Ulasan Kartu Greenlight 2024:Fitur, Biaya &Apakah Cocok untuk Anak?

Pengetahuan

⭐️⭐️⭐️⭐️⭐️

Keramahan

⭐️⭐️⭐️⭐️⭐️

Pengalaman Pelanggan

⭐️⭐️⭐️⭐️⭐️

Ada 5 cara agar pertanyaan Greenlight Anda terjawab:

• Melalui email
• Melalui panggilan telepon
• Melalui pesan teks
• Dengan menghubungi platform media sosial Greenlight melalui pesan langsung

Surel

support@greenlight.com

Panggilan Telepon

888-483-2645

Pesan Teks

404-974-3024

Media Sosial

Twitter, Facebook, Instagram, YouTube

Jam Kerja Pusat Dukungan Telepon

– M hingga F 08.00 hingga 23.00 EST

– Sabtu &Minggu pukul 08.00 hingga 21.00 EST

Meskipun jam libur mungkin berlaku, Anda dapat terhubung dengan perwakilan Greenlight hampir kapan saja.

Untuk memastikan Anda mendapatkan gambaran lengkap tentang layanan pelanggan Greenlight, lihat profil Greenlight di BBB (Better Business Bureau) atau TrustPilot.com.

Meskipun Greenlight tampaknya tidak diberi peringkat oleh BBB, perusahaan tersebut memiliki ribuan ulasan di TrustPilot.

Sebanyak 88% responden menilai Greenlight rata-rata hingga sangat baik.

Meskipun Greenlight tampaknya memiliki penilaian keseluruhan yang cukup baik di mata pelanggannya, menurut saya tetap penting untuk membaca ulasan secara berkala – baik dan buruk.

Di atas adalah contoh keluhan umum pelanggan tentang penarikan uang dari rekening anak untuk membayar biaya bulanan jika rekening induk tidak memiliki cukup uang tunai.

Meskipun tim layanan pelanggan Greenlight merespons setiap keluhan pelanggan, respons yang diberikan (90% kasus) sangat umum.

Sebagai pelanggan, saya mungkin tidak akan terlalu senang menerima tanggapan standar terhadap keluhan saya.

Selalu anggap ulasan ini dengan hati-hati.

Saldo &Batas Muatan Kartu Greenlight

Secara umum, Greenlight transparan dan masuk akal dalam menetapkan biayanya.

Pertama, lihat biaya penarikan ATM yang terkait dengan kartu Greenlight:

Biaya Penarikan ATM

$0

Batas Maksimum Penarikan ATM Harian

$100

Batas Maksimum Penarikan ATM Bulanan

$500                                                                                 

Jika Anda pernah kehilangan kartu Greenlight (yang mungkin sering terjadi pada saya!), lihat informasi di bawah ini:

Penggantian Kartu Pertama

$0

Penggantian Kartu Kedua+

$3,50

Pengiriman Ekspres untuk Penggantian Kartu

$24,99                                                                                

Beberapa kartu debit prabayar mungkin mengenakan sedikit biaya untuk mengisi ulang kartu Anda.

Tidak dengan kartu debit Greenlight:

• Biaya Isi Ulang Tunai – $0

Mungkin agak merepotkan untuk terlebih dahulu memasukkan uang ke rekening Anda dan kemudian mentransfer dana ke rekening anak Anda, namun setidaknya Anda tidak perlu membayar biaya apa pun.

Sekarang mari kita lihat berikut ini:

• Batas transfer
• Batas pembelanjaan
• Saldo kartu minimum
• Saldo kartu maksimum

Sebelum Anda mulai mengunggah uang tunai ke kartu debit Greenlight anak Anda, penting untuk memahami batasan yang mungkin Anda dan anak Anda temui.

Pertama, mari kita lihat saldo minimum kartu:

• Jumlah Minimum untuk dimuat pada awalnya – $10 hingga $20
• Jumlah Minimum untuk diisi ulang – $1 hingga $20

Ada juga batas muatan yang berbeda.

