Discover Announces the ‘Current Card’ for Teens

Discover Current Card for Teens

Discover recently introduced the Current card, a new kind of debit card for teens with built-in controls and notifications for parents. With the new ‘Current Card’, parents can add money to a card for their teens, set spending limits and receive e-mail or text message activity alerts. They can also track purchases and access exclusive discounts online. Teens get to choose from one of seven unique “teen card designs”.

What do you think? Is this is a good idea?

My son’s only two – so he’s not at that stage in his life yet, but I think this is a great idea if your teen wants to learn about personal finance and managing money and the dangers of credit cards. Start from the beginning by using this type of prepaid debit card and you can instill the proper value of using credit wisely and not spending what you don’t have. The fact that this is a debit card really helps with that. You can’t spend what isn’t available on the card!

The restrictions and control are definite features in my eyes. Being able to control what categories of purchases the card can be used for is a great concept. This could also be a great way to deliver a portion of a child’s allowance or what they make from a job – putting a portion of an allowance or earnings into savings is always something you should do.

Here’s what Discover says the benefits and features are for the card.

Current by Discover – Teen Prepaid Debit Card

Debit Card for Teens with built-in parental controls
Set daily, weekly, and monthly spending limits
Restrict teen card use in unwanted shopping categories (e.g. liquor stores, tobacco stores, hotels, etc.
Free Direct Deposit for parents & teens
Free deposits from any credit card or bank account
$0 fraud liability guarantee
Withdraw cash at ATMs
Get exclusive discounts at teen’s favorite merchants
Free e-mail and text message activity alerts
No minimum balances, loading fees, or credit check