Greenlight has announced a new credit card for parents. The fintech company has navigated the space of financial products for children and teens with its debit card and has recently begun its rewards credit card endeavors. Although the card has been announced, interested parents must join a waitlist before the card’s full launch.
A New Credit Card For Parents
Greenlight Financial Technology, Inc. has announced its creation of a new credit card for parents: The Family Cash Card Mastercard®. The new credit card for parents will earn up to 3% cash back on purchases. Parents will have the ability to redeem rewards by either auto-investing the cash back or saving it. The new credit card marks the beginning of Greenlight entering the credit card space to expand its services to the entire family.
Greenlight is on a mission to empower parents in raising financially educated kids. On the path of family finance education, Greenlight is known for its award-winning debit card and banking app for children. The Family Cash Card Mastercard® serves as an additional financial tool to empower parents through cash back rewards.
National Survey Findings
Through recent national survey findings, Greenlight concludes that parents are looking for credit card solutions that help save money for their children’s futures. In the first half of the year, 42% of parents have been using their credit cards more, with some of the top reasons being inflation, gas prices, and the pandemic.
With 43% of parents stating they are spending more, 29% say they are saving less, thus creating a need to find ways to save money for their families. The parents in the survey also admitted that the number one savings goal for their children’s future is to pay for college. The survey found that 90% of parents wish they had saved more for their kids in the future.
As a result, Greenlight understands parents want what is best for their children, which means planning for their financial futures and comfort. With the Family Cash Card Mastercard®, parents can do just that. Parents will benefit from earning cash back on all their purchases and redeeming rewards by investing through the Greenlight app or adding to their savings. Within the Greenlight app, parents can manage their own Family Cash Card activity alongside their kids’ Greenlight debit account, keeping family finances in one place.
“Families today have an increasing amount of expenses, making it difficult for many to save for the long-term,” said Tim Sheehan, co-founder, and CEO of Greenlight. “At Greenlight, we’re focused on helping families build healthy financial futures. With the new Family Cash Card, parents can get the most out of everyday spending and invest towards big life events like their children’s college education.”
About Greenlight
Greenlight is a fintech company with banking services provided by Community Federal Savings Bank, Member FDIC. They provide an all-in-one money management platform built to help families reach their financial goals by providing tools that help parents educate their children on finances. Greenlight provides debit cards for kids and teens and cash back credit cards for parents – all managed through the Greenlight app.
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Featured image by Business Wire & Greenlight
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