Greenlight Credit Card: Teach Your Kids
The Greenlight card is a prepaid debit card to educate children about basic financial concepts. However, the company doesn’t have a Greenlight credit card because the card is for children, and they can’t spend money they don’t have in their accounts. If the company had a Greenlight credit card, parents would be complaining about their kids’ excessive spending. Since the company doesn’t have a Greenlight credit card, its prepaid debit card has various benefits.
Benefits of a Greenlight Card
Depending on your Greenlight plan, the following benefits are available to you:
- It has an investing platform for children: Its platform has no trading costs and requires parental approval for every transaction.
- Instant Cash Transfers: The potential for instant cash transfer benefits parents. You can easily send money to your kids if away from home.
- Identity theft security: Greenlight card provides the whole family with identity theft monitoring, automated security warnings, and identity restoration services.
- Parental controls: Greenlight employs a permission-based spending rules system, where parents may establish restrictions for certain retailers and spending categories.
How to Build Credit with a Debit Card
Although the company does not offer a credit card, you can still teach your children about credit and how to build a positive credit history. Teaching them about credit may help them make better credit decisions when they grow up. Multiple new debit cards are altering the notion that debit cards cannot be used to establish a credit history. These credit cards add a “credit-building layer” to your current bank account.
An example is an Extra Card. It enables you to establish credit and receive rewards on purchases. It offers no interest rates, no hidden fees, and no credit checks, and it enables you to utilize just the money you have while providing the same advantages as a debit card.
Greenlight card offers the best features in the kid’s debit card industry, such as parental control. However, since the company has no Greenlight credit card, you teach your children about credit as they save and invest using the card. For more inquiries, contact us and we will provide you with more details about credit.