Lihat di bawah ini:

Batas Beban Debit Harian Maksimum      

$1.500 (Per Orang Tua)

Batas Beban ACH Maksimum

$300 hingga $600 (Setiap periode bergulir 3 hari untuk akun induk)

Beban ACH maksimum per bulan

$1.000 (Untuk akun tetap yang menggunakan verifikasi manual)

Beban Setoran Langsung Penggajian Bulanan Maksimum

$5.000 (Per Keluarga)

Total Beban Bulanan Maksimum dari Akun Investasi

$7.500 (Per Keluarga)

Selanjutnya mari kita lihat saldo maksimum kartu:

• Saldo Kartu Maksimum – $15,000 (Untuk orang tua)
• Saldo Kartu Maksimum – $7,500 (Untuk anak-anak)

Sekarang mari kita lihat batas pengeluaran maksimum harian dan bulanan untuk orang tua dan anak:

• Batas Pembelanjaan Harian – $1.500
• Batas Pembelanjaan Bulanan – $7.500

Lampu Hijau + Investasi

Jika Anda ingin mengajari anak Anda cara berinvestasi , maka Anda sebaiknya mempertimbangkan tingkat Greenlight + Invest.

Meskipun paket Greenlight + Invest berharga $7,98 per bulan, ini adalah fitur yang sangat bagus yang dapat Anda gunakan untuk mengajari anak Anda tentang investasi dan bunga majemuk.

Misalnya, jika Anda memberi anak Anda $100 dan menyarankan anak Anda untuk berinvestasi $10 setiap bulan, sejak mereka berusia 10 tahun hingga 60 tahun, mereka akan mendapat $51.729,17.

Seperti yang Anda lihat, nilai masa depan investasi anak Anda dalam jangka waktu 50 tahun meningkat secara signifikan seiring berjalannya waktu.

Oleh karena itu, penting untuk mengajari anak Anda sejak usia dini cara berinvestasi.

Berikut adalah beberapa fitur tambahan terkait Tingkat Greenlight + Invest:

Usia Minimum untuk Berinvestasi

Tidak ada

Apakah anak-anak benar-benar berdagang?

Tidak, anak-anak hanya dapat meminta jual beli

Siapa yang melakukan perdagangan?

Orang tua benar-benar menyetujui dan melakukan perdagangan

Investasi Minimal

$1

Biaya Perdagangan

$0

Jumlah Investasi yang Tersedia

4.000+

Jenis Investasi

– ETF

– Saham

Investasi Fraksional Diizinkan?

Ya

Greenlight biasanya menghindari lebih banyak investasi alternatif jenisnya (seperti perusahaan mikro atau investasi lain yang lebih fluktuatif dan berisiko).

Intinya:

Tingkat Greenlight + Invest, meskipun lebih mahal dibandingkan tingkat Greenlight umum, merupakan peluang luar biasa untuk mengajari anak Anda cara berinvestasi menggunakan aplikasi investasi praktis dan nyata yang dirancang untuk segala usia.

Akun Pemberian Greenlight

Akun Greenlight Giving adalah tempat orang tua dan anak-anak dapat memilih untuk menyumbangkan sebagian uang mereka ke badan amal pilihan mereka.

Anda dapat memilih ke kategori mana Anda ingin mendonasikan uangnya.

Dari sana, Anda akan dialihkan ke halaman luar, yang dikenal sebagaicharitynavigator.org.

Setelah Anda berada di situs web Charity Navigator, Anda dapat melihat badan amal tertentu dalam kategori yang Anda pilih.

Setelah menelusuri setiap badan amal, Anda dapat memberikan donasi sesuai jumlah yang Anda inginkan.

Setelah memilih badan amal favorit, Anda dapat mengonfirmasi donasi dan dana akan ditarik dari Akun Donasi anak Anda.

