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The Prepaid Way
Help Your Teen Learn to Manage Money with Prepaid Credit Cards
By Tamekia Reece
Like any financial matter, deciding to get your teen a prepaid card is something you should think deeply about before doing. Include your teen in the decision making process. Let him comparison shop the different cards, and together you can decide which is best for him.
Giarratano says to find a program with the lowest fee. However, don't let a cheap price cause you to get a card that isn't right for your teen or that is such an inconvenience he won't use it. In addition to finding out fee details, Giarratano suggests you ask the following questions before committing to a specific card program:
- How often can the money be replenished?
- Where can the card be used?
- Is there a cancellation fee?
- How easy is it to replenish money?
- What protection is available if the card is lost or stolen?
By watching you make informed decisions, it will help your teen follow in your footsteps and learn to handle financial situations responsibly. It can also save you lots of money and hassles. The next time your teen asks for a little cash, don't just hand it over. Get a pre-paid card so she'll learn while she spends.