Eric Bank is an M.B.A. who has covered financial and business topics since 1985, appearing regularly on Credible, eHow, WiseBread, The Nest, Zacks, Chron, BadCredit.org and dozens of other outlets. Eric specializes in taking complex subject matters and explaining them in simple terms for consumer audiences, particularly in the world of personal finance. Eric holds a Master's in Business Administration from New York University and a Master's in Finance from DePaul University.
Ashley Fricker has more than a decade of experience as a finance contributor and editor, and has specialized in the credit card industry since 2015. Her credit card commentary is featured on national media outlets that include CNBC, MarketWatch, Investopedia, and Reader's Digest, among many others. She has worked closely with the world’s largest banks and financial institutions, up-and-coming fintech companies, and press and news outlets to curate comprehensive content and media. Ashley holds a bachelor's degree in multimedia journalism from Florida Atlantic University.
Jon leverages 15-plus years of journalism expertise to inform financial consumers about emerging trends and companies making an impact in the industry. He is most knowledgeable in the areas of budgeting, credit card rewards, and responsible credit use. Jon has a passion for writing and editing, and his articles have appeared in publications produced by The New York Times.
Children cannot learn all of life’s important lessons in school. That’s a good reason for you to instruct your kids about money so they can make smart choices about spending and saving. To that end, a family-oriented prepaid debit card is an excellent tool to help children become financially literate.
In this article, I’ll review the Greenlight – Debit Card For Kids and three similar family-friendly prepaid cards. All of them give teens crucial experience in handling money while enabling parents to oversee the account and control permitted spending.
Greenlight offers several plans with varying features for $4.99, $9.98, and $14.98 per month that allow up to five authorized users of any age.
The card allows children to earn, save, spend, and invest funds under parental control, with set spending limits and recurring or conditional deposits.
Depending on the plan you choose, kids can earn 1% cash back rewards and up to 5% APR on an average daily savings balance of up to $5,000 per family.
You can customize your card with a photo for a fee of $9.99.
The Greenlight – Debit Card For Kids offers the broadest set of features among the current crop of family-oriented debit cards. I like the way it incentivizes kids to perform chores, save money, avoid debt, and spend only in safe categories.
Parents set flexible controls and receive instant notifications every time their children spend money. It’s a shame the card didn’t exist when I was a kid.
How to Qualify & Apply For the Card
Parents, guardians, or other individuals who will fund the account can sign up online and add up to five children as authorized users. It’s easy to get started – simply click the APPLY NOW button below to head to the Greenlight application:
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The application collects your personal information, including name, address, date of birth, phone number, email address, and Social Security number. The primary owner must be at least 18 years old, reside in the United States, and have a bank account. There is no minimum age requirement for authorized users.
You’ll also have to provide basic information about each authorized user, including their name and date of birth.
You can order customized cards for an extra fee. Greenlight does not perform a hard credit check when you apply for its debit card. The card provides a one-month trial period before it starts monthly billing.
The cards should arrive within 10 business days of approval. You can pay an expedited shipping fee to get the cards in two to three business days. To activate the card, enter its expiration date on the Parent Dashboard in the mobile app or online.
Benefits & Drawbacks to Consider
You should know the benefits and drawbacks of a family debit card to manage money wisely. Understanding the account’s features helps you know how to set spending limits and track money spent. You should also be aware of any weak points or extra costs.
Benefits
Parental controls: Add up to five kids, send money instantly, set spending limits, and receive real-time purchase notifications.
Smart spending: Kids learn to make wise money decisions with a debit card that pays 1% cash back on purchases.
Money management: Instantly send money, manage chores and allowances, and approve investments through the app.
Family safety: The account includes location sharing, crash detection, SOS alerts, and identity protection features.
Financial education: Greenlight offers games and quizzes to teach kids about money, making learning fun and impactful.
Flexibility and coverage: You can use the card internationally without extra fees, and it’s FDIC-insured.
Chores management: You can assign chores and set payments for completion, teaching kids the value of hard work and earning money. You can also set up automatic allowance payments.
Savings goals: Kids can set and achieve savings goals, learning the importance of saving money for future needs or desires. The app allows them to track progress toward these goals.
