Good Thinking

Current debit card gives parents control over their kids' spending

Current debit card gives paren...
Current is designed to make it easier to manage your kids' money
Current is designed to make it easier to manage your kids' money
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The cash can be broken down into different accounts using Current 
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The cash can be broken down into different accounts using Current 
Parents can track multiple children and their cards using an app
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Parents can track multiple children and their cards using an app
Current is designed to make it easier to manage your kids' money
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Current is designed to make it easier to manage your kids' money
The Current app can be used to donate to charity 
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The Current app can be used to donate to charity 
The Current app is designed to make it easier to track spending 
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The Current app is designed to make it easier to track spending 
Parents can pay their children for chores using Current 
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Parents can pay their children for chores using Current 
The Current app is able to block different types of retailers
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The Current app is able to block different types of retailers
A weekly allowance can be transferred to a child's Current account 
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A weekly allowance can be transferred to a child's Current account 

With credit cards and digital wallets on smart devices it's easier than ever to go cashless. But there's one group that still relies on the cash economy – kids. To make it easier for parents who struggle to come up with the cash when chores are completed or allowance time rolls around, New York-based Current has released an app-controlled Visa debit card designed to make it easy to give children some money and teach them good saving habits in the process.

Current looks and operates like a regular debit card, but the associated app grants parents a lot more control over their child's spending. To start with, parents are able to set up a recurring allowance transfer to their child's Current account, or send one-time payment for completing certain chores. All these transactions are recorded.

Once there's money in the account, the child is able to use it like a regular Visa debit card. If there are certain things the parent doesn't want their kid spending money on – alcohol or gambling, for example – they can use the app to block spending on that specific thing. The card can also be locked remotely.

Both parents and children are able to keep track of purchases made with the card, and there are options within the app designed to encourage saving. For example, the card can be set up to round up every purchase and put the extra into a savings account. That means if something costs $7.55, the card will deduct $8 and put 45 cents into the savings account.

You'll pay US$5 per month to use Current. If you're confident the app is a good idea, you can also pay $36 upfront for a year or $48 upfront for two years.

Source: Current

1 comment
Wolf0579
Oh, Goody. Now the banks can get their greedy meat-hooks into your kids' money, too.