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Exploring ways to give an allowance (via debit or cash card) with flexibility for me
Old 03-29-2013, 09:06 AM   #1
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Exploring ways to give an allowance (via debit or cash card) with flexibility for me

Maybe I just need to talk to the bank, but am interested in any tips from this group.

I would like to put a weekly spending amount for food and gas on some type of card.

A regular "auto" transfer amount - plus my having online ability to add to it if there are out-of-the-ordinary purchases needed - would be great.

What I don't want is for the person(s) to be able to "overspend" the amount involving any kind of overdraft coverage, or anything else that will incur fees. If that week's money is gone, I want them to be denied whatever they are trying to purchase.

Of course they should be able to get cash out from the amount on the card in case they go to a pay-in-advance gas station.

Thank you for any tips.

Kindest regards,
spncity

P.S. I realize I cannot limit purchases to food and gas.
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Old 03-29-2013, 01:12 PM   #2
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With American Express you can buy a prepaid card which you can reload periodically. I think you can also see online what purchases were paid. You can't overspend on this. It is basically meant to be used for kids that you want to have the convenience of a credit card but not be able to overspend. You can set it up as I recall to either allow them to be able to get cash or not to be able to get cash. You may be able to find similar for MC or Visa.

Here are the Amex options. Look specifically at the PASS card:

https://www.americanexpress.com/us/c...ble-cards.html
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Old 03-30-2013, 08:25 AM   #3
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This is very helpful, Katsmeow - thank you. Sounds like the way to go!

I did go to the bank - but they had no workable options.

Kindest regards.
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Old 03-30-2013, 09:09 AM   #4
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I use prepaid MC for my sons' allowances. Works great.
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Old 03-30-2013, 09:29 AM   #5
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Turn off overdraft protection and a debit card will be declined. If this involves someone else then open up a separate acct. with only a debit (no credit) card and fund it. They should still be able to use the debit card for ATM withdrawals.

I use popmoney to send my son his rent money at college (and we have separate bank accts at different banks). $.50 charge. He turned off overdraft protection to ensure he doesn't spend more than what's in his acct. by accident.
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Old 03-30-2013, 09:57 AM   #6
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If you have Chase they have something called Quickpay that lets you move money easily to another's account.
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Old 03-30-2013, 01:48 PM   #7
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I hate paying fees so I (personally) wouldn't use a prepaid card. I'd open a separate checking account at my current institution (assuming they use combined deposits to determine any bank fees !) and then do a money transfer monthly. I'd also ensure that the overdraft option is turned off.
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Old 03-30-2013, 02:07 PM   #8
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I remember reading something callled VisaBuxx which might apply.

https://usbank.visabuxx.com/

I believe it works both for teens and adults.
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Old 03-30-2013, 04:18 PM   #9
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The problem with a debit card is that debit cards have lesser legal protections under the law than credit cards and they tend to have relatively low per day limits that could be an issue if a college student had to do things like buy books, get a car repaired, buy clothes, etc.

We originally planned to get the PASS card through Amex, but with our son we ultimately just added him as an authorized user on our American Express account. We told him what he was allowed to use it for and told him that if he used it for anything else he would lose it and would be very sorry. I check the account almost daily online so I wasn't worried about him running up a huge bill and I trusted that he wouldn't disregard the instructions. He has had the card now this entire school year and there have been no problems.
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Old 04-03-2013, 06:59 PM   #10
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Thank you all for the tips. Love the wisdom of the forum members here!

Kindest regards.
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