As the economic crisis hits our wallet and savings accounts hard, it in turn significantly affects the relationship our kids have with money. As our discretionary spending becomes more tightly controlled, an argument at the dinner table over that new pair of designer jeans can make pushing veggies on your kids seem easy. This proves even tougher when dealing with tweens and teens who want access to plastic, where the set allowance suddenly gets overspent at the mall.
To help us balance the desire of our kids with the balance in our checking accounts, Discover Card came up with a truly innovative debit card called Current by Discover Card, designed especially for kids ages 13 to 18. The Current Card helps us teach our kids born in a digital age how to manage spending. Like car companies that allow you to set the maximum speed limit on your teen’s car,
Current by Discover Card puts moms in control by letting you set (daily, weekly, monthly) spending limits, block certain merchant categories (like ATMs and liquor stores) and track your teen’s spending online or through email and text message alerts. Plus, because it’s a debit card product, the card stops working when the limit is reached without incurring any additional fees, which protects your teens from overspending.
As parents, we have the responsibility to discuss wise spending habits as a family. Discover Card created an online resource, http://www.currentbydiscover.com, to help us talk with our kids about managing and spending money, and the importance of setting limits.
Experience often serves as the best teacher. The Current by Discover Card provides kids with access to money in the way they want it while still giving us Moms what we need – independent spending by our kids without debt or incurring hidden fees. No more surprise credit card balances from your teen’s “minor” shopping spree.
The Current Card is an innovative debit card for teens that helps them track and mange their spending while ensuring their money is safe. The card also helps parents foster financial responsibility in teens.
Current features include:
• Helpful Account Management Features: Parents can set spending limits, restrict merchant categories and track their teen’s spending through online statements, e-mail and text message alerts. They also enjoy the convenience of free, flexible loading options. Teens also can load their paychecks onto the card through direct deposit.
• Advanced Security Features: Current is protected by Discover‘s $0 fraud liability, which means cardmembers are never responsible for unauthorized charges – online, offline, anytime, anywhere. Current cards that are lost or stolen will be temporarily suspended or deactivated, and cardmembers will be eligible for an emergency replacement.
• Financial Education Resources: Teens can learn how to spend smarter by logging onto the Account Center at CurrentbyDiscover.com. There they can view helpful articles on topics such as basic financial concepts, protecting yourself from identify theft, starting a savings program, and making your money go further.
In addition, Current by Discover Card also is sponsoring a financial literacy program across high schools nationwide through its Money Smarts Program, designed to help educate high school juniors and seniors on basic money management skills. The Money Smarts Program covers the basic concepts of financial literacy and correlates with national academic standards set fourth by the National Endowment for Financial Education.
• Meaningful Rewards: Teens are eligible for members-only in-store coupons and online discounts when they use their card at select restaurants, movie theaters and teen-friendly merchants. What’s more, parents earn Discover Cashback Bonus or Miles when they load their teen’s Current Card using their Discover Card.
• Low Pricing: Cardmembers pay a $5 monthly charge for each card, or save $10 by paying an annual fee of $50. Fees include four free ATM withdrawals per card per month.