Greenlight Debit Card for Kids Review [2024]

Financial literacy is an essential skill to build up, and developing it from a young age is crucial. In the modern world, children can pick up on how to spend money wisely, save, and invest using debit cards and apps designed specifically for them. One of the exciting tools to bring into play is the Greenlight card, which kids and teens can use under parental supervision.

In this Greenlight review, you’ll get into the card's key features, subscription plans, fees, advantages, and disadvantages. Check out this detailed article to learn more!

How the Greenlight Card Works

Greenlight for Kids is an innovative card that provides a controlled and supervised platform for children to get a handle on the basics of responsible spending, saving, and even investing. It’s important to point out that Greenlight is neither a bank nor a credit union; it’s a fintech company.The Greenlight Debit Card for Kids is backed by Mastercard and issued by Community Federal Savings Bank.

To set up a Greenlight Card for Kids, a parent should first sign up as a prime account holder. The registration process is simple and requires no credit checks:

• Sign up using your mobile phone number to register a profile on the Greenlight website.
• Fill out basic personal information and your Social Security Number (SSN), along with the name of the child who will use the card.
• Link up a debit card or bank account.
• Load up your Parent’s Wallet to add funds to your kid’s subaccount.
• Download the app to tap into parental control features. Notably, kids can download the app separately to try out their Greenlight Debit Card’s functionality.
• Your child will receive a card by mail within 10 days after the application is approved.

A single Parent’s Wallet can be linked to 5 subaccounts for children. In practice, the Greenlight Card for kids functions like any regular debit card, helping kids try their hand at responsible spending.

Greenlight for Kids Key Features

Most Greenlight Debit Card reviews highlight that this card stands out as a comprehensive solution for bringing about responsible financial behavior in the younger generation. Here are the core features that back up this claim:

• Solid Parental Control: With Greenlight for Kids, parents maintain full control over their children’s financial journey. Using the app, they can set up spending limits, define card usage (online, in-store, or at ATMs), and keep up with real-time notifications for every transaction their kids make.
• Educational Opportunities: Through the app, youngsters can check out a variety of features designed to enhance their financial literacy. They can set up savings goals, categorize fund allocations, and even try out simulated stock market investing. On top of that, the app offers interactive quizzes and challenges, bringing in an engaging and enjoyable learning process.
• Money Management: With a smart system of incentives in place, kids can earn up rewards for completing chores assigned by their parents. These rewards can be further allocated to their savings goals or spent on purchases. This approach brings out a sense of responsibility and work ethic while helping to build up good financial habits.

Greenlight Debit Card Subscription Plans

While packed with control and educational features, Greenlight for Kids is not free. It operates only on a subscription basis. To cater to different user needs and financial objectives, the company offers a multi-tier system embracing three subscription plans:

• Core Plan: At $5.99 per month, this provides access to the educational app, parent controls suite, the branded Greenlight Level Up set of online quizzes and challenges to develop and work on financial skills, and a Lite version of the investment pack for parents (with no access for kids). The Greenlight Saving Reward gives out limited rewards of 2% per annum on funds stored in the savings account.
• Max Plan: At $9.98 per month, this plan builds on the Core Plan by adding investment access for both parents and kiddos, a 3% Greenlight Saving Reward, and 1% cash back on purchases made with the Greenlight Card for kids, which goes into their savings account. A few other perks bring about Priority Customer Support for quick assistance and solid protection against identity theft or fraudulent purchases.
• Infinity Plan: At $14.98 per month, you’ll get in on all the functionalities of the Max Plan along with some premium add-ons. This includes earning the highest savings reward of 5% annually. Family location sharing, SOS alerts, and a crash detection feature ensure an added layer of protection.

Greenlight Card Reviews: Pluses & Minuses

In this Greenlight Card review, let’s sum up the major benefits and drawbacks of this debit card for kids.

Greenlight Card for Kids Pros

• Attractive Rewards on Savings: Unlike many similar cards for kids, where parents must put up incentives for their children, the Greenlight debit card stands out from the crowd with its flexible system of rewards for saving.
• Cashback for Spending: Available in higher-tier plans, this feature makes Greenlight for Kids resemble a standard debit card, handing over control of expenses to youngsters and showing how they can earn while spending wisely.
• Accessibility for Multiple Kids: With a limit of five kids per parent account, this card fits in well with all types of families.
• No Hidden Fees: Even international payments bring along no extra charges.
• Investment Opportunities: Kids on the Max and Infinity plans can try out real-world investments by researching stocks and trading in ETFs.

Greenlight Card for Kids Cons

• Monthly Fees: While standing on the lower side, the monthly fees can add up for some families with more than five children.
• ATM Fees: Although the Greenlight Card for Kids charges no fees for ATMs, some ATM operators add on their own fees. It's wise to watch out for this when withdrawing funds.
• No Investment Option for Low-Tier Plan: In the Core Plan, kids miss out on investment access, and parents’ access is limited.
• International limitations: The card can be used for international transactions, but its use runs up against restrictions in some countries.

Conclusion

With the Greenlight Debit Card, learning about money comes off as much easier and more exciting for kids and teens. It helps youngsters get the hang of money management and investment basics. Meanwhile, parents can rest assured their children are equipped with the tools and knowledge they need to take on the complexities of a digital financial landscape.