This is a very detailed Greenlight card review that explains a lot about this card and answers some very important FAQs most people have about it.

An incredible $14.9 trillion. That is the astounding estimated total of indebtedness owed to creditors by the American consumer.


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That eye-popping number includes good debt as represented by housing mortgages, automobile loans, student loans, etc.

However, added to the total of money owed by American families is bad debt in the form of credit cards, revolving accounts, payday loans, etc.

Related: Best Tips to Help You Get Out of Debt.


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Importance of Debt Education

For the calendar year of 2020, it is estimated that the average credit card holder had within their wallet or purse close to three credit cards.

Consequently, between the cards possessed by the consumer, an average of $6,741 is owed per credit card user.

If you do the math, the total credit card debt for the American multiplies out to be $398.67 billion.

Also, factoring into this depressing financial reality is that many credit cardholders do not pay off their monthly card statements.

Subsequently, they not only pay a monthly amount per card but pay interest on any outstanding balance.

This debt process has negative long-term effects for the credit card holder as they pay month after month after year after year and provide credit card companies with guaranteed revenue.

The reasons for this monetary way of life are many. However, rather than cast blame, it is important to educate oneself about indebtedness and for parents, especially, educate their children so that the negative impact of debt in their future can be mitigated and avoided.

Also See: Is It True That Money Isn’t Everything in Life?

 

What is the Greenlight Debit Card? 

The Greenlight card is in effect a prepaid debit card that is designed specifically for young people.

When the young cardholder earns money, through chores, odd jobs, or actually in the workplace, their card is debited with the amount that they have earned.

Such a promising and powerful action that can be beneficial to both the parent and child is through the use of the Greenlight Debit Card designed especially for young people.

The premise behind this debit card is simple and yet powerful in that it practically educates the young consumer about money and credit management.

These lessons will serve the young person well into their adult lives about handling credit cards and not being financially trapped in the current system of credit card use which can result in long-term debt ramifications.

 

10 Best Features of Greenlight Card 

 

1. Managing Chores

A employment type feature is chore management. When the young person’s chore needs to be accomplished or is done, they can monitor the task and mark it as accomplished or still to be done.

 

2. Paying for Allowances

Another added dimension is the automatic transferring of allowances earned to the individual child’s account.

The three categories that young cardholder has the option of dispersing the money to are savings, spending or giving for charitable purposes.

These three options provide the young person the opportunity to be educated and learn the value of dispersing their monies to themselves, to their future, and others.

 

3. Emergency Money

An option that the parent has is that they can load the card with amounts of money at anytime and anywhere.

This is extremely helpful and settling for the mind of both parent and child if the child happens to need a little bit of money available in the event of an emergency.

 

4. Financial Education

The educational component of this debit card is that the young person can set their own personal savings goals and track their progress in real-time as to what has been saved and set aside.

This is an extremely dynamic feature of the card to teach the child about the value and importance of saving money.

 

5. Parental Oversight

Other features include the ability of the parent to monitor the interaction of the child with the card.

Abilities include the turning on or off of the card if the card is misplaced or lost or stolen and parental controls in regard to ATM transactions.

It also includes the ability to save the change of transactions made by rounding up the difference between the actual expenditure in the purchase.

 

6. Spending Restrictions

Two additional advantages include the option of the parent or guardian to monitor the child’s spending and to help them live below their means.

Also, the card has built-in restrictions which prevent the child from making inappropriate purchases.

Specifically, the Greenlight prepaid cardholder will not be able to use their card for the purchase of wire transfers money orders, dating or escort services, gambling, etc.

 

Greenlight Card Review

 

7. Personalized

An added personal feature available for the young person who has a Greenlight Prepaid Card is the way that the card can be personalized.

Specifically, rather than a logo, the child can have a selfie taken and their picture can be imprinted on the card.

 

8. Interesting Interest

Another advantage of this card is a transaction of interest paid to the young cardholder. This interest is not paid by Greenlight but is paid by the parent.

Also See: Stuff That Kids Can Make and Sell for Good Money.

 

9. Talking with other Apps

One bonus is that the Greenlight prepaid debit card is fully compatible with other apps. Specifically, two of those apps are Apple pay and Google pay.

All the debit card user needs to do is add their cards to their particular device.

This feature is available utilizing Apple pay for kids 13 years old or greater and for Google pay the young person needs to be 16 years of age or older.

Related: How 13 Year Olds Can Make Money Babysitting.


Again, this company has paid $25+ million to members:

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10. Teaching About Cost of Business

With the basic charge being $4.99 a month there are other options available at an increased monthly cost.

For example, at the level of $7.98 a month the Greenlight card allows for investment opportunities and trading on a specifically designed platform for kids.

Additionally, at a cost of $9.98 a month the added benefits at this level of investment include a more modern debit card, priority as it relates to customer support, protection against these two are bent on stealing identity, cell phone, and purchase protection.

 

Greenlight Debit Card Caution

All of these features combine to make the Greenlight Debit Card a significant financial plus for young people to learn about the value and handling of money.

Of course, there needs to be a cautionary note expressed to the parent. Specifically, the agreed-upon monetary limit of the card must be adhered to.

If the child overextends themselves on their expenditures and the parent simply adds to the card, then the teaching value of utilizing this debit card to the young person is compromised.

 

Greenlight Card FAQs

Some of the frequently asked questions regarding the use of this card include:

 

What is the Cost of Greenlight Prepaid Debit Card?

The actual cost of utilizing this debit card is $4.99 per month.

 

What are the Fees Associated to using Greenlight Card?

There are no costs associated with using an ATM that honors the card and therefore a fee is not incurred.

In addition, there is no interest charged to the user.

However, there is a replacement card fee of $3.50.

 

What Balances Can Be Held On the Greenlight Card?

The first pre-loaded amount must be at least $20 and can be accomplished through a different debit card or a transfer of money to the account.

 

What is the Maximum Balance That Can Be Loaded on the Greenlight Card?

The maximum balance that can be loaded up on the card is $5,000 per child and $10,000 per parent account.

Also, there is a limit of a $100 withdrawal per day imposed upon the young person and a $500 limit per day per family.

The maximum amount of a purchase is set at $1,000 per day and a total of $5,000 a month.

 

What are the Advantages of Greenlight Card for a Young Person?

A strong selling point is that the app can have the chores of the young person set, listed and payment by the parent made when the chores are accomplished.

A real teaching tool about working and being paid.

 

What is the Age Requirement for using Greenlight Card?

One additional question asked about the age requirements of using this card is that the card is completely inclusionary.

That means that there is no age minimum or maximum required for the cardholder.

 

Are Savings Secured?

Yes, a bonus is that any savings that the child or individual can accumulate are completely secured and insured by the FDIC.

That insurance covers up to $250,000 of the cardholder’s investment.

 

Cons of Greenlight Card

As mentioned, the downside of utilizing this card is the $4.99 monthly fee.

Also, a negative component of utilizing this card is that the owner cannot deposit cash directly into their Greenlight card.

The process of adding money to the account requires that the individual depositing the cash take it from their funding account and then transfer the money to the Greenlight account from the other money-bearing account.

 

You can be a Financial Tutor

As a parent, you can do this and by making such a commitment to the child and provide a meaningful experience to help prevent the child from drowning in a sea of debt in their future.

The Greenlight Debit Card is one of many available debit cards on the market that is designed to provide a financial learning experience for young people.

It would appear, based on consumer debt statistics that many adults were not taught, at an early age, the value of money, the cost of indebtedness, and the staggering toll of being in debt.

This can be a personal financial toll, a nation’s indebtedness burden to future generations, and can lead to significant health problems for the individual if not managed.

It is also important to remember that learning just doesn’t simply occur overnight. Learning about the importance of personal finance is a process and often is learned best through trial and error.

It is also important for the parent to remember that they just don’t simply hand over the card and trust the child to utilize the balance on the debit card responsibly.

It is strongly suggested that the learning through this debit card is a partnership between the parent and the child and together both learn from this invaluable teaching tool.

Also, if considering this financial tool for the child or children in the household, it may be worthwhile to read other individual accounts of parents who chose to go this route. One such account is shared here.

The article talks about parents thinking as to whether to provide a debit card to their child and also provide some insight from a well-versed person regarding personal financial literacy.

The CEO of the Coalition for Personal Financial Literacy is a supporter of debit cards for young people but quickly adds that there are various other caveats to consider.

It has often been stated that money is the root of all evil. This is not true. The actual teaching is that “the love of money is the root of all evil.”

Consequently, the parent together with the child can learn that money is a precious commodity, needs to be respected, doesn’t just miraculously appear in one’s checking or debit account, and needs to be managed responsibly.

Perhaps, the full utilization of a debit card such as a Greenlight debit card is a good start for the next generation of consumers.

 

Conclusion

As parents, the importance of providing a quality education cannot be understated. This well-rounded education includes studies for our children such as science, mathematics, social studies, history, the study of the proper use of the English language, etc.

In addition to schooling within the classroom, parents also wish to provide practical opportunities for family members to learn outside the classroom setting.

Therefore, social activities are welcomed, possibly a church or spiritual experiences, etc.

Another critical component to a child’s education, especially in the light of handling finances and avoiding the consequences of negative debt, is to provide practical instruction in the use of money.

The Greenlight Debit Card is one such well-rounded tool that will provide that complete instruction for children in the earning, spending, saving, and sharing of money.

For a small monthly fee, the parent is making a huge investment in the household member’s financial future.

In addition, to the practical learning will be the bonus of providing the opportunity to the young son or daughter the value of money and the responsible handling of monetary currency.


Again, this company has paid $25+ million to members:

SurveyJunkie (only USA, Canada, Australia residents allowed). You can earn money sharing your thoughts. They have already paid $25+ million to their 20+ million members just for sharing their thoughts and opinions. Click here to join SurveyJunkie for FREE