Teenagers often go on spending sprees that can cost parents plenty of problems. Sometimes, credit cards are not the best options for careless teenagers that can make impulsive purchases. Penalties for overdraft fees can be very hefty, especially if done on a regular basis. Sometimes, teenagers lose their credit card accounts because the banks notice frequent overspending and overdraft use.
A prepaid debit card offers a safe and stress free way for teens to carry money on the go. Parents can have full control of prepaid debit accounts with several modern and innovative features. For example, parents are the only ones that can refill the account with money. Direct transfers between bank accounts and the prepaid card account can be done conveniently online.
Prepaid cards come with some useful apps that keep parents informed about their teenagers' spending habits. For instance, there are applications that send text messages and email alerts whenever the card is used. This allows parents to keep track of the available funding in the prepaid card in real time. If the funds in the card are low and there is an urgent need to refill, parents can send money instantly with the click of one button on the computer or a tap on the touchscreen of a smart phone.
A teen prepaid Mastercard is an example of a refillable debit card that is issued by a major financial institution. Such a card option eliminates the need for credit checks, overdraft problems and other unpleasant financial issues.
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