Greenlight Debit Card Review | Good Financial Cents

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Discover really nan Greenlight Debit Card is revolutionizing nan measurement families thatch their kids astir money management. With features for illustration chore charts, savings goals, and parental controls, this prepaid debit paper offers a broad solution for parents looking to instill financial work successful their children while besides giving them a consciousness of financial independence.

The Greenlight Debit Card is simply a prepaid debit paper designed for teens, providing an easy and unafraid measurement for them to negociate their ain spending.

It provides parents pinch bid of mind knowing that their teen’s purchases are supervised, allowing them to set budgets aliases limits connected spending, support way of purchases successful existent time, and person acquisition notifications correct distant truthful they tin person conversations astir responsible budgeting.

The debit paper besides comes pinch adjuvant features specified arsenic rewards and goal-setting devices that encourage teens to prevention money.

Key Takeaways

  • The Greenlight debit paper is marketed to families pinch kids — arsenic in, families conscionable for illustration mine! I americium presently utilizing nan Greenlight merchandise pinch my 2 older boys, and nan contents of this reappraisal bespeak my experience.
  • Families who take nan Greenlight debit paper are getting much than conscionable a debit paper for their kids. This debit paper comes pinch a mobile app for parents, arsenic good arsenic an array of devices that thief scheme spending, saving, chores, and more.
  • The Greenlight debit paper lets parents group controls aliases “rules” for debit paper use, and parents tin besides get notified each clip their kid spends money.
  • This paper besides has a rewards constituent that lets kids gain rate backmost connected their savings.

Teaching Your Kids About Money

As a financial advisor and certified money nerd, I person ever known really important it is to thatch kids astir money. After all, finances are a large portion of increasing up, and our children will yet beryllium retired connected their own.

When we return nan clip to thatch them astir paying bills, budgeting, and redeeming for nan future, we are helping group them up for occurrence and school them basal life skills astatine nan aforesaid time.

Fortunately, exertion has made this portion of parenting considerably easier! 

When I first started school my kids astir budgeting and managing money, we were utilizing nan letter cover strategy that was inspired by Dave Ramsey and Rachel Cruze.

My woman and I had a chore expanse pinch tasks our kids would person to complete each week, and they would get paid their “allowance” erstwhile they did each nan work. From there, our kids kept their money successful different envelopes — envelopes for spending, saving, giving, and circumstantial goals. 

The Envelope System With 4 Kids

This worked beautiful good for a while, but my kid’s financial lives person gotten much analyzable arsenic they person grown up.

For example, my oldest boy is trading things connected eBay, and I really wanted him to person his ain eBay relationship alternatively of utilizing mine. And obviously, rate successful an letter cover won’t thief him tally his eBay business astatine all. 

Not only that, but each 4 of our children are connected our payroll, truthful they each person a tidy sum of money successful their ain checking and savings accounts already. Unfortunately, nan bank we person each been utilizing doesn’t connection a measurement for kids nether 16 to entree their money pinch their ain debit card.

I initially thought astir making my kids authorized users connected my credit card, aliases moreover opening a caller checking account and getting each kid a debit paper of their own.

Ultimately, this is what led maine to observe Greenlight debit cards for kids. With nan action for each kid to person their ain debit paper and each nan devices disposable to parents, I instantly signed my family up.

About Greenlight 

Greenlight was primitively founded successful 2014 arsenic a fintech app for kids, but nan merchandise has improved rather a spot since its first launch. First of all, parents should cognize that Greenlight is simply a batch much than a debit paper for kids.

This debit paper besides useful successful conjunction pinch a mobile app that is arsenic accessible by parents moving nan account.

With a Greenlight debit card, you can:

  • Set up chore charts for your kids.
  • Help your kids group up savings goals done nan app.
  • Get notified each clip your kid makes a purchase.
  • Automatically transportation money (i.e. their allowance) to kids done nan app.
  • Decide which stores your kids are allowed to walk money at.
  • Let your kids “save their change” by rounding up their purchases and diverting it to savings (similar to nan Acorns app).
  • Decide whether kids tin entree rate astatine an ATM.
  • Help your kids study astir investing done Greenlight + Invest and Greenlight Max.

Greenlight besides has a rewards constituent kids and parents tin return advantage of. For starters, Greenlight Max kids get 1% successful cash backmost rewards connected each acquisition they make pinch their debit card.

Kids tin besides gain 1% to 2% connected their savings depending connected whether they are a basal member, a Greenlight + Investing member, aliases portion of Greenlight Max.

One awesome use of Greenlight is that location is nary minimum property for kids to get nan app. This makes nan merchandise different from immoderate different financial products targeted to teens, galore of which group a minimum property of 8 to 16.

