With their innovative debit card for kids, Greenlight is trying to solve a problem that any parent of an elementary or junior high school student can well understand: how to give kids money without worrying that they’ll lose it or spend it on something they shouldn’t.
It isn’t the first reloadable, prepaid card (MasterCard, Visa and American Express each offer parent-friendly debit cards, among other outfits), but Greenlight is hoping to take on these giants by adding every imaginable bell and whistle to its FDIC-insured offering, as well as making its pricing affordable and straightforward. What is it that makes them so unique?
Greenlight claims to be the first card with store-level controls — in other words, the ability for a parent to give a child a specific amount that he or she can spend at a specific store or website — like Starbucks, Chick-fil-A, the neighborhood market store or Amazon.com. The creators found that the ability to choose the specific stores where their kids can shop really resonated with parents. Also, parents can automate allowances very easily in the app, as well as get a full view of their finances across spending, savings, and giving.
The company’s focus is empowering parents to raise their kids to be financially smart: to learn to spend wisely, how important it is to save so they can cover unexpected expenses, how to build wealth through investing, and the value of good credit.
SOUND OFF: Have you tried Greenlight yet? We’d love to hear your feedback.