Discover has introduced at great way for parents to teach their kids how to use a debit card called the Current Card. Basically, it is a Prepaid Debit Card that has built in parental controls designed for kids and teenagers.
Why is giving a debit card to your teenager a good idea?
* It forces the parent and child to talk about finances. Many kids grow up without knowing how to Balance a Check Account or are clueless about Investing. This card can help teach what schools do not.
* Teens learn to physically carry a card, with the added benefit of $0 Fraud Liability for parents along with account alerts.
* Easily add money with Credit Card, Direct Deposit, or with a Bank Account.
* Safer than Cash. You can both track expenses and get a clear picture of where money is spent. A great way to also learn about the value of budgeting.
* Secure, Real World Experience for Teens/ Kids. Sense of Ownership.
Parents can choose to use the following features:
* Set daily, weekly, and monthly spending limits
* Restrict teen card use in unwanted shopping categories (e.g. liquor stores, tobacco stores, hotels, etc.)
* Free Direct Deposit, Free deposits from any credit card or bank account
* $0 fraud liability guarantee
* Withdraw cash at ATMs
* Free e-mail and text message activity alerts
* No minimum balances, loading fees, or credit check