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Pre-paid spending card
Old 12-27-2006, 01:56 PM   #1
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Pre-paid spending card

Both of my kids are adults and out of the house by now, but I was reviewing this website and it looks to me like a good way to give your kids an allowance each week and maybe a good way to get them into the habit of using a card is a sane manner.

If you have children that you give an allowance to, do you have any ideas, pro or con, on the use of this bank product?

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Re: Pre-paid spending card
Old 12-27-2006, 06:41 PM   #2
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Re: Pre-paid spending card

Originally Posted by mickeyd
If you have children that you give an allowance to, do you have any ideas, pro or con, on the use of this bank product?
The kid & I have joint accounts at NFCU so I transfer her monthly allowance/expenses by EFT. She has her own ATM card and credit card so I haven't seen any reason to add yet another card for her to keep track of.

I co-signed her credit-card application as the responsible adult and we each have a card with our own name on it (same account number) but Citi takes their payment out of her checking account. When she turns 18 I'm going to have to see if there's some way to get me off the account and put it entirely in her name for her own credit history.

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