How Much Is A Greenlight Card

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 5 minute read

How Much Is A Greenlight Card? As a parent, financial literacy is one of the most critical skills you can teach your children to learn. Having a better understanding of money might help individuals go forward in life and achieve their goals. The Greenlight debit card is one of the resources available to help your children learn about money. For your consideration, let’s have a look at the Greenlight card for youngsters.

What is Greenlight?

Founded in 2014 by Tim Sheehan and Johnson Cook, Greenlight is a financial startup. Atlanta, Georgia, is the company’s headquarters, and it serves over 3 million subscribers.

Families that use Greenlight’s debit card are able to pay their children’s allowances and keep an eye on how much money they’ve spent. In addition, there are investment options with Greenlight. With the Greenlight card, kids may learn about spending and saving, and the additional services offered by Greenlight can teach kids about the fundamentals of investing as well.

How does Greenlight work?

Children may use the Greenlight debit card, which is exactly what it sounds like. The debit card may be loaded via the Greenlight app by a parent, and your children will be able to use the funds. Transfers can be done either manually or automatically every week, depending on your preferences. Adding money to a child’s account is contingent on a variety of factors, such as how well the child performs academically or whether or not they receive an allowance. In the event of a financial emergency, you may also opt to add funds to the card.

Parents and children can both use the Greenlight app, but the information they view when they log in differs. When you’re a parent, you have access to your child’s account, including the ability to examine their balances and purchases. You have the ability to authorize each deal if investment is involved. When your children log in, they may check their accounts, create objectives, and learn a lot more. As a smartphone app, they may use a variety of tools to learn about financial management

The Federal Deposit Insurance Corporation (FDIC) insures Greenlight card spending and savings accounts up to a maximum of $250,000. Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), Securities Investor Protection Corporation (SIPC) registered Greenlight as an investment advisor (SIPC). Despite the fact that you and your children’s financial decisions aren’t guaranteed, you’re covered if the Greenlight firm fails.

Greenlight plans

Greenlight has laid out a basic strategy here. You may acquire a Greenlight debit card for up to five children for $4.99 a month. Access to the Greenlight app, which provides two separate experiences for parents and children is also provided. With this strategy, kids may track their spending and savings, as well as create objectives for themselves. Tracking allowances and other sources of income is also possible.

Additionally, parental controls are included in the Greenlight package. Parents have the option to fund their children’s Greenlight cards, as well as to establish spending restrictions, store-level controls, and to keep tabs on what their children are doing with their money.

Those on a tight budget, especially those with small children who are still learning about personal finance, may want to consider the Greenlight basic plan. Use it to teach kids how to manage their finances and create savings goals. For parents who want to teach their children basic financial literacy, this strategy should suffice.

Greenlight + Invest

Greenlight Invest adds an aspect of investment to the Greenlight plan, in addition to all of the other features. On a website tailored specifically for them, children may begin learning about investing money with as little as $1. Each transaction must be approved by a parent, and there are no costs for this service.

This might be a useful tool for parents who want to teach their children about investing and the significance of getting started. Greenlight offers a means for children to invest in their favorite firms by allowing them to purchase fractional shares. Though it costs $7.98 a month, this might be an excellent option for families with kids who are mature enough to understand and make their own investment decisions.

Greenlight Max

Additionally, Greenlight Max comes with a Greenlight debit card for kids, as well as access to investing and other financial management education materials. First and foremost, you’ll get access to special customer service. However, there are a number of other advantages:

  • Identity theft protection: monitoring and notifications that can help you keep track of identity-related issues.
  • Protection for up to five children in the event of damage or loss of a cell phone purchased with Greenlight.
  • In the event that an item purchased using Greenlight is destroyed or stolen, it can either be replaced or restored.

If you’re looking for all-inclusive coverage and access to financial information and tools, this plan might be a good fit for your family.

Greenlight has a lot of features that we enjoy.

  • In addition to parental clearance for investments, Greenlight’s continuing monitoring and other security features can give piece of mind. Even if your child makes mistakes, you are there to assist them learn from their mistakes.
  • Teaching youngsters about money management and goal setting may be easier with Greenlight’s educational tools. Investing tools are also useful for teaching children about investing and its advantages.
  • Financial responsibility may be taught to children through the use of an app with built-in management capabilities. The Greenlight debit card for kids prohibits them from spending more than they have and might help them learn how to handle their money in a more responsible manner.
  • As a family, you can easily manage your money and learn about it together thanks to the Greenlight card. Automated weekly transfers and real-time monitoring of spending allow parents to swiftly and conveniently transfer funds to their children’s cards. As a result, it provides an opportunity for parents to discuss finances with their children and to go over previous decisions.

Enhancing Greenlight

  • Greenlight charges a monthly subscription to use the service. With the right bank and location, you may be able to open a joint account with your children and acquire a free debit card for each of your children, allowing you to quickly and easily contribute money to the account without incurring a monthly charge. While some applications charge monthly fees for custodial accounts for children, others don’t.
  • In order for your children to get a return on their investment, you must pay interest on the Greenlight card, rather than making a yield payment. A fixed interest rate is paid by other banks, even if the amount is tiny. The Greenlight card, on the other hand, requires you to pay the interest for your children, which might be a problem.
Curated posts

Someone from San Francisco, CA just viewed Best Credit Unions in Texas