kids how to get started in the banking world as well as it is a mastercard so it is safe as well. as it is FDIC and shirt but will you get started with the green light card? let me know in the comment section below.
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