Greenlight Plans and Costs

While Greenlight offers a ton of devices that tin thief kids study much astir their finances, this merchandise is acold from free. Ultimately, this is 1 of nan awesome downsides of Greenlight.

After all, location are different debit cards for kids and teens that don’t person a monthly fee, though they person a batch less features overall.

Either way, here’s a rundown of what you tin expect to salary for a Greenlight scheme depending connected nan tier of work you motion up for.

Greenlight —$4.99 per monthGreenlight + Invest — $9.98 per monthGreenlight Max — $14.98 per month
Debit paper for up to 5 kids
Education all
Core financial tools
Parental controls
Greenlight savings rewards1%2%5%
Investing for parentsLite
Investing for Kids
1% rate backmost connected spending
Priority customer support
Protection, 3x
Family location sharing
SOS alert
Crash Detection

As you tin see, Greenlight offers 3 different plans for families to take from:

Greenlight Core: The basal Greenlight scheme lets parents get a debit paper for up to 5 kids. This scheme offers basal devices for parents, for illustration nan expertise to group up chore charts, nonstop their kids money, and beryllium notified erstwhile their kids make a purchase. Kids successful this tier of nan programme will besides gain 1% successful rewards connected their savings.

Greenlight Max: The Greenlight + Invest scheme costs somewhat much than nan basal plan, yet families get nan added use of investing tools.

This characteristic wrong nan Greenlight app lets kids purchase fractional shares of their favourite stocks, and they tin start investing pinch arsenic small arsenic $1 pinch nary trading fees. Parents besides get to o.k. each waste and acquisition correct from nan app. Kids successful this tier besides gain 2% successful rate backmost connected their savings.

Greenlight Infinity: Greenlight Max is nan top-tier plan, and it includes each nan benefits of nan basal scheme positive nan investing features.

On apical of that, parents get benefits for illustration privilege customer support and kids besides get 1% backmost connected purchases made pinch their debit paper and 5% successful rate backmost connected their savings. Other features for illustration family location sharing, SOS alerts, and clang discovery are included.

If you would alternatively perceive to this post, and others present connected nan blog, please cheque retired nan Good Financial Cents podcast connected Spotify.

My Family’s Experience With Greenlight

Signing up for Greenlight was a no-brainer for my family since nan app was group up to lick each our problems by letting kids person entree to their money.

In nan meantime, nan Greenlight app would besides fto maine and my woman oversee each facet of their financial lives, from nan stores they were allowed to walk astatine to their chores and savings goals.

I besides liked nan truth I could instantly nonstop money to my kids astatine immoderate time, whether they completed a chore aliases they needed money for a schoolhouse task aliases event.

My kids could moreover make crazy requests, for illustration nan clip my boy asked maine for $10,000. It was each successful bully fun, but nan reply to that 1 was decidedly “no.”

screenshot of my Greenlight relationship wherever my boy requested $10,000

With that being said, we encountered immoderate bugs on nan way. For starters, location are immoderate maximum transportation and withdrawal amounts families should cognize correct disconnected nan bat.

These see a maximum ATM withdrawal magnitude of $100 per day, per user. Not only that, nan families tin only retreat a maximum magnitude of $500 from an ATM per month

That whitethorn not beryllium a immense deal, but it’s worthy knowing up of time! 

You whitethorn tally into immoderate glitches erstwhile you first get started. For example, I moved money into my son’s relationship nan first play we signed up for Greenlight.

We were connected our measurement to a sports car show, and we thought it would beryllium nosy to spell to Walmart to effort to return money retired of his account. 

The point is, he kept trying and couldn’t get it to activity astatine all. We ended up going to 3 different ATMs to effort to get rate retired pinch his Greenlight debit paper pinch nary luck.

I submitted a summons pinch Greenlight and sewage a telephone backmost correct away, which is decidedly a plus. However, this is wherever things sewage analyzable fast.

When I said to customer service, I recovered retired location are different “buckets” successful play erstwhile you transportation money from a parent’s relationship to a kid’s Greenlight wallet. 

Specifically, each relationship has a wide bucket that lets kids walk anyplace they want, but you person to click 1 much spot to authorize letting them get rate retired of an ATM. I hadn’t taken that step, and that’s why my boy couldn’t get rate retired of his account.

picture of my boy taking rate from an ATM utilizing his Greenlight debit card

One last downside of Greenlight is nan truth that you can’t get paid from this relationship done eBay. That won’t impact astir families, but my oldest boy buys and sells connected eBay each nan time.

To get astir this, I had to group up a abstracted savings relationship conscionable for my son’s eBay earnings. From there, I tin log into my telephone and transportation money from that relationship to his Greenlight account.

Again, that’s not a immense deal, but you should decidedly make judge Greenlight is simply a useful solution for immoderate your needs are. If your kid is getting paid from extracurricular sources different than you, you should cognize whether that money tin spell straight to their Greenlight account.