Investment education: With certain Greenlight plans, children can invest in stocks (under parental management), which teaches them about the stock market and the concept of investing over time.
Charitable donations: Greenlight’s “Giving” feature encourages philanthropic donations by allowing kids to contribute to nonprofits directly through the app, teaching them about the importance of generosity and social responsibility.
Drawbacks
Monthly fees: All Greenlight plans require a monthly fee, which can add up over time, with the base plan costing $4.99 per month.
Custom card costs: There is a charge for custom Greenlight debit cards, and a fee applies if you need to replace a card, although the first replacement is free.
Savings reward limits: The account caps savings rewards at an average daily balance of up to $5,000, meaning any higher amounts do not earn additional interest.
No direct cash deposits: There is no option for cash deposits directly to the Greenlight – Debit Card For Kids; you must transfer funds from a linked bank account, which can take several days, or set up direct deposits for quick funding.
No credit-building feature: Greenlight does not offer a credit-building feature for kids, which could be a disadvantage for those looking to establish a credit history early.
In sum, Greenlight offers a structured financial education tool with features like spending alerts, savings goals, and chore-linked payments, which can help kids learn how to manage money.
However, the monthly fees, additional costs for custom cards, and lack of a direct cash deposit or credit-building feature may outweigh the benefits for some families.
Other Cards Worth a Look
The first two alternatives are full-blown family cards that offer features similar to those of the Greenlight – Debit Card For Kids. The PayPal card, while available to minors, provides fewer features and parental controls.
Take your kid’s spending freedom to the next level with a BusyKid Visa® Prepaid Spend Debit Card. Now featuring ATM and Apple/Google Pay, the card eliminates concerns over having on-hand cash. It's easy to use, secure, and it teaches your kids how to manage money they can't see.
Every family subscription comes with up to five cards (one per child).
Cards are backed by the Visa® Zero liability policy and can be locked temporarily if misplaced.
Given it’s backed by the trusted name of Visa®, the BusyKid Spend Card is widely accepted in stores and online
BusyPay™ is an easy way for family or friends to instantly send money to a child’s BusyKid account
Choose from a variety of card designs to find which fits your busy kid best
The BusyKid Visa® Prepaid Spend Debit Card primarily focuses on teaching kids about earning through chores, with the option to spend, save, or donate their earnings. As with Greenlight, BusyKid enables investment opportunities for kids by allowing them to buy shares of stock with their earnings.
While Greenlight provides more extensive parental controls and spending limits, BusyKid offers a more straightforward, chore-based financial learning system. Additionally, BusyKid’s pricing structure is often more affordable than Greenlight’s.
The PayPal Prepaid Mastercard® allows you to add up to two children as authorized users from the age of 13 to 17 years old. You must be the legal parent or guardian to request cards for eligible minors.
The PayPal Prepaid Mastercard® requires a monthly fee of $4.95. It allows direct transfers from a PayPal account, making it convenient for existing PayPal users. PayPal’s parental controls are limited to managing fund transfers from the parent’s PayPal account to the child’s card without direct management features for tracking and controlling how the child spends money.
Great for families who wish to store money on multiple prepaid cards linked together
No risk of debt, overdraft, or hidden fees
Retain parental visibility and control while empowering kids of all ages
Separate funds into multiple purpose-driven accounts
Alert parents and children about card activity and the remaining balance in real time
A paid FamZoo subscription entitles you to use all of the active prepaid cards in your FamZoo family for as long as your subscription remains active. Adding family members and adding cards does not impact your subscription fee.
The FamZoo Prepaid Mastercard provides each child with their own account. Still, parents manage these linked accounts under one family plan. The card’s chore-related features are more extensive than Greenlight’s.
Unlike the Greenlight – Debit Card For Kids, this one does not require a bank account since you can reload FamZoo cards with cash at a participating retailer or via direct deposit from a government agency. The account does not limit the number of cards or family members (of any age).
Cardholder Reviews Around the Web/Reddit
Many online commentators complimented Greenlight, but quite a few had problems with missing money. I should point out that the app’s creator, Greenlight Financial Technology, is not a bank but rather a fintech company. The issuer is Community Federal Savings Bank, Member FDIC.
