Visitors who have checked out my PiggyBank Raid blog know that personal finance is a favorite topic of mine. And, since Hubby and I have talked about starting a family, kids and money are on my mind.
So it was interesting to learn about the new Teen Prepaid card. Parents can add money to it electronically and also monitor where the card is being used. It does help teens learn how to manage their finances by paying with plastic, and it might be an effective way to teach kids about debit/credit transactions.
The PAYjr card allows parents to have complete control, which can be useful if your teen starts to go on a spending spree. As a parent, you can suspend the card and then have a chat with your kid about responsible money management.
Although there are some fees attached to this card, it might be a good option for parents who want their kids to have practical experience with plastic.