Greenlight Debit Card

In-Depth Review: Greenlight Debit Card for Kids 

Greenlight is an allowance/chore app and debit card account for kids but managed by parents. The system gives parents the ultimate control over their children’s spending while providing them with the real-world experience they need to learn to manage their finances.

How Does Greenlight Work?

Greenlight is the 21^st-century answer to allowance. Instead of handing out dollar bills after basic chores, Greenlight streamlines the process by providing kids with their own debit cards – and parents with the security and power to monitor their spending.

Customizable Debit Cards

Greenlight provides kids with a customizable debit card that is sure to catch the attention of their friends – and help keep them safe. The custom card, which costs an extra $0.99, allows children to fully customize their card with a picture of their choosing – letting them make a statement every time they make a payment.

Monitor Spending

The Greenlight system includes a handy mobile app with two unique interfaces: one for kids and one for parents. The children’s interface allows them to monitor their balances, see which chores are available for completion, and help them set money goals each month. On the other hand, parents can assign tasks, set limits, and monitor their children’s spending.

Parents can rest assured their children’s spending is safe, as the platform automatically blocks spending in “unsafe” categories – and sends real-time spending notifications to parents just to be safe. Other spending controls with the card include:

• ATM controls to monitor when – and where- kids use ATM machines
• Parent-paid interest on savings accounts
• Round-up feature, allowing kids to place the rounded-up portion of purchases into their savings account
• Turn the card on or off directly from the app
• Store-specific spending controls

Financial and Educational Tools

The kids’ version of the Greenlight mobile app also comes with an array of financial education tools to help your kids learn how to save – and spend – their money wisely. These tools help manage monthly spend, invest wisely (with premium plans), and more – and are complementary with a Greenlight membership.

Greenlight Tiers

The Greenlight Debit Card features three tiers designed to let parents choose their ideal payment platform for their child’s financial development:

Greenlight (Basic)

The basic tier of Greenlight offers the essentials parents need to give their kids a head start on financial wellbeing without the additional costs of premium membership. For the $4.99 monthly fee members receive debit cards for up to five children, parental spending controls, and educational tools and resources.

Greenlight + Invest

Greenlight + Invest offers the same basic program features but with the added benefit of allowing kids to invest the money they earn from chores and allowance. Kids can purchase fractional shares of their favorite companies at as low as $1 per trade, with no trading fees to worry about. Parents can also monitor their children’s investing and can approve (or reject) every trade right from the Greenlight app. This mid-tier of program costs $7.98 per month.

Greenlight Max

Greenlight Max is the top tier, offering the highest level of control and customer support. In addition to investment capabilities, parents enjoy Mastercard ID Theft Protection, purchase protection, and cell phone protection for up to five kids for lost, stolen, or damaged phones. They’ll also have access to priority customer support for any technical issues that might arise.

Kids also benefit from the Max tier, thanks to a special edition Greenlight Black Card. The Black Card doesn’t provide any additional benefits financially, but it is sleek and back – and sure to turn heads at school, the mall, or wherever else kids use it. The Greenlight Max plan costs $9.98 per month.

Other Card Benefits

Other notable features of the Greenlight Debit Card include:

• No minimum age for kids
• Mastercard’s near-global acceptance in over 150+ countries
• No foreign transaction fees
• FDIC insured for up to $250,000
• Mobile wallet compatibility with Apple Pay, and Google Pay. Apple Pay requires kids to be at least 13 to add their Greenlight Card, while Google requires kids to be at least 16 to add the card to their Google Pay account.

 Comparison

The Greenlight debit card for teens is just one of many allowance or chores mobile apps available. So, how does Greenlight stack up against some of its biggest competitors?

What We Like About Greenlight

There is plenty to love with Greenlight. Its comprehensive and intuitive parental control suite includes customizable chore sheets, an automated allowance system, real-time purchase notifications, savings options, and the ability to set spending categories and merchant settings.

Additionally, Greenlight provides impressive features – especially for parents who plan to opt for Greenlight’s Max plan. That plan provides purchase protection, cellphone protection, account monitoring, investment options, and more.

Things to Consider

There are a few things to consider before deciding on the Greenlight Prepaid Debit Card. For starters, there are monthly fees. The monthly plan fees with Greenlight may be more expensive than similar debit cards for kids and teens. Additionally, many of the program’s best features are locked behind the most expensive tier. Still, the suite of tools and protections with Greenlight is impressive and on par with many credit cards – let alone debit cards for kids!