Greenlight Debit Card Review – Good Financial Cents®

Key Takeaways

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  • The Greenlight debit card is marketed to families with kids — as in, families just like mine! I will be currently by using the Greenlight product using my two older boys, while the items in this review reflects my experience.
  • Families who opt for the Greenlight debit card are receiving more than simply a debit card due to their kids. This debit card is sold with a app that is mobile parents, as well as an array of tools that help plan spending, saving, chores and more.
  • The Greenlight debit card lets parents set controls or “rules” for debit card use, and parents can also get notified each time their kid spends money.
  • This card also has a rewards component that lets kids back earn cash to their savings.

As A advisor that is financial certified money nerd, I have always known how important it is to teach kids about money. After all, finances are a part that is big of up, and our kids at some point be out by themselves. Them about paying bills, budgeting, and saving for the future, we are helping set them up for success

and

teaching them basic life skills at the same time.

Fortunately when we take the time to teach, Technology has made this right section of parenting considerably easier! 

once I first started teaching my kids about budgeting and money that is managing we were using the envelope system that was inspired by Dave Ramsey and Rachel Cruze. My wife and I had a chore sheet with tasks our kids would have to complete each and they would get paid their “allowance” when they did all the work week. From that point, our children kept their funds in almost any envelopes — envelopes for spending, saving, giving, and goals that are specific. 

This worked pretty good for a while, but my kid’s lives that are financial gotten more complex because they have cultivated up. As an example, my son that is oldest is selling things on eBay, and I really wanted him to have his own eBay account instead of using mine. And obviously, cash in he won’t be helped by an envelope run his eBay business after all. Greenlight debit cards for kidsNot only that, but all four of your youngsters are on our payroll, so that they all have a sum that is tidy of in their own checking and savings accounts already. Unfortunately, the bank we have all been using doesn’t offer a way for kids under 16 to access their own debit card to their money.

I initially seriously considered making my kids authorized users to my bank card, if not opening a checking that is new and getting each kid a debit card of their own.Ultimately, this is what led me to discover

. With the option for each kid to have their debit that is own card most of the tools accessible to parents, I immediately signed my loved ones up.

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  • About Greenlight 
  • Greenlight was originally founded in 2014 as a fintech app for kids, but the product has improved quite a bit since its initial launch. First of all, parents should know that Greenlight is a complete lot a lot more than a debit card for kids. This debit card also works together with a app that is mobile is equally accessible by parents running the account.
  • With A Greenlight debit card, you can:Acorns appSet up chore charts for your kids
  • Help your kids set up savings goals through the app
  • Get notified each right time your son or daughter decides to purchase something

Automatically transfer money (in other words. their allowance) to kids through the app

Decide which stores the kids are permitted to invest money at

Let your kids “save their change” by rounding up their purchases and diverting it to savings (very similar to the

)

Decide whether kids have access to cash at an ATM

Help young kids read about investing through Greenlight + Invest and Greenlight MaxGreenlight also offers a rewards kids that are component parents can take advantage of. For starters, Greenlight Max kids get 1% in cash back rewards on every purchase they make with their debit card. Kids can also earn 1% to 2% on their savings depending on whether they are a member that is basic a Greenlight + Investing member or section of Greenlight Max. One major advantageous asset of Greenlight is the fact that there is absolutely no minimum age for kids to have the app. This is why the merchandise distinct from several other lending options geared to teens, some of which set a age that is minimum of to 16. Greenlight Plans and Costs
While Greenlight offers a ton of tools that can help kids learn more about their finances, this product is far from free. Ultimately, this is one of the major downsides of Greenlight. After all, there are other debit cards for kids and teens that don’t have a fee that is monthly while they have a large amount fewer features overall. Either way, here’s a rundown of what you could anticipate paying for a Greenlight plan with regards to the tier of service you subscribe to. Greenlight — $4.99 every month
Greenlight + Invest — $7.98 every month Greenlight Max — $9.98 every month Debit card for as much as 5 kids
Education all
Core financial tools
Parental controls
Greenlight savings rewards
1% 1%
2% Investing tools
1% money back on spending
Greenlight Black Card
Priority customer care

Identity theft protection

Cell phone protection

Purchase protectionfractional shares

As you can find, Greenlight offers three different plans for families to decide on from:Greenlight

: the fundamental Greenlight plan lets parents get a debit card for as much as five kids. This course of action offers tools that are basic parents, like the ability to set up chore charts, send their kids money, and be notified when their kids make a purchase. Kids in this tier of the program will earn 1% also in rewards to their savings.Good Financial Cents podcast on Spotify.