Ini sebenarnya merupakan proses yang cukup mudah.

Bagaimana Greenlight Dapat Mengajari Anak Anda Tentang Uang

Berikut adalah 7 fitur Greenlight yang mengajarkan anak Anda untuk menjadi pengelola uang yang lebih baik:

1. Pengumpulan
2. Rencana Tugas
3. Hadiah tabungan
4. Hadiah uang kembali
5. Otomasi tunjangan
6. Berinvestasi di pasar saham
7. Insentif bunga yang dibayarkan orang tua

Mari selami lebih dalam masing-masing 7 fitur ini.

1. Rangkuman

Round Ups adalah fitur tabungan yang membantu anak-anak mengumpulkan uang receh dari pembelian ke satu dolar penuh berikutnya.

Perubahan yang “dibulatkan” kemudian ditambahkan ke rekening Greenlight General Savings mereka.

Alasan mengapa saya sangat menyukai fitur Round Up adalah karena Anda menyimpan berdasarkan “tidak terlihat, tidak terpikirkan”.

Berikut contoh singkatnya:

Biaya pembelian

$1,25

Fitur Pembulatan meningkatkan pembelian Anda ke dolar berikutnya

$2,00

Jumlah dibulatkan

$0,75

Jumlah ditransfer ke rekening tabungan

$0,75                               

Dengan kata lain, jumlah uang yang dibulatkan otomatis ditransfer ke rekening tabungan Greenlight General.

Intinya:

Round Up bisa sangat efektif karena anak Anda dapat menambah tabungannya tanpa harus memindahkan uang antar rekening secara fisik. Round Ups melakukan ini secara otomatis.

2. Rencana Tugas

Karena setiap anak yang menggunakan Greenlight memiliki loginnya sendiri, Anda (orang tua) dapat memberikan tugas kepada anak Anda (dan ya, anak Anda akan menerima notifikasi real-time).

Ini adalah sistem yang bagus untuk mengajari anak Anda tanggung jawab dan merasa memiliki tugas yang diberikan kepada mereka.

Anda dapat membayar anak Anda dengan 3 cara berbeda jika mereka menyelesaikan rencana tugas tepat waktu:

Tarif Tetap

Anak-anak Anda mendapatkan uang terlepas dari menyelesaikan tugas mereka

Pembayaran Sebagian

Jika anak Anda menyelesaikan 50% tugasnya, Anda hanya membayar 50%

Semua atau Tidak Ada

Jika anak Anda menyelesaikan setiap pekerjaan rumah, maka Anda membayar 100% uang sakunya

Dan karena pekerjaan setiap keluarga berbeda, ada banyak cara untuk memberi insentif kepada anak Anda agar menyelesaikan tugas mereka.

Misalnya, orang tua dapat menghubungkan pembayaran tunjangan anak mereka dengan tugas yang diberikan.

Anda dapat memilih untuk membayar anak Anda berdasarkan beberapa faktor seperti:

• Pembayaran sebagian – Anak Anda dibayar berdasarkan persentase dari uang sakunya berdasarkan persentase tugas yang diselesaikan
• Pembayaran semua atau tidak sama sekali – Anak Anda dibayar 100% dari uang sakunya jika 100% tugasnya selesai.

Menurut pendapat saya, Greenlight adalah alat manajemen tugas dan tugas yang baik selain menjadi pengelola uang yang efektif untuk anak-anak.

Intinya:

Greenlight membantu anak-anak memahami pentingnya mengambil tanggung jawab dan kepemilikan atas tugas-tugas mereka. Sebagai imbalannya, orang tua dapat menghubungkan pembayaran tunjangan dengan setiap tugas.

