The Current by Discover Card: A New Prepaid Debit Card from Discover Financial Services
We've added the new Current by Discover prepaid debit card to the PrepaidCreditCards.cc website.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.
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!
Labels: debit_cards, discover, prepaid_credit_cards, recession
| --> PREPAID DEBIT & CREDIT CARDS HOME <-- |
posted by Steve Brown | 7/24/2009 04:58:00 PM
3 Comments:
Hello!
I agree with you, pre paid credit cards are perfect tool for teaching young people how to handle credit without falling in the trap of uncontrolled debt.
The good thing about it is that it's prepaid. Debit cards issued by banks that are usually connected to our savings account/checking account have a very high overdraft fees! If you look around the blogosphere, there are a lot articles about this comparison (prepaid versus normal debit cards). One good article is the "Interesting Report on Prepaid Debit Cards" from 101 Ways to Save blog.
The Discover Current card is definitely one of the better teen debit cards available. A great way for parents to help teach their kids about managing money without giving them too much freedom.
Post a Comment
<< Home