Reader Interactions

13 Comments

  1. Dawn

    In looking at the 5 Best Prepaid Cards for Kids list above, you show Capital One as paying 25% interest on checking account balances. I wish this was true, but I think you’re just missing the decimal point in front of the 2. You might want to fix that. Thanks.

    • Deacon

      Thanks for pointing that out. We’ll check it out.

  2. Eric

    You’re still not right on the Capital One interest rate. It’s “0.25%” not “2.5%”.

    • Deacon

      Thank you. You are correct and this has now been updated.

  3. Debbie Schleicher

    Also, check out the Greenlight Prepaid Card for kids. It’s a tool families use to teach their kids to be financially smart. The product is much more than a debit card for spending as it teaches kids about saving, earning, how interest works, and more.

    • Deacon

      That sounds like it could be very helpful. Thanks for mentioning it!

  4. Karen Hexter

    I’m looking at the Capital One card, item number four. I have to ask if there’s a transaction fee for debit purchases. I’m thinking about this card for my grandson who has Xbox fees and purchases. He does not track his spending well. So, to get it under control, a monthly allowance might work well. But, I need to know if there’ll be a fee for those transactions.

    • Deacon

      Under the Account Disclosures, I found a section that says there are no fees at this time. However, an ATM owner may charge a fee for use of the ATM if money is withdrawn from one. However, that should be made known to the debit card holder before the transaction is completed. I hope that helps. If you have further questions, I urge you to follow the link and find the Account Disclosures as it details most everything about this type of account.

  5. Alycia Ward

    American Express Serve is not a card I would recommend to anyone!
    I was hacked, all my money was stolen and they did not replace it.
    I was not federally insured like other institutions.
    Lost $1500.00.
    They were very unremorseful about the whole thing and I had to contact them to find out they would not honor my request to reimburse my funds even though I could prove it was a hack and that I did not authorize the transaction.

    • Deacon

      I am sorry to hear that happened to you! That’s a horrible experience and I would definitely try to research if there is another way that you could get your money reimbursed! Best of luck!

  6. Melissa

    Why do you have to provide a social security number to apply for a prepaid card for a minor? This seems risky, what with all the hacking going on today in the electronic world.

    • Deacon

      It’s needed for identification to prove who you are. Some banks allow you to use an alternative method such as a passport number, etc, but you’re going to need an SSN number to prove your identity, even for a minor.

  7. Samantha

    Its about time someone is taking intrest in kids needing to know about money spending/ investing and saving money. I know when I was in school that was something we never really learned about and what I wouldn’t give to go back an learn more cause we did the same; put ourselves in debit and had to scrabble out of the whole and now were dead set on making sure our kids have the knowledge not to do what we did, and know how to do it right. Cause they have seen how hard it has been trying to fix things and things we have went without to try an fix it.
    So great appreciation to you for putting it out there where parents an kids can find the knowledge they need for this world today.

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