UnThreaded | Threaded | Whole Thread (15) | Ignore Thread Prev | Next
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 311074  
Subject: Re: Upside Visa Card for teens Date: 6/10/2007 7:04 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 2
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.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (15) | Ignore Thread Prev | Next


TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.