Flewtea likes the Greenlight – Debit Card For Kids:
“Yep, been using it for a year with our six- and eight-year-olds. I love it! Very worth the $5 a month for us. There are no fights over whom the coins lying on the dresser belong to; allowance is automatically withdrawn, and we can transfer money back and forth instantly. Also, other people can send them money, and they can create savings goals (with percentage completion bars) and set up certain proportions to go to charity. It’s well thought out, and while there are a few small features I’d like, I’ve had no real complaints.”
“I just got Greenlight for my children. Last week, it took $75 from my account and put it in my parental wallet, and then again today, it took $200 from my bank account and put it in my wallet. I did not authorize either of these transactions, so I went to transfer the money back to my bank account, but it wouldn’t allow me to. I called, and they said it was done manually by me, but it most definitely was not! They are processing a return, supposedly.”
nycredditer888 expressed a common complaint about missing money:
“I had been using the app for a few months. It seemed ok for low $ amounts, but I transferred $2000 from my bank account that my college-age son had earned over a long time. The money left my bank account debited and sent to Greenlight, but it never showed up! Every time I called Greenlight, I got a different story: Oh, it will be 3-5 business days; oh, it didn’t make it; it was an internal “bug” in our system; we will refund it. It’s been weeks, and the money is still missing. Now I am contacting federal authorities since it is fraud.”
You can reach Greenlight Customer Service by phone (888-483-2645) or by email.
FAQs: How Do Parents Manage the Card?
Perhaps the strongest feature of the Greenlight – Debit Card For Kids is parental control. You can configure the card to inform you of all your child’s transactions. Controls include:
Chore management: Assign tasks and link them to monetary rewards within the app, giving your kids a clear connection between work and earning. For example, you could list a chore to mow the lawn with a payout of $10 once the task is complete.
Real-time alerts: Notifications provide instant updates on your child’s spending, allowing you to monitor transactions and discuss spending choices.
Investment options: Parents can assist their children with investing in stocks or ETFs through the Greenlight app, teaching them about the stock market and investment principles.
Savings goals: Set up and manage savings targets, thereby encouraging your kids to save for future expenses and understand the value of delayed gratification.
Educational resources: Your children can access lessons and quizzes on financial topics that enhance their financial literacy. These resources offer a structured way to educate children on various money-related concepts.
You can immediately deactivate the Greenlight – Debit Card For Kids using the app if you notice unwanted or fraudulent activity. This action stops all transactions so you have time to review the situation and take further steps, such as discussing the issue with your child or contacting customer support for resolution. This feature lets you quickly address any concerns you have about the card.
Does the Card Provide Rewards?
The Greenlight – Debit Card For Kids ties some of its rewards to the plan you buy. All three offer interest on an average daily savings balance of up to $5,000 per family. Kids can round up purchases to the next dollar and automatically add the change to their savings.
The Greenlight Core plan costs $4.99 per month and pays 1% interest on savings. It does not provide cash back rewards for spending. You can enable investing in the Core plan.
Greenlight Max pays 2% interest on savings, whereas the Greenlight Infinity plan pays 5%. Both plans offer 1% cash back on monthly spending.
Your primary account must be in good standing and have a verified Automated Clearing House (ACH) funding account at a bank, credit union, or other financial institution.
How Can My Children Use the Card?
All Greenlight plans allow your children to spend money using their debit card, subject to your control. Kids can spend up to their card’s balance, but you get to choose where they can shop — Greenlight blocks unsafe spending categories. The more expensive plans let kids earn cash back on purchases.
Parents and guardians can use the mobile app to pay their children for completing tasks.
Kids can also receive an unconditional allowance automatically and divvy up their earnings in terms of spending, savings, investing, and giving. They can receive money from friends and family by sharing their pay link. Children can also earn money by referring new Greenlight customers.
The savings account earns up to 5% interest, depending on the plan you choose. Kids can round up purchases to the next dollar and automatically add the change to their savings. They can set savings goals, automatically allocate a percentage of their allowance toward savings, and receive parent-paid interest.
The account enables children to budget and track their spending, receive direct deposits, and connect their cards to Apple Pay or Google Pay.
