Greenlight Debit Cards at a Glance
|
Physical Locations |
No, |
|
Getting started |
You must load your virtual wallet with at least $1 via ACH or $20 using a debit card after you verify your information. |
|
Monthly Service Fee |
Up to five children can be enrolled for as little as $4.99 per month or up to $14.98 monthly |
|
Overdraft fees |
No, |
|
Other Fees |
Fees for other services, such as card replacements or custom cards |
|
How do I deposit |
Direct deposit, debit card, or ACH (for teens who have jobs) |
|
How to remove |
ATM |
|
A Notable Feature |
Upgrade your child’s debit card into a customized card with the photo of their choosing |
Greenlight, a company that specializes in financial technology, offers kids debit cards and an app that includes kid-friendly information on saving and investing. Greenlight allows parents to monitor their children’s money habits, restrict spending and set limits.
This review will cover what you should know before buying your child a Greenlight Debit Card.
Five things you should know about the Greenlight debit card
Greenlight is a great option if you are looking for a debit card that offers comprehensive benefits to children.
1. Choose from three plans
Greenlight Core and Greenlight Max offer up to five children debit cards, videos of financial education on the app, basic tools for managing finances, parental controls, and rewards for saving money, as well as investment options, and a creditcard for parents.
Only the Max and Infinity Plans offer more features, such as cash back rewards and higher savings rewards. They also provide more investment options for parents and investing for children, and they include the Greenlight Black Card. Infinity offers family location sharing and SOS alerts, as well as automatic 911 calls if it detects you or your children have been involved in an accident.
2. Children can earn money by doing chores or through direct deposit
Greenlight allows you to assign chores to your children. The app pays your child an allowance based on the number of chores that they complete. You can also set up a payment schedule for their allowance that will automatically divide the money between their various accounts.
Teenagers who have jobs can set up direct deposits so that their paychecks are sent directly to their Greenlight accounts. If they want some extra money, they can also send you a request through the app.
3. Security and parental control
Greenlight lets you receive notifications whenever your child spends money and you can turn the card on or off. You can also limit how much money they spend by setting category limits, ATM withdrawal limits, or blocking certain categories.
Greenlight offers protection against identity theft, phone and purchase fraud. Greenlight reimburses you if your child’s phone or card is stolen and used to make a purchase.
4. App for kids and parents to invest
Greenlight Core allows parents to invest in their children’s future. Parents can give their children more investment options with the Max and Infinity plans. They can also teach them about investing through educational videos. Children can buy fractional shares of stocks and ETFs for as little as $1. However, you must approve all trades.
5. With Savings Goals, kids can learn how to budget and save.
You can help your child learn to save by using the Greenlight App’s financial resources. They can round up purchases, set savings goals, divide their allowance between checking accounts and savings, and earn up to 5% through Greenlight Savings Reward. Parents can pay interest on the savings of their children.
Does the Greenlight Debit Card work?
Greenlight offers parents a range of benefits, including customizable debit cards for their children, financial education and investment options.
The app offers a variety of control features that parents who wish to monitor their children’s spending habits will also find useful. App users can switch their child’s card off or on, get notifications when they spend money and block dangerous spending categories.
You can find cheaper options for kids’ debit cards elsewhere.
What is the monthly cost of Greenlight?
The first month is free. You’ll then pay a monthly fixed maintenance fee. Greenlight Core is $4.99 per monthly, Max $9.98 and Infinity $14.98. There is no way to waive the monthly fees, unlike some debit and checking cards.
You will be charged $9.99 to upgrade the debit card of your child to a customized card. You may also have to pay a fee if you use an ATM. Greenlight does not charge for withdrawals from ATMs but the ATM provider might.
Unsure if Greenlight will work for you? These are some alternatives.
- Copper Banking Copper banking offers debit cards for teens aged 13 and older with features such as contactless payments and parental control.
- Capital One Capital One MONEY checking accounts provides debit cards to children as young as 8 years old, as well as parental features and mobile benefits — all without fees.