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Greenlight is a debit card for kids that you, as the parent, have complete control over.

• If your kids need money, even if it is a last-minute thing, you can use the Greenlight app to send some money instantly over to their card.

• You can track where they spend their money. For kids who are learning basic money management skills, this is such a great tool.

• You can assign money to be used only at certain stores so you know that the money you gave your kid for school supplies isn’t going to be used for a new video game.

• You can set their allowance to automatically transfer to their Greenlight card each week.

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On the surface, Greenlight is a standard MasterCard debit card. It can be used anywhere that accepts MasterCard, and it works like any other debit card. Parents or teens can add money to the card, which then can be used in-person or online. Greenlight also accepts direct deposit. When your child gets a job, they can have their paycheck deposited directly into the Greenlight account.

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Am I Living Above My Means?

 

What sets Greenlight apart from most other debit cards are the parental controls. Using the free Greenlight app, parents can divide their kid's money into two categories. The first category enables your child to use the card anywhere. The second category is restricted to specific retailers (e.g., Starbucks) or specific types of retailers (e.g., restaurants). If a child tries to spend money at a store the parent hasn't approved, the transaction will be declined unless the child has sufficient funds in his or her spend anywhere category.

 

Parental controls aren't new. We had access to them as well, although we never used them. It seemed like too much work, even tough the Greenlight app makes parental controls very easy to use. For us, simply having the ability to see where are kids were spending their money was enough. But for those that want tighter controls, Greenlight offers them.

 

Interest

This is by far and away my favorite feature of Greenlight. We all know that interest rates are at historic lows. Even with online banks such as Ally, a savings account doesn't pay more than about 1.50% APY. The low interest rate can be a hurdle when trying to teach children the importance of saving. Watching a savings account grow is worse than watching paint dry.

 

With Greenlight, a parent can set the interest rate on their child's account. The interest of course comes out of the parent's account, not from Greenlight. But it can be a great way to teach a child the power of compounding. And since we are typically talking about a relatively small amount of money, even a 10% rate won't wreck the parents' budget.

 

Other Features

Greenlight has ample notification features. Parents can receive an alert whenever the card is used. The alert will show where the card was used and the amount. Parents can also receive alerts if and when the card is ever declined. Greenlight offers a refer-a-friend program. Refer a family to Greenlight, and both you and the family referred will receive $10.

 

There is no minimum age if a parent orders Greenlight for the child. If the child is ahead of the parent on fiscal responsibility, however, they must be at least 13 years old to create an account on their own (you can thank federal privacy laws for this one). Greenlight works with both Apple Pay and Google Pay. These services, in turn, can be used to pay for Uber rides.

 

Cost

Greenlight costs $4.99 per month per family. This allows for Greenlight debit cards for up to five children. This is generally all you'll pay, unless you lose a card and want express delivery of a new one. Some prepaid cards, may cost less than $4.99 a month if used correctly. Still, the cost of Greenlight is very competitive.

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