3. Hadiah Tabungan

Mulai 1 Agustus 2021, rekening keluarga dapat memperoleh reward tabungan tahunan, berdasarkan:

• Mencapai tujuan penghematan
• Jumlah uang di rekening tabungan umum anak

Keluarga Anda bisa mendapatkan imbalan tabungan sebesar 1% per tahun (jika menjadi anggota Greenlight dan Greenlight + Invest) dan 2% per tahun (jika menjadi anggota Greenlight Max).

Anda kemudian akan melihat imbalan tabungan yang dibayarkan pada setiap awal bulan.

Berikut cara penghitungan imbalan tabungan:

• Setiap bulan, Greenlight memperkirakan tingkat tabungan harian rata-rata anak Anda
• Tingkat tabungan harian rata-rata dikalikan dengan penghasilan anak Anda setiap tahunnya

Perlu diingat bahwa keluarga Greenlight dan Greenlight + Invest dapat memperoleh reward sebesar 1%, sedangkan keluarga Greenlight Max dapat memperoleh reward hingga 2%.

Jika Anda penasaran untuk melihat berapa banyak penghasilan anak Anda dari imbalan tabungan, Anda dapat:

• Klik dasbor anak Anda
• Klik judul “Tabungan”
• Klik “Riwayat”

Memberikan insentif kepada keluarga dan anak-anak untuk menghemat lebih banyak uang adalah cara luar biasa untuk membangun kekayaan dan keterampilan pengelolaan uang seumur hidup.

Intinya:

Bergantung pada tingkat tabungan anak Anda dan paket Greenlight keluarga Anda, Anda bisa mendapatkan bunga hingga 2% sebagai hadiah tabungan.

4. Hadiah Uang Kembali

Mulai 1 Agustus 2021, jika Anda mendaftar ke tingkat premium Greenlight Max (mulai dari $9,98 per bulan), anak Anda juga bisa mendapatkan uang kembali hingga 1% untuk setiap pembelian Greenlight.

Agar memenuhi syarat untuk mendapatkan uang kembali 1%, selain menjadi anggota Greenlight Max, keluarga juga harus:

• Memiliki reputasi baik dengan Greenlight
• Tambahkan akun pendanaan (bukan kartu debit) 

Mirip dengan cara melihat imbalan tabungan anak Anda, Anda juga dapat meninjau imbalan uang kembali anak Anda dengan mengakses:

• Dasbor anak Anda
• Mengklik Judul “Pengeluaran”
• Mengklik “Riwayat” di pojok kanan atas
• Mengklik “>” di kanan atas layar (di sebelah deskripsi uang kembali)

Setelah Anda mengklik “>” Anda akan melihat ringkasan jumlah total hadiah uang kembali yang diperoleh per bulan.

Meskipun ada aplikasi uang kembali yang lebih baik, Greenlight tetap memberikan insentif ini dengan baik.

Intinya:

Jika Anda adalah bagian dari tingkat Greenlight Max, maka keluarga Anda memiliki peluang untuk mendapatkan hadiah uang kembali sebesar 1% untuk pembelian. Hadiahnya akan dihitung ke akun Anda setiap awal bulan.

5. Otomatisasi Tunjangan

Sebagai orang tua, Anda dapat menggunakan Greenlight untuk menyiapkan tunjangan yang akan dibayarkan:

• Mingguan
• Bulanan
• Dua mingguan

Anda dapat melakukan perubahan pada tunjangan anak Anda dengan memperbarui:

• Jumlah
• Frekuensi
• Lokasi di mana tunjangan akan disetorkan

Anda dapat memilih untuk menyetorkan tunjangan ke rekening berikut:

• Memberikan Akun
• Rekening Tabungan Umum
• Akun Belanja Di Mana Saja

Saya telah memberikan sedikit detail lebih lanjut tentang setiap jenis akun di bawah ini:

Memberikan Akun

Donasi ke badan amal favorit Anda dengan minimal $10

Rekening Tabungan Umum

Anak Anda bisa mendapatkan bunga berdasarkan tingkat tabungan rata-rata mereka

Akun Belanja Di Mana Saja

Anak Anda dