The PAYjr Prepaid Credit Card is a credit card program specifically designed for teens so that parents can teach them financial responsibility. The program is set up for parents to pay their children’s allowance and money for chores so that kids can experience what it is like to earn their own money that is going onto their cards.
The PAYjr Prepaid credit card is available in a standard design, or your kids can design their own for a $10 fee. It is a MasterCard, so it can be used anywhere Visa is accepted, including the Internet. Find other credit card offers for parents, students and families now!
Teaching kids fiscal responsibility is important, especially when it comes to credit cards. Keep reading to see if this is the right option for you and your family.
PAYjr Prepaid Credit Card Overview
The PAYjr Prepaid Credit Card is not a regular credit card or like typical student credit cards. Your children will not be establishing credit by using this card and it does not report to the credit scoring agencies. The upside here is that you don’t pay any interest rates on the money you spend, when the money is gone, you can’t use the card.
Like all prepaid credit cards PAYjr has a lot of fees. You will pay $9.95 to enroll in the PAYjr program and then pay a fee of $4.95 a month. In addition, there are fees to speak with customer service, to use an ATM, to withdraw money from your account and more.
There is limited fraud liability for the PAYjr card. If you report your card missing immediately, then you are not liable for any of the money that is spent. If you report it a couple of hours later and up to 2 days later, you are only liable for 50% of what is spent. After 2 days, then you are liable for the whole amount.
PAYjr Prepaid Credit Card Benefits
- Teaches fiscal responsibility
- No credit to worry about
- Can’t go over card limit
- Kids design their own cards
PAYjr Prepaid Credit Card Bottom Line
The bottom line is that this is a standard prepaid credit card with the same fees you will find on any prepaid card. Basically, if you need a prepaid card, you can do much worse.
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