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More Parents Take Control with Prepaid Cards for Teens

  By Steven Gibbs August 4, 2010

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Teaching Finance with Prepaid CardsWhen you think of reloadable prepaid cards what generally comes to mind? For many consumers it is normally the thought of just paying for something when you are skeptical of using your credit cards or a way for those who cannot get a credit card to make purchases. While these answer are correct to some extent, prepaid cards are more than that and continue to evolve as these types of plastic become more universally excepted across every demographic. A perfect example of how prepaid cards continue to grow is the very fact that more parents are using them as a way for their children to make purchases and learn about correctly maintaining finances. Known as teen or student prepaid cards; these cards are more than just any normal reloadable plastic.

 

When it comes to prepaid cards for teens and young adults in many cases they are much like credit cards, but with a controls that allow parents to still be in charge. In many cases, parents order the cards and load money directly from their bank account or in some cases with their credit cards. With many parents can view where purchases were made and for how much, and some even allow parents to block purchases or certain goods and services such as alcohol and tobacco.

 

Over the last couple of years we have seen prepaid cards geared for children grow in number, which is expected to continue as prepaid card increase in popularity. Many more parents have decided that financial smarts will only get taught if they teach it themselves. In addition to that they many do not what their children to go down the same road of accruing debt as they may have. In any case, for majority of parents it is a way to allow their children to pay for goods and services without having them spending more than an allotted amount, unlike paying for purchases with a credit card.


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