Greenlight +* that is invest(: The Greenlight + Invest plan costs slightly more than the basic plan, yet families get the added benefit of investing tools. This feature within the Greenlight app lets kids purchase

of their stocks that are favorite and additionally they can begin investing with less than $1 without any trading fees. Parents will also get to approve every trade from the comfort of the app. Kids contained in this tier also earn 1% in money back to their savings.

Greenlight Max

: Greenlight Max may be the tier that is top, and it includes all the benefits of the basic plan plus the investing features. On top of that, parents get benefits like priority customer support and kids also get 1% back on purchases made with their debit card and 2% in cash back on their savings. Other features like identity theft protection, purchase protection, and cell phone protection are included. Kids in this plan also get a Greenlight Black Card, which is just a upgrade that is fancy-looking their debit card. If you might rather tune in to this post, yet others here in the blog, please look at the My Family’s Experience with Greenlight

was a no-brainer for my loved ones because the app was put up to resolve all letting kids to our problems have some access to their money. The Greenlight app would also let me and my wife oversee every aspect of their financial lives, from the stores they were allowed to spend at to their chores and savings goals in the meantime.

I additionally liked the actual fact i possibly could instantly send money to my kids whenever you want, they needed money for a school project or event.

My whether they completed a chore or kids could even make requests that are crazy such as the time my son asked me for $10,000. It absolutely was all in good fun, nevertheless the response to this one was definitely “no.”

With that being said, we encountered some bugs in the process. For beginners, there are several transfer that is maximum withdrawal amounts families should know right off the bat. These include a ATM that is maximum withdrawal of $105 a day, per user. Not only this, the families are only able to withdraw a max amount of $525 from an month that is ATM

per*). 

That may not be a deal that is huge however it’s worth knowing in advance! 

You may come across some glitches when you initially get going. As an example, I moved money into my son’s account the weekend that is first signed up for Greenlight. We were on our way to a sports car show, and it was thought by us will be fun to head to Walmart to attempt to take money away from his account. 

The thing is, he kept trying and couldn’t obtain it to function after all. We finished up going to 3 different ATMs to get cash out with no luck to his Greenlight debit card.I submitted a ticket with Greenlight and got a call back right away, which is definitely a plus. However, this is where things got complicated fast. I found out there are different “buckets” in play when you transfer money from a parent’s account to a kid’s Greenlight wallet when I spoke to customer service. Ads by Money disclaimer

Specifically, each account has a bucket that is general lets kids spend anywhere they want, but you have to click one more place to authorize letting them get cash out of an ATM. I hadn’t taken that step, and that’s why my son could get cash out n’t of his account.

One Final downside of Greenlight is the known fact that you can’t get paid from this account through eBay. That won’t affect most families, but my son that is oldest buys and sells on eBay most of the time. To have for this, I experienced to create a savings that are separate just for my son’s eBay earnings. From there, I can log into my transfer and phone funds from that account to his Greenlight account.

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Again, that is not a deal that is huge but you should definitely make sure Greenlight is a useful solution for whatever your needs are. If your kid is getting paid from outside sources other you should know whether that money can go directly to their Greenlight account.

As a side note, Greenlight does say kids with traditional jobs can get paid via direct deposit to their Greenlight accounts than you. Specifically, they claim that “their paychecks will automatically be deposited onto their Greenlight card within their Spend Anywhere spend control, no matter if they’re on holiday or away from town.”

