If you have a teenager who wants a credit card but you are concerned that their spending will get out of control, the BillMyParents SpendSmart MasterCard is a smart choice. It is a prepaid card that is used like a debit card and it is a good way to give your kids a little leeway in their spending, yet still keep a tight leash on it.
To compare credit cards and rates right now just use the credit card chaser tool on this page.
BillMyParents MasterCard Features
As a parent, there are many features of the BillMyParents SpendSmart MasterCard that differ from a traditional credit card. Because it is a prepaid card, you can reload it with money at any time. This can be done easily online. It can also be loaded by other family members or friends for special occasions such as a birthday or graduation.
One nice feature of the credit card is that you can track spending instantly as well as keep track of the balance at any time. This instant tracking is communicated to you as well as your teenager through text alerts.
As a parent, you have ultimate control of the card. At any time, you can lock the card on your computer or phone so that your teenager cannot use it. You can also unlock it at any time.
BillMyParents Prepaid MasterCard Fees
Similar to certain other credit cards, such as rewards credit cards, there are some fees associated with the BillMyParents MasterCard. There is a monthly membership fee of $3.95, with the first month being free. Every time you load the card with funds, there is a fee of $.75. If it is used at an ATM there is a $1.50 fee.
Although there are fees, there are not as many fees as with other prepaid cards for teens. There is not an activation fee, an overdraft fee, a signature purchase fee, or a fee for pin-based purchases.
To compare other prepaid cards, check out http://www.jdpower.com/finance/ratings/credit-card-ratings.
Use the credit card chaser tool on this page to look at online credit cards.