What you need to consider before getting a prepaid card for your child
Prepaid cards are a great way to teach your children to manage money smarter before they are eligible for credit cards. It’s also a hassle-free option for parents who want one less bank account to manage – that’s one less card you need to worry about overdrafts, late payment fees and interest repayments.
So what are some considerations when choosing a prepaid card?
- Account fees. A prepaid card often sounds like a great option until you see the fees. We’re pleased to say that Vasco Pay has no money account fees and no transaction fees. Read our Product Disclosure Statement for more information.
- Account limits. Like both credit and debit cards, prepaid credit cards have a daily limit on ATM withdrawals. With Vasco Pay, you can have a maximum account balance of $999 and withdraw $250 a week from the ATM. If that’s not enough, you can upgrade the card to increase the account balance and withdrawal limit. Make sure your child is aware of the account limits, especially if they’re going on an excursion of trip away from home.
- Reloading the card. It’s important to know the speed and ease of reloading the card so that your child doesn’t get stranded without any funds. It’s super simple to reload your Vasco Pay card, you can do this directly through your internet banking. Transfers generally appear take one business day to appear on your Vasco Pay account, and it’s easy for you or your child to check the account balance.
All in all, prepaid cards are a safe and convenient alternative to giving your child cash as pocket or emergency money. With Vasco Pay, we’ve made this option affordable for you as well, with no costs to sign up for a card, monthly fees or transaction fees. So what are you waiting for? Apply for a card for free here!