Prepaid Visa Debit Card Teaches Your Child Money Management

2007-03-08 10:33:40

( Financial )



You may want to start teaching your children about budgeting and financial responsibility while they are still dependent upon you for their needs. You can do this through the use of a prepaid visa debit card. Prepaid debit cards work like your prepaid phone card. It can be used to pay for purchases at any establishment that accepts Visa, but only if it still has funds.

A prepaid visa debit card is particularly useful if your child is in college. You can apply for a prepaid visa debit card, and load money on the card for your child's monthly allowance and school-related expenses. If your teen requests money during emergencies, you may call a toll-free number or log on to the website anytime to make the money transfer. You have to make sure though that funds have been transferred successfully before your child uses the prepaid visa debit card.

You may want to set up a monthly automatic money transfer from your credit card or bank account to prepaid visa debit card. If you have doubts as to how your child uses the card, you can keep track of the spending habits through a check on the debit card account history at Visa's website. Or, you can review the monthly financial statements and advise your child how to use prepaid visa debit card wisely.

You must advise your teen to keep track of the card's load through recording all transactions in a register. Although depleting the funds in the prepaid visa debit card may not lead to the debit card account's closure, keeping track of its balance is also a way of instilling fiscal discipline in your child.

You must keep a copy of the prepaid visa debit card's number. Visa will ask for this number when you request for card replacement in case it is lost or stolen.


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