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

Friday, July 24, 2009

The Current by Discover Card: A New Prepaid Debit Card from Discover Financial Services

Current by Discover
Current by Discover
We've added the new Current by Discover prepaid debit card to our prepaid lineup.

An Excellent Card for Teens

Prepaid credit or debit cards are very useful as teaching tools for introducing teens to the world of money and helping young adults learn about managing their money wisely.

With this new prepaid card from Discover, the fees are reasonable, but we were really impressed with the parental controls that are included with the card. Parents can:

  • set monthly, weekly or daily spending limits. Lots of parents will appreciate this feature, especially if they have kids who need time to learn about budgeting and the pitfalls associated with overspending.
  • get activity alerts via email or text message. Great for monitoring how a Current card is being used -- and there's no extra charge to use this feature.
  • restrict a card so that it can't be used at certain locations, like tobacconists, motels or beer distributors.

Other features we like:

  • There's no charge for funding the card
  • No minimum balance requirement
  • Free Direct Deposit, and there's no charge for depositing funds via a credit card or a bank account.
Users of the Current by Discover card can withdraw cash for free four times per month. Additional ATM transactions will incur a $0.50 charge per transaction.

A $3 fee is assessed for replacing a lost or stolen card, or for changing to a new card design.

Though the Current card has no minimum balance requirement, each card needs to be funded with at least $20 when a new account is opened.

The membership fee is $5 per month, but if you pay for a year's membership, the fee is $50 (a $10 discount.)

A parent can have up to 3 Current by Discover prepaid cards in their account, and each card has a funding limit of $2,500.00.

COUPON: When you sign up, use coupon code BT709 to get your first month of membership free. This coupon expires on May 30, 2010.

In this deep recession we're in, it's more important than ever to teach young adult about spending money wisely. Discover's new prepaid card is a timely payment solution that parents from all walks will appreciate, and I'm willing to bet that it's on its way to becoming the most popular prepaid debit card in the American market.

Oh, and the Current card has some very cool designs to choose from. Enjoy!

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