Credit card aimed at kids
Date:23-june-2008
A Visa Card aimed at kids and teens is making it's way into the homes of many American families.Cash or credit? For many teens, it's all about the plastic.Card user Becca Kreitman said, "Now I hardly ever carry cash. I feel safer."But it's not a credit card.It's prepaid debit card for teens from PAYjr.com based out of Frisco.
The CEO says he rarely carried cash, but had to pay his kids allowances.David Jones said, "I was trying to find a way to pay my kids electronically."When chores get done, money goes into their account."I go online and say, 'yes, this chore is completed.' My parents get an email saying, 'she did her chore. You can transfer the money from doing the chore into her account," said Kreitman.
The card gives some parents peace of mind."The parent does have access to the account. They can see where their teen is spending their money and can set limits," said Jones.And that helps keep Becca's spending in check."I get a text message every morning. It tells me what my balance is," Kreitman said.The card is $10.00 to start, about $4.00 a month to maintain, and 50 cents every time you put money into the account.Todd Mark of Consumer Credit Counseling Service said, "The key is this is an easy way to teach your kids about credit. If it's just about passing money to your kids, there are cheaper ways to do it."Consumer Credit Counseling says it's never too young to teach children about money.They also said you can look for other kids debit cards with less expensive fees.
source:http://www.wptv.com/news/local/story.aspx?content_id=731a7c21-c98f-4c41-9339-d91001fd51bb