With that said, Greenlight just isn’t put up to simply accept direct deposits from any government sources, including Social Security payments, federal tax refunds, state tax refunds, child support, etc., or from Paypal, Venmo, Apple Cash, or any other money transfer apps. Ads by Money. We might be compensated if you click this ad. Ad
A credit repair company could improve your chances of getting approved Credit Repair companies, like Credit Saint, specialize in finding and helping you remove mistakes on your report to help you improve your credit. How Does Greenlight Compare? There are plenty of debit card products for kids out there, including the MONEY Teen Checking from Capital One and Chase First Checking Debit Card for Kids. You’ll notice that other options don’t require a plan that is monthly, nonetheless they have a tendency to offer fewer perks at the same time.
The chart below shows how Greenlight stacks up with regards to costs and features: Greenlight MONEY Teen Checking from Capital One Chase First Checking Debit Card for Kids
Monthly plan fee $4.98 to $9.98 $0 $0
Ages available  No minimum age Ages 8+ Ages 6 to 17
Ability to create spending limits and ATM limits for kids Yes Yes Yes
Ability to deliver young kids money through an app Yes Yes YesChase checking account
Pay allowance through the app Yes Yes Yes
Requirements No dependence on parents No dependence on parents Parents have to have a
Kids can invest through the app Yes No No

Earn cash back on savings

Yes

  • No
  • No
  • Potential to make money back on spending
  • Yes
  • No
  • No
  • How to join Greenlight
  • To sign up for a Greenlight make up your loved ones, you’ll need certainly to enter your contact number and become happy to download and employ the mobile app yourself. Important information to get going includes:

Your current email address

Your cell phone number

Your child’s/children’s name(s)

  • Your legal first and last name
  • Your home address
  • Your date of birth
  • Your Social Security number (SSN)
  • A valid debit card or banking account
  • Who is Greenlight Ideal For?

i like Greenlight despite its limitations. Before parents sign up, however, they must read over most of the print that is fine purchase and withdrawal rules so they know what they’re dealing with. I also recommend playing around with the app and learning how it works so kids aren’t left in a situation where they can’t access their money when it is needed by them.

With this all being said, Greenlight is the best for:

Parents who wish to oversee their kid’s chores, allowances, purchases and savings in a single place

Families who desire their kids to own their particular debit card for safety reasons

Parents who desire an effective way to teach their kids how exactly to manage their funds at the beginning of life

Families who wish to manage to get thier kids into investing at the beginning of life

Anyone who would like to manage to send their kids or teens money instantly through a mobile app

Parents who wish to be notified every time their kid buy something

The Bottom Line

Overall, Greenlight has a fairly value proposition that is intriguing. The program costs as little as $5 per month, and you get access to a ton of valuable tracking and tools that are goal-setting well as debit cards for as much as five kids. (you can also ensure your kid is earning cash back on their purchases*)If you want to pay a little more. This app even makes it possible for your kid to learn about investing through fractional shares with your oversight, which is pretty cool if you take a look, and some of them don’t require a monthly fee at all if you ask me.

Still, there are other debit cards for teens out there. You really need to definitely compare all of your current options before signing up. This way, you might get the banking option that is best for your kids and teens for a price you can afford.

Greenlight Frequently Asked Questions (FAQ)

  • What bank does Greenlight use?
  • Greenlight debit cards are issued by Community Federal Savings Bank, which is an FDIC-insured institution that is financial
  • Can i personally use Greenlight on Amazon?
  • Once cash is loaded into a Greenlight debit account, the debit card enables you to shop anywhere provided the shop just isn’t blocked by a parent account.

How much money is it possible to put on a card that is greenlight

The maximum amount allowed in a Greenlight account is $15,000 for the primary account and $7,500 for sub accounts. 

Does Greenlight have monthly spending limits? (*)According to Greenlight, monthly spending limits are as follows: (*)Point-of-sale daily spend limit per Family: $1,500(*)Point-of-sale spend limit per Family per month: $7,500(*)Point-of-sale daily spend limit per Sub-Account: $1,500(*)Point-of-sale spend limit per Sub-Account per month: $7,500(*)Does Greenlight charge foreign transaction fees?(*)The Greenlight debit card can be used in more than 150 countries, and it does not charge transaction that is foreign.(*)

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