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Apr 16, 2024 · The Greenlight debit card is a secured debit card for kids, tweens and teens. This debit card bears the Mastercard logo and can be used anywhere Mastercard is accepted.
- No. Greenlight is a fintech company that offers a personal finance app and secured debit card for kids. Greenlight cards are issued by Community Fe...
- Yes. Balances held on Greenlight debit cards for kids are FDIC insured for up to $250,000. This FDIC coverage is provided through Community Federal...
- If your child’s Greenlight card is lost or stolen, you can freeze the card through the Greenlight app. This can prevent any unauthorized purchases....
- If you want to close a Greenlight account, you can fill out the online cancellation request form or call customer care at 888-483-2645. Based on co...
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- What Is The Greenlight Debit Card?
- Greenlight Debit Card Key Features
- Greenlight Debit Card Subscription Plans and Fees
- How to Set Up A Greenlight Account
- Greenlight Debit Card User Experience and Accessibility
- Greenlight Debit Card Review
The Greenlight Prepaid Debit Cardis a kid's debit card. Both parents and kids can manage the Greenlight Debit Card through the Greenlight app. Parents and children will have separate accounts. Parents can also set limits on how often kids can use their cards and assign chores or allowances. Meanwhile, kids can use the app to establish individual sa...
Parental Controls and Spending Limits
Parents can limit where their child can use the Greenlight Debit Card and how much money they can spend. If your child tries to spend more money than they have for a specific category and you have spending controls set, their debit card will be declined. Parents can also get notifications for spending and temporarily freeze a debit card.
Chores and Allowance
Parents can create a list of chores for their child to complete. You can also set up automatic dates for allowance based on a flat rate, partial payment, or all-or-nothing payout. By selecting a flat rate payout, the allowance occurs on a routine basis (weekly, biweekly, or monthly) and isn't dependent on whether any chores are completed. By choosing partial payment, the child's allowance will be based on the chores they've completed. Lastly, an all-or-nothing payout requires kids to finish a...
Savings and Spending
Kids use the Greenlight Debit Card to make purchases. They can also set savings goals to help save money for something in the future, like a trip or upcoming event. You can earn up to 5.00% APY on Savings Goals and General Savings (for average daily balances of up to $5,000) through the Greenlight Savings Reward. The exact rate you'll receive will depend on the plan that you choose.
Overview of Greenlight Debit Card Fees
The Greenlight Card doesn't have an initial sign-up fee, but after the one-month free trial, you'll have to choose between three plans — Greenlight Core, Greenlight Max, or Greenlight Infinity — to utilize the app's features. There isn't a reload fee for transferring money from an external bank account or another debit card. However, you'll want to be mindful of potential ATM fees. Greenlight won't charge you a fee for using an ATM, but it also won't refund you if you have to pay a fee from a...
Overview of Greenlight Subscription Plans
The Greenlight Core plan is the app's basic offering. You'll be able to teach your child about money management by allowing them to use a debit card. Through the app, you'll be able to monitor their usage and help them establish individual savings goals. You'll earn 1% through Greenlight Savings Rewards, which works similarly to how you would earn intereston a traditional bank account. The interest will be deposited at the beginning of each month based on calculations of average daily savings...
Parents must open a Greenlight Account first since they are the primary account holder. When applying for the account, you'll provide basic information about yourself, income, full name, Social Security number, and address. You'll also add your kid's information (you can register up to 5 kids in a parent account). The last step to setting up a Gree...
Greenlight offers a kid's debit card and app that lets both parents and kids manage the card. It also offers a cash-back credit card for parents that allows them to add their teen as an authorized user to help build their credit. The Greenlight family credit card currently has a waitlist, though. You can enter your email hereif you're interested in...
The Greenlight Debit Card is a good choice if you want to use Greenlight's savings, investing, or educational tools. Greenlight has strong parental monitoring features to place limits on kid's debit card usage. Kids can also get hands-on experience for budgeting, by learning to manage debit card usage while setting up savings goals. You'll likely p...
- Greenlight
May 29, 2024 · 1%. Greenlight Infinity. $14.98 a month (about $180 a year) 5%. $250. 1%. If your child has between $4,000 and $5,000 in savings, your best bet is actually the highest-cost plan since you would ...
Nov 3, 2023 · Options for putting money on a Greenlight card include debit card transactions, electronic ACH debit transactions, direct deposits of paychecks and transfers from a Greenlight investment...
Jun 21, 2024 · When you sign up for a Greenlight account, you get a debit card issued by Community Federal Savings Bank, member FDIC. Kids can use the debit card to make purchases, with adult...
- Contributor
- Kathy Yakal
The Greenlight Debit card is no doubt one of the best debit cards for kids thanks to its comprehensive features and rewards opportunities. Though fees are unavoidable, they should be easy to ...
Jul 8, 2023 · Greenlight Debit Card. Learn more. Are the perks worth the fees? Greenlight offers rewards on up to $5,000 in savings, which resembles interest in a grown-up account, with the rate...