You can set up investment accounts for your children in all but the Greenlight Select Plan. These accounts enable your children to research and track more than 4,000 equities and exchange-traded funds (ETFs). With investing accounts, your kids can mock trade or request parents actually buy and sell equities and ETFs through Greenlight Investors.
What Are the Account’s Fees?
The Greenlight – Debit Card For Kids’s primary fees stem from the monthly plan you choose. Other fees arise from card customization or replacement. The following chart details the account’s fees:
FEE ITEM
FEE
Monthly Fee – Greenlight Core Plan
$4.99 per month
Monthly Fee – Greenlight Select Plan
$4.99 per month
Monthly Fee – Greenlight + Invest Plan (not available to new customers)
$7.98 per month
Monthly Fee – Greenlight Max Plan
$9.98 per month
Monthly Fee – Greenlight Infinity Plan
$14.98 per month
Load via Debit Card, ACH, Direct Deposit, or Transfer from Invest Account
No Fee
Card Replacement
First card replacement is free; subsequent card replacements are $3.50 per card.
Card Replacement Express Delivery Fee (optional)
$24.99
Domestic ATM Withdrawal
$0.00 (plus ATM operator fees, if any)
Custom Card
$9.99
Domestic ATM Decline
$0.00 (plus ATM operator fees, if any)
International ATM Withdrawal
$0.00 (plus ATM operator fees, if any)
International ATM Decline
$0.00 (plus ATM operator fees, if any)
As you can see, the Greenlight – Debit Card For Kids waives many of the incidental fees that other debit cards charge.
Is the Card Safe to Use?
Safety is crucial for a family debit card because it involves managing and protecting the finances of your children. Ensuring the card is secure prevents unauthorized transactions and potential financial fraud.
Parents need to have control over how and where their kids use the card so children spend money safely and within set boundaries. This control also helps in teaching financial responsibility to kids in a secure environment.
Parental controls: Allow you to set spending limits and monitor transactions.
Real-time alerts: Notify you of all card activity, enhancing security and allowing immediate action if needed.
Card lock function: This enables you to instantly deactivate the card through the app if you or the issuer detect suspicious activity.
FDIC insurance: Protects the funds in the account up to the maximum amount allowed by law.
Encryption: Safeguards personal and financial information during transactions to prevent unauthorized access.
These features minimize the risks of lost cards, theft, overspending, and inappropriate purchases.
How Dependable Is Greenlight?
Greenlight is a financial technology company that empowers parents to teach kids money management and the power of saving and investing. The business started in December 2016 and received Better Business Bureau accreditation a year later.
The BBB gives it a “B” rating. Greenlight has closed 166 complaints in the last three years and 69 in the previous 12 months. The BBB customer score is 1.11 out of 5.
The company receives a “Great” rating of 3.9 out of 5 from Trustpilot.
The card’s issuer is Community Federal Savings Bank, Member FDIC. It does not have BBB accreditation but scores an “A+” rating. Its BBB customer score is 1.0 out of 5, whereas Trustpilot awards it an “Average” rating of 2.8 out of 5.
I consider Greenlight dependable due to its strong security features, such as real-time alerts and parental controls, which enhance monitoring and fraud prevention. Its partnership with an FDIC-insured bank helps ensure that funds are safe and protected.
Additionally, positive user reviews and the platform’s focus on financial education and management further bolster its reliability as a money-management tool for families.
This Card May Be For You If…
You prioritize financial education: Ideal for teaching kids money management skills.
You want parental oversight: Offers controls over spending and savings.
You seek peace of mind: Provides real-time alerts and security features.
Greenlight may be the best family debit card due to its extensive parental controls, educational tools, and investment options. However, it’s important to compare it with competing cards because they may offer lower fees, different rewards, or features that better suit your family’s specific needs and financial goals.
By exploring various cards, you’re likely to find the best option for teaching financial responsibility to your children.
About the Author
Eric Bank
Finance Expert
Eric Bank is an M.B.A. who has covered financial and business topics since 1985, appearing regularly on Credible, eHow, WiseBread, The Nest, Zacks, Chron, BadCredit.org and dozens of other outlets. Eric specializes in taking complex subject matters and explaining them in simple terms for consumer audiences, particularly in the world of personal finance. Eric holds a Master's in Business Administration from New York University and a Master's in Finance from DePaul University.
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