Card payments for teenagers are similar to regular debit cards and allow kids to manage their own money, but parents or guardians have complete account control. It allows parents to keep an eye on their children’s finances while teaching them the fundamentals of budgeting and saving.
Even though GoHenry and Greenlight are both excellent cards for children, Greenlight is the clear favorite among most parents and guardians due to its extensive set of features. For example, if you want your child to get a bonus on their savings account or begin investing.
If you have more than one child, Greenlight is a no-brainer because you can receive up to five cards with your plan. Despite this, you’ll need the $7.98 plan to enjoy the investing option.
Athenry, on the other hand, charges $3.99 per child. Although the Money Missions function in the app of this card makes financial learning fun, it only gives your child virtual badges for completing the missions.
Instead of charging a fee for your child to learn about money, the free Jassby card provides them with natural products and discounts to encourage them to do so. However, if you only get one child and have no desire to learn about investment or money management, GoHenry could save you some money.
What is Greenlight?
Greenlight advertises providing “all you need, all in one application.” With Greenlight, families log in to the same app, but they play two distinct roles. Children understand how to handle their finances by keeping track of their bank accounts, setting financial objectives, and monitoring their balances. Parents may keep track of their children’s whereabouts via real-time alerts that they get, and they can set customizable blue controls on their debit.
How does it work?
Greenlight, on the other hand, is not without its limits. The daily maximum expenditure limit is $1,500 per person per day. While this may appear to be a significant fee, it is cheaper than the fees charged by some other teen card payments.
Greenlight also does not enable accounts to be funded by PayPal or credit cards, instead of forcing customers to link a bank account or debit card to their Greenlight account to fund the account. It also eliminates costs from third-party services, resulting in significant savings for users. There are no “in-network” ATMs available, and ATM costs are not reimbursable under any circumstance.
You will find essential things to keep notifications about whenever your children use their debit cards. You will be able to pay money to their debit accounts anywhere from any location at any time.
Greenlight provides personalized sed debit cards for your children, complete with a photo of themselves on the card, allowing them to manage their accounts with greater assurance.
You can create jobs from within the app and assign them to your children, and you can also set their budget on autopilot, whether it is for a week or a month, depending on your preferences.
What is Gohenry?
Athenry offers two types of accounts: one for parents, with a control center from which you can keep tabs on up to four children and the other for children, with which they may learn how to earn money, spends it, save it, and give it away.
As with Greenlight, you’ll be alerted about your child’s spending in real-time. Additionally, a single button allows you to block or unblock any card you want. Customers can reach GoHenry via phone and email 24 hours a day, seven days a week, for superior customer service. Additionally, the website has an extensive support section.
How does it work?
It has a wide range of features, such as task tracking, financial goals, real-time notifications, parental spending limits, and even the opportunity to gift via the mobile app. There is FDIC insurance on all accounts and the latest Chip-and-PIN technology on the debit Mastercard.
Even though GoHenry is somewhat more expensive than comparable debit card accounts, its full-featured software and outstanding support staff give it a worthy option for parents of children and teens.
GoHenry also offers personalized sed debit cards, stipends on repeat, the ability to assign chores to your children and reward them when they complete them, spending limits, and real-time updates.
On the GoHenry app, our children may participate in money missions that will help them develop better financial habits while also keeping them engaged.
GoHenry’s financial app can help your kids learn how to budget, distinguish between desires and needs, save, invest, etc. so that they can become financially independent adults. Real-time notifications will keep you informed of your children’s financial activities.
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Key Differences Between Greenlight and Gohenry
|Its cost is $4.99 to $9.98/month (supports up to 5 kids)
|Its cost is $3.99/month
|Has a reload fee.
|Does not have a reload fee.
|It can be controlled by parents
|Parents can control the app
|Having Built-in financial education
|Having Financial education resources
Which one from Greenlight and GoHenry you should use?
The way you respond to the question “Which is the best?” varies depending on what you’re looking for. My wife and I have four little girls, the eldest of whom are five and the youngest of whom is three years old. We decided to go with Greenlight. I appreciate the fact that we can set a debit PIN for the girls and quickly send money to them anytime I’d like to do so.
In addition, I appreciate that it provides entertaining incentives to use Greenlight, such as promo codes that allow you to sample the app for free and receive a pleasant little incentive in the process.
Prepaid debit cards are available from both Gohenry and Greenlight. Alternatively, Greenlight is an excellent choice if you want more targeted spending protections, such as store-specific limitations. Athenry’s options for in-store, internet, and ATM spending can also be quite valuable for specific situations.
Greenlight’s investing function adds a new depth to the game, but it comes at a higher cost than previous features. Since neither of both cards specifically addresses building credit, a valuable lesson that every child should begin learning at a young age, Greenlight’s parent-paid involvement does instruct the concept of interest compounding.