As parents, we strive to instill responsibility into our teen’s spending habits. We encourage them as they learn to differentiate between ‘wants’ and ‘needs’ and we try to reiterate the importance of saving money over spending it on a whim or today’s latest must-have gadgets.
After all, without a sense of financial responsibility, aren’t we setting them up for less than ideal financial futures? This is one reason we like the BillMyParents Prepaid MasterCard. It offers the opportunity for teens to learn those important responsibilities while allowing Mom and Dad to rest better at night knowing they can maintain some control over their teens spending habits until they are ready to strike out on their own.
This prepaid debit card is far better than turning them loose with our credit cards or worse, their own credit cards that we might not even be aware they have and therefore can’t provide guidance with. It’s never easy as we watch them embark on their journeys into adulthood, but every advantage we can provide in this increasing materialistic world helps.
There’s no denying that a proactive approach is far preferred to a reactive one, especially when it comes to today’s teens. This MasterCard allows parents to work out a contract that gives the teens in their lives opportunities to use their card wisely while learning the repercussions to each decision they make before it’s made.
Parents can easily load cash (or their allowances) onto their prepaid cards and for those teens who have part time or after school jobs, it’s a great chance to see how employers interact with various payroll options. Many employers would prefer a direct deposit scenario anyway, but they also know it’s not always feasible with their part time high school or teen workers. It’s a win-win for all involved.
How it Works
Parents, ideally along with their teens, apply for BillMyParents prepaid card. Approval is guaranteed since it’s a prepaid card. There are no credit checks, therefore, there’s no risk. Funds are easily added on the website and it’s works great, too, for relatives and friends who would otherwise give cash gifts at birthdays or graduations. Of course, it’s much safer than cash. From there, parents can easily monitor where their teens are spending money.
This is a powerful tool because it allows teens to see exactly how they’re spending money and it allows parents a perfect teaching opportunity, especially when the teen says, “I don’t remember buying that.” Parents can easily say, “See? It was something you wanted right away and now, it means nothing since you can’t remember why you purchased it in the first place.” Often, with teens, that’s the ideal teaching model.
As money accumulates, teens also can see that saving money comes with a sense of pride and accomplishment. They too will be able to see their money grow while hopefully learning what’s truly important in terms of material things.
As we mentioned, the monitoring aspect of this card is ideal for parents, but there’s more. There are lower fees than traditional bank cards, money is instantly reflected as it’s loaded and parents have the opportunity to lock and unlock the card’s usage through the website. It’s accepted anywhere MasterCard is.
There is no annual fee and the opening minimum is just $10. There is no application fee and because it’s prepaid, there are no concerns over late payments, grace periods or concerns over APR. ATM fees are a flat $1.50 (though the ATM carrier may charge its own fee). Balance inquiries are $0.50 and for international inquiries, the fee is a flat $1.00. If the card is lost, the replacement fee is $7.95. Other fees apply, though they too are minimum. More information can be found on the website.
As you can see, this is a powerful tool for teens and parents. Today’s teens are far more mobile than their parents ever were and every advantage we can provide them is a welcome one. We encourage parents to consider the BillMyParents Prepaid MasterCard or see other Teen Prepaid Card Offers.