There have been a lot of prepaid debit cards to hit the market today. Most of them are for people with bad credit that are unable to get access to banking services. I am typically not a fan of prepaid debit cards because so many of them carry high fees and charges. There are some prepaid debit cards however that do serve a purpose and do not rip people off like that Kardashian Debit Card.
Bill My Parents is a prepaid debit card that is specifically designed for teens and students. It is a prepaid debit MasterCard for teens that parents can place money on by loading it up. The card is designed to teach teens how to manage money by having parents load the card with money for the teen to spend. This keeps teens and young adults from going over their spending limits which would subject their parents accounts to overdraft charges.
The cad works pretty simply. The BillMyParents- Teen Debit Card can be used anywhere that a regular MasterCard is used. That includes stores, malls, shopping centers, ATM’s and online. Parents can load the card manually online or set up automatic recurring deposits. Accounts can be monitored online so that spending and purchases can be seen by both the parent and the teenager. You can have automatic text alerts sent to you so you know whenever a purchase s made at any time. You can also have texts sent to you whenever the balance drops below a certain limit.
The best part is that a parent has complete control over the account. You can lock your teen’s account if you feel that they are spending too much. You can also unlock the account once you feel that your teen has learned financial responsibility. That is a pretty unique way to teach your kid about spending and budgeting.
BillMyParents Debit Card Review
As with any debit card, one of the things that a consumer has to be aware of are the fees. BillMyParents has:
- No Activation Fee
- No Signature Purchase Fee
- No Pin Based Purchase Fee
- No Overdraft Fee
The fees that are charged are as follows:
- $3.95 Monthly Membership Fee
- $0.75 Fund Loading Fee
- $1.50 ATM Transaction Fee
The reason that I chose to write a review of this debit card is because it seemed like a pretty good deal when you look at all of the benefits. The fees are incredibly low for a prepaid debit card. Lots of ripoff cards try to charge you twenty bucks just for signing up. Other cards will also fee you to death for everything. This card is good because you can realistically spend only $4 a month and give your teen access to banking services. I think that this card is best for a teen that is in college or a high school student whose spending you would like to track.
It is a great deal for teens because the parents have to fund the card and the teens get to spend the money that has been loaded!