It is so important to teach our children the value of money management and wise saving/spending. I was really excited to learn more about the new card program, Current by Discover Card. This is a "credit card" designed for the tween/teen (ages 13-18). What makes this credit card appealing is the parent has some control and knowledge of the card's usage. Kids want freedom, and want to spread their wings toward adulthood, and I think the Current by Discover card can be a good tool. It is too easy to spend all the savings teens get, or spend their allowance/check as soon as they get it. The Current Card helps us teach our kids born in a digital age how to manage spending. Like car companies that allow you to set the maximum speed limit on your teen's car, Current by Discover Card puts parents in control by letting us set (daily, weekly, monthly) spending limits, block certain merchant categories (like ATMs and liquor stores) and track your teen's spending online or through email and text message alerts. Plus, because it's a debit card product, the card stops working when the limit is reached without incurring any additional fees, which protects your teens from overspending. I think all credit cards should be designed this way, actually!
As parents, we have the responsibility to discuss wise spending habits as a family. Discover Card created an online resource, Current by Discover card, to help us talk with our kids about managing and spending money, and the importance of setting limits. Experience often serves as the best teacher. The Current by Discover Card provides kids with access to money in the way they want it while still giving the parents what we need - independent spending by our kids without debt or incurring hidden fees. No more surprise credit card balances from your teen's "minor" shopping spree.
**Safer than cash
**$0 liability guarantee means that they will reimburse 100% of any fraudulent charges made with your teen's card
**Disable a card if it's lost, and easily enable it when found
**Because it's not a credit card, there will be no effect on you or your teen's credit history
**Add funds from your Discover Card or other major credit card
**Add funds from your checking, savings account or direct deposit
**A smarter way to manage money
**Teens can access tools and tutorials that help them learn to spend smarter
**Teens can directly deposit their own paychecks
**Security meets value
**Membership is only $5 a month. See Fees
**No minimum balances, loading fees, or credit check
Thanks to Mom Central for tis information to pass on, and thank you to Discover for helping our teens have an access to learning how to spend/save wisely and more safely!