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Author: SeeFoolRun Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308881  
Subject: Re: Upside Visa Card for teens Date: 6/10/2007 7:04 PM
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My bank (USAA) offers a prepaid mastercard for children (or whoever you want I guess, but it's advertised as being for teens).

It costs nothing to add money to it & balance doesn't erode over time if the card isn't actively used. There are no fees associated with using the card other than standard ATM fees if used to withdraw cash at a different bank's ATM.

Your bank may already offer something similar.

I set ours up to automatically post allowance at a set interval - it takes it from my checking acct & puts it on the card every other Friday. I also have the option to easily & quickly change that amount, suspend or change the regular additions, or temporarily suspend the card (think grounding). I can add any amount >$10 at any time as either a set recurring addition or a one-time addition.

I really like this. Don't have to worry about cash being lost. Either of us can log in and see balance on card or exactly where money is being spent. Of course it works like a regular ATM card also, so he can take out cash if needed for a certain purchase.
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