As a broadside note, Greenlight does opportunity kids pinch accepted jobs tin get paid via nonstop deposit to their Greenlight accounts.

Specifically, they opportunity that “their paychecks will automatically beryllium deposited onto their Greenlight paper successful their Spend Anywhere walk control, moreover if they’re connected picnic aliases retired of town.”

With that being said, Greenlight is not group up to judge nonstop deposits from immoderate authorities sources, including Social Security payments, federal taxation refunds, authorities taxation refunds, kid support, etc., aliases from Paypal, Venmo, Apple Cash, aliases different money transportation apps.

How Does Greenlight Compare?

There are plentifulness of debit paper products for kids retired there, including nan MONEY Teen Checking from Capital One and Chase First Checking Debit Card for Kids.

You’ll announcement that different options don’t require a monthly scheme fee, but they thin to connection less perks arsenic well.

The floor plan beneath shows really Greenlight stacks up successful position of costs and features:

GreenlightMONEY Teen Checking from Capital OneChase First Checking Debit Card for Kids
Monthly scheme fee$4.99 to $14.98$0$0
Ages available No minimum ageAges 8 to 18Ages 6 to 17
Ability to group spending limits and ATM limits for kidsYesYesYes
Ability to nonstop your kids money done an appYesYesYes
Pay allowance done nan appYesYesYes
RequirementsNo request for parentsNo request for parentsParents are required to person a Chase checking account
Kids tin put done nan appYesNoNo
Earn rate backmost connected savingsYesNoNo
Potential to gain rate backmost connected spendingYesNoNo

How to Sign Up for Greenlight

To motion up for a Greenlight relationship for your family, you’ll request to participate your telephone number and beryllium consenting to download and usage nan mobile app yourself. Information you request to get started includes:

  • Your email address
  • Your mobile telephone number
  • Your child’s/children’s name(s)
  • Your ineligible first and past name
  • Your beingness address
  • Your day of birth
  • Your Social Security number (SSN)
  • A valid debit paper aliases slope account

Whom Is Greenlight Best For?

I really for illustration Greenlight contempt its limitations. Before parents motion up, however, they request to publication complete each nan good people and acquisition and withdrawal rules truthful they cognize what they’re dealing with.

I besides urge playing astir pinch nan app and learning really it useful truthful kids aren’t near successful a business wherever they can’t entree their money erstwhile they request it.

With each this being said, Greenlight is champion for:

  • Parents who want to oversee their kid’s chores, allowances, purchases, and savings successful 1 place.
  • Families who want their kids to person their ain debit paper for information reasons.
  • Parents who want a measurement to thatch their kids really to negociate their money early successful life.
  • Families who want to get their kids into investing early successful life.
  • Anyone who wants to beryllium capable to nonstop their kids aliases teens money instantly done a mobile app.
  • Parents who want to beryllium notified each clip their kid makes a purchase.

The Bottom Line – Greenlight Debit Card Review

Overall, Greenlight has a beautiful intriguing worth proposition. The programme costs arsenic small arsenic $5 per month, and you get entree to a ton of valuable search and goal-setting devices arsenic good arsenic debit cards for up to 5 kids.

If you want to salary a small more, you tin besides guarantee your kid is earning rate backmost connected their purchases. This app moreover makes it imaginable for your kid to study astir investing done fractional shares pinch your oversight, which is beautiful cool if you inquire me.

Still, location are different debit cards for teens retired location if you return a look, and immoderate of them don’t require a monthly interest astatine all. You should decidedly comparison each your options earlier you motion up. That way, you tin find nan champion banking action for your kids and teens for a value you tin afford.

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Greenlight Debit Card Review

Product Name: Greenlight

Product Description: The Greenlight Debit Card is simply a prepaid debit paper designed for teens, providing an easy and unafraid measurement for them to negociate their ain spending.

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Summary of Greenlight

Greenlight provides parents pinch bid of mind knowing that their teen’s purchases are supervised, allowing them to group budgets aliases limits connected spending, support way of purchases successful real-time, and person acquisition notifications correct distant truthful they tin person conversations astir responsible budgeting. The debit paper besides comes pinch adjuvant features specified arsenic rewards and goal-setting devices that promote teens to prevention money.

  • Cost and Fees
  • Customer Service
  • User Experience
  • Product Offerings

Pros

  • Allows real-time monitoring of spending and budgeting
  • Institutes bully money habits from a young age
  • Customizable allowances and restrictions, including acquisition limits and blocking of definite stores/sites
  • Instant notifications erstwhile purchases are made

Cons

  • Costly monthly subscription fees
  • Limited debit paper backing options (no rate deposits)
  • Potential problems pinch blocked sites/stores owed to mendacious positives