Credit Card Review & Application
- Teen debit card benefits
- Get your teen started on the path to smart spending today
- Easily set strict spending limits
- Lock/Unlock Your Teen's Card with a Simple Text
- Monitor Purchase Alerts in Real-Time on Your Mobile Phone
- Family or Friends Can Reload Funds
- No Credit Risks or Overdraft Fees
- Safer than cash with lost card protection
- Use anywhere debit MasterCard is accepted
|APR on Purchases:||N/A *|
|Card Issuer:||University Bank|
|Card Category:||Consumer (Stored Value)|
|Card Type:||- Card for Bad Credit|
- Co-Branded Card
- Guaranteed Approval
- Prepaid Debit Card
- Teen Debit Card
|Credit Needed:||Accepts All*|
BillMyParents Prepaid MasterCard is a great way to teach your teenager about responsibility and how to manage money. Giving your teen a limitless credit card is way too much responsibility and teaches them nothing about the responsibility of spending limits.
Over the past couple of years, we have all learned how an unfavorable credit rating can really limit your purchasing options, leading to less available credit and/or higher interest rates. Having no credit checks to obtain, this card is a way to allow your teen to experience how a credit card works without the worry of them overusing or abusing it.
Giving money to a teenager is sometimes like burning a hole in your pocket -- lost before it is spent. If they should lose their card, it is easily replaceable without losing any of the balance which is a huge advantage over handing them cash.
This credit card will allow parents to work out a contract with their teen to reload their allowance onto their card. Reloading this card is instant and easy. To a teen, it becomes like a bank account where they can see the monetary benefits of earning and accumulating money.
When they have earned enough there is no need to go to the store -- being an Internet savvy generation, they can use their card for purchases on the Internet. Not only are they learning about saving and accumulating, but learning to shop on the Internet will show them how to shop for the best price as well.
Unlike most bank cards, the previous alternative to cash for their age group, this card has lower fees. There will never be any overdraft fees, as the card is prepaid and limited. They will also be saved the same pitfall of a revolving balance, which can get them into a lot of trouble financially.
Most teens have a myriad of gift cards or bank cards littering their room from birthdays and holidays. Friends and family can now simply reload their card for special occasions. Young adults in college can have their card reloaded by parents instantly and remotely for a bit of a treat from home.
Just like any other credit card, this card is accepted at millions of locations worldwide. If they are away at school, or on spring break, they can get cash immediately if something unforeseen happens. This card can be loaded from anywhere to them remotely; cash just doesn't have the same safety or guarantee.
If they are on spring break, or college, this card will limit them from going overboard as well. They will need to call home to increase the amount they can spend which is a definite advantage.
The review prepared by CreditCardsCo™. Opinions expressed therein are solely those of the reviewer.
|Other Benefits:||*See Credit Card Holder Agreement for Other Benefits|
|Online Account Access:||Yes|
|100% Guarantee Approval:||Yes|
|APR on Purchases:||N/A *|
|Late Payment Fee:||N/A*|
|Additional Fees|| |
ATM Balance Inquiry – Domestic - $0.50
ATM Balance Inquiry – Intl. - $1.00
ATM Decline – Domestic - $0.50
ATM Decline – Intl. - $0.50
ATM Insufficient Funds – Domestic - $0.50
ATM Insufficient Funds – Intl. - $0.50
ATM Withdrawal – Domestic - $1.50
ATM Withdrawal – Intl. - $2.50
Activation Fee - FREE
Card Replacement - $7.95
Monthly Allowance Load (ACH) - $1.50
Monthly Service Fee - $3.95
Overdraft Fee - FREE
PIN Based Purchase Fee - FREE
Prepaid Card One-Time Load (ACH) - $1.75
Prepaid Card One-Time Load (Credit Card) - $2.95
Replacement Card Express Service - $25.00
Signature Purchase Fee - FREE
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† The information provided for BillMyParents Prepaid MasterCard® is believed to be accurate at the time of evaluation (Aug 8, 2015). We strongly advise visitors to review the terms and conditions to verify accuracy of the information posted prior to applying for the product.