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BusyKid Spend Card
BusyKid Spend Card
At a Glance
The BusyKid Spend Card is a prepaid Visa debit card that works with the BusyKid mobile app. The app provides a streamlined allowance and chore interface, with a number of cool tools for kids, including investments, charitable donations, and more, for one great low price.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 30-day money-back guarantee
- Parental match feature encourages saving
- Great value for large families
- Easily add a co-parent with separate account.
- Kids can invest with more than 4,000 stocks
- Annual Fee: See Terms
- Foreign Transaction Fee: $2.50 per transactio
- Over Limit Penalty Fee: $.50 (starting on the fifth decline in a month)
- You have multiple children
- Financial literacy and education is important to you
- You want to provide your children with robust and independent spending tools
GoHenry Card
GoHenry Card
At a Glance
The GoHenry card is a debit card created for kids and teens to start learning and taking control of their finances. Designed for both children and parents to be involved in setting goals, controlling spending, and building good habits, it also features benefits such as setting chores and managing a savings account.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Flexible parental controls such as setting spending limits and being able to choose where the child's card is used
- Chores can be set up in-app and checked off when they're completed
- The GoHenry app offers a savings account option where savings goals can be set by cardholders and parents can lock and unlock
- Real-time updates via the app to know when, where, and how much children are spending
- All accounts are FDIC-insured with no risk of overdraft
- Minimum Deposit Required: $2.00
- You have children or teenagers and are interested in teaching them about how to manage their finances and budget effectively
- You want a card where you can control your kids' spending and allowance
- You're interested in setting up a savings account for your child with flexible goals and target dates
- You want to reward your kids for completing chores via a streamlined banking app experience
Greenlight Debit Card
Greenlight Debit Card
At a Glance
The Greenlight Prepaid Mastercard is a debit card that works with the three plans that make up the Greenlight allowance and chores app. The card provides comprehensive controls for parents while teaching kids about the value of money - and hard work.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Teach your kids about money and help them get a leg up on their financial future
- Earn money through chores, set savings goals, spend wisely, and invest
- Parental controls including real-time notifications, balance tracking, merchant category blocks, mobile payments, and more
- Set ATM cash withdrawal limits
- Annual Fee: See Terms
- You have multiple kids and want them all to have a debit card
- You want to teach your kids about investing
- You want access to comprehensive parental controls, including limiting dangerous merchants
Step Card
Step Card
At a Glance
The Step Card is a Visa debit card for teens from Evolve Bank & Trust. The card lets parents teach their kids about finances while earning rewards on eligible purchases - with no hidden fees.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Earn cash back or crypto as your build credit
- Parental controls including real-time notifications, balance tracking, merchant category blocks, mobile payments, and more
- Intuitive mobile app
- Foreign Transaction Fee: See Terms
- You have a teenager you want to whom you help provide a financial education
- You want your kids to have a good degree of financial independence
- You do't want to pay a subscription fee
Extra Debit Card
Extra Debit Card
At a Glance
The Extra Debit Card* is a credit builder debit card that offers rewards and more. The card is ideal for anyone newer to credit that doesn’t want the negative impact from a hard credit inquiry but still wants to earn rewards.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Every purchase can help build your credit1. At the end of every month, purchases made with the Extra Debit Card are tallied up and reported to credit bureaus • 0% interest • Connects with your bank account2 • Earn rewards points everywhere. Earn up to 1% in points for everyday purchases like rideshares, coffees and your phone bills • Current pricing is $20/month or $149/year for Credit Building. $25/month or $199/year for Credit Building + Rewards
- Annual Fee: See Terms
- Foreign Transaction Fee: See Terms
- Late Payment Penalty Fee: See Terms
- Minimum Deposit Required: See Terms
- You don’t want a credit check when looking for a new card
- You want a debit card that reports to Experian and Equifax every month
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What is a Prepaid Card?
When you search for information on prepaid cards, “prepaid credit card” is a term that frequently pops up across the internet. This may lead you to wonder, just what is a prepaid credit card and how is it different from a prepaid debit card? The truth is, both of these terms refer to the same type of card, with the latter being a bit more accurate.
When consumers seek out the best prepaid credit cards, they’re looking for an alternative to traditional banking. Unlike credit cards, prepaid cards don’t follow the “pay later” model. Instead, cardholders load them with funds they already have access to in order to make purchases.
Unlike debit cards, these spendable funds don’t necessarily come directly from a bank account. Yet despite their unique model, prepaid cards can be used just about anywhere that accepts credit and debit cards. Since they require funds upfront rather than borrowing from a credit line but don’t require a bank account, they can serve as great budgeting tools.
Secured Credit Card Comparisons
Prepaid cards may sound a lot like secured credit cards since both involve a deposit, can help curb debt, and work with just about any merchant. However, this is where the similarities end. First and foremost, one is a credit card, while the other functions more like a reloadable gift card with debit card perks. A prepaid Visa debit card won’t build credit, or charge an interest rate. There is no credit check to open an account, either.
How Do Prepaid Cards Work?
To apply for a prepaid card, first you need to choose an issuer. Plenty of financial institutions offer these cards, from Chase to American Express. Some are even cobranded with companies like Walmart, PayPal, and Starbucks. There’s no credit check involved in the application process, so getting one is as simple as submitting the necessary form, which you can generally do online.
How to Load and Reload Funds
Once you have your prepaid card, you can load your funds onto it in a number of ways. You cannot, however, transfer money from credit card to prepaid card online. If you happen to have a checking account and just want this card as a budgeting tool, you can link the card to your account to make transfers.
Alternately, you can set up direct deposit on your prepaid card. That means you have funds from your paycheck or government benefits loaded directly onto the card each month.
Participating retailers may also be able to reload your card at the register. This can either be done using cash you have on-hand, or with the purchase of a reload pack, such as a MoneyPak. MoneyPaks operate like gift cards, so you purchase them at the register to load them with your cash. Then, you visit the MoneyPak website and input the MoneyPak code along with your prepaid card number to transfer the funds over.
Do Prepaid Cards Charge Fees?
While the fees and interest charges that accompany credit cards don’t apply to prepaid cards, they do incur their own fees. In fact, this is one of their bigger downsides to having a prepaid card. Depending on the card you get you may need to pay a variety of fees, including:
- An activation fee when you purchase the card
- Monthly fees for maintenance
- A fee each time you reload the card
- ATM fees if you need to take cash out of the account
The Fold crypto debit card is an exciting option to consider for those that don’t want the hard inquiry on their credit report but want to earn rewards with every purchase. And, since the market for Bitcoin has generally been hot over the past few years, the chance is there to make significantly more money in BTC than you’d typically get with a credit card. Fold cardholders earn a spin every time they make an eligible purchase of $3 or more. Make a purchase, get a spin. It’s that simple. Some of the rewards on offer include 25% back in Bitcoin rewards, fixed amounts (around $2.50 worth of Bitcoin crypto), or even a single Bitcoin – currently trading at over $30,000 per coin!
What is a Debit Card?
Prepaid Card and Debit Card Comparisons
Though “best-prepaid debit cards” is another popular search term, these aren’t quite the same as debit cards either. Debit cards come attached to bank accounts – usually checking accounts – and draw funds from there. Meanwhile, prepaid cards only have access to the funds loaded directly onto them.
They‘re not directly connected to a bank account, though one may be linked for the purpose of online transfers. Yet many of the features that come with a debit card and checking and savings account are available with prepaid cards as well, including:
- Online bill pay
- Account access through a mobile app
- Direct deposit
- ATM access
- Money transfers
- Easy replacement of lost or stolen cards