Credit Cards

Tips, news, reviews, caveats, trends, updates and analysis related to consumer and business credit cards, and prepaid debit cards. From the interest rate specialists @ FedPrimeRate.com

Saturday, September 24, 2005

Some Sage Advise About the Prepaid Credit and Debit Cards You Give To Your High School or College Bound Kids

Prepaid credit and debit cards can be a great way to introduce high school and college bound teens about managing finances. Prepaid cards are really the perfect training tool: kids get to feel good about managing their own school-related spending (I know I would have loved to do my own shopping when I was a teen), etc. while parents get a great tool that can go a long way toward teaching kids the value of money. Parents also get to have complete control over spending limits which takes a whole lot of stress out of the equation.

Alan Safahi, President and CEO of Card Express, Inc. (CardEx) in Irvine, California, offers a few pointers for parents who give prepaid cards to their kids:

  • Explain the purpose of the card with your child and create a workable budget

  • Advance the card with enough funds for everyday, school-related items and discretionary items

  • Reload the card at regular intervals (up to the dollar maximum) to gauge average spending/saving

  • Review the card usage with the kids and offer periodic encouragement and advice as needed

  • Allow funds to "rollover" as a reward, if your son or daughter doesn't entirely use the original loaded amount

The above bullet points are part of a Card Express press release.


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