Does your daughter ever look at you less like her M.O.M. and more like her A.T.M.? If it seems like every time you turn around you’re reaching into your wallet to give your kid a little cash then the Bill My Parents SpendSmart card is the perfect solution.
It’s basically a pre-paid debit card that also works at ATMs and lets you fund it the from your credit card or bank account. You can add money in on a weekly or monthly basis, or just as needed for her desperate quest for the perfect pair of jeans. You get notified when purchases are made and, because it’s a debit card she can’t spend more than she has, which not only teaches her to make better financial decisions, but also doesn’t risk her credit rating.
It’s taken everywhere Mastercard is accepted and there is a nominal monthly, reload and ATM fee. Best of all, if it ever gets stolen or you see that she’s shopping like a Kardashian you can shut down that card faster than you can say, “OMG!”
So teach your kids how to spend responsibly and keep them out of your wallet.
8 Comments
Geri says:
Couldn't find your video. Was it me or you???
Leise says:
This was great Carley! Thanks
Kathy says:
Hi Carly,
I've been considering this for my teen and found that the Paypal Student Account seems to have all of the same features but with quite a bit less in fees. Am I missing something?
Kathy
Samantha @ Digital Zen says:
This is a great video and an important lesson for kids! It does look like Paypal Student account offers the same product with much lower fees. Tried and true business strategy - sacrifice potential gain on this product but capture new customers at an early age. Bill My Parents' website is prettier though
Eric Lorenz says:
I was wondering about that too, Carly. Another good option might be to check with your local bank...Looked up options at our bank (US Bank), and they have a 'VISA Buxx' card that has a $10 enrollment fee, but no monthly fees or services charges for adding $, etc. when you are a US Bank customer. It does not have some of the controls that this card has, but I think that's good, because to me, it encourages you to have conversations with your teen and stay involved in the process as they learn how to handle money.
Great programs by the way- thanks!
Eric
Sunny says:
Thanks, Carley and Digitwirl for this great review -- we’re really excited to share our program with your community! (I work for BillMyParents and can answer questions about the company and/or the SpendSmart Card.)
Kathy - you're right -- they do have many similar features. However, we have the option to do instant emergency loads from the parent's credit card, and we auto-block card use at certain types of merchants whose goods or services are illegal for minors, ex/casinos, liquor stores, gambling websites, etc. As far as fees go, they have some usage fees we don’t, such as the $3.00 to do a bank withdrawal. They have a very different fee structure that results in more fees for some people and less for others, all depending on how the card is going to be used. Individual families should compare options to see which program will work best for them based on their needs. (You can always order and try our SpendSmart Card for free for 30 days to see what you think! http://www.BillMyParents.com)
Cheers!
-Sunny
Digitwirl Video: Bill My Parents SpendSmart | The Neat Geek says:
[...] And instead of handing them your last $5, leaving you to charge a pack of gum, check out the new Digitwirl video on Bill My Parents SpendSmart. [...]
Jeff Blechman says:
I often surf the web waiting hours to find that one special website or "gem" that blows all others away. Yours is that!
Fantastic design, layout and videos. You have a very special personality that invites users to your site.
Keep up the great posts and videos.