A prepaid debit card may help your kid learn a little bit of monetary prudence.
The issues with prepaid debit cards have now been so well chronicled by the media recently that anybody releasing you’ve got to show up having a hook that is new obscures what the item actually is: a no-frills bank checking account with a high costs much less freedom. As he revealed their RushCard, hip-hop mogul Russell Simmons touted it as a salvo into the battle up against the exploitation of pretty much every disadvantaged group you can imagine: вЂњDebit cards are just what maintain the under-served вЂ” including minorities, immigrants, the indegent, soldiers, veterans and pupils вЂ” through the claws of payday loan providers and always check cashers, from humiliating lines waiting to cash their paychecks and then more lines to pay for their bills.вЂќ
But one of the most intriguing entrants in to the prepaid credit card industry is a little business called BillMyParents, that has embarked on an aggressive strategy to pitch the prepaid card CEO Mike McCoy, previous President of Wells Fargo credit rating Cards, told me personally represents вЂњan chance to show accountable spending also to take action before teenagers allow us bad investing practices.вЂќ
The prepaid credit card comes with a few additional bonusesвЂ“and that’s where the possibility teachable moments come: you can easily load the card along with your kidвЂ™s allowance after which, each time your kid decides to buy something, youвЂ™ll be given a text notification.