Greenlight Prepaid Mastercard

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Last updated on September 7th, 2021

Greenlight Prepaid Mastercard

Great for Teaching Kids Financial Responsibility

Greenlight Prepaid Mastercard
  • Annual Fee None
  • Credit Needed No Credit Required
  • Processing Network Mastercard
Best Benefits
  • Create in-app chore lists and attribute them to perks
  • Personalize your kids' debit cards with a custom picture
  • Set weekly or monthly spending limits
  • Get real-time notifications any time the card is used
  • Add funds instantly anytime from anywhere
Rates & Fees
  • Foreign Transaction Fee: See Rates
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At a Glance

The Greenlight Debit Card is a debit card account for children but controlled by parents. Kids get access to a fully customizable Mastercard debit card and can earn via chores or other tasks. At the same time, parents can set tasks, pay upon their completion, and monitor their kids’ spending habits – all from their mobile phones.

Ideal for Those Who:

  • Have kids and want to help them learn about spending (and saving)
  • Want to provide their kids the freedom to earn and spend – while maintaining control over their spending
  • Like the ability to monitor their kids spending 24/7 via a mobile app
  • Would like to teach their children about investing

Greenlight Debit Card for Kids Review

Greenlight is a debit card account for kids but managed by parents. The system provides parents with the ultimate control over their children’s spending while also providing children with the real-world experience they need to learn to manage their finances.

How Does Greenlight Work?

Greenlight is the 21st-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.

greenlight

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
spending controls for kids

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 the 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 Features

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 be at least 16 to add the card to their Google Pay account.

Should You Consider Getting the Greenlight Debit Card for Kids?

Helping kids learn about finances early is a great way to set them up for success later in life – and Greenlight is excellent at this task. The platform takes all of the hassles out of the traditional chores by creating a streamlined platform that rewards kids – and teaches them about finances at the same time. Parents, for their part, can rest assured knowing that they have complete control over how their child earns, spends, saves, or even invests their funds 24/7 through a simple- to use mobile app.

Overall, the Greenlight Debit Card is a great tool for helping kids learn about finances – and gives them a reason to get excited about chores. After all, by putting in the hard work, they can splash their hard-earned cash – and show off their cool card to their friends at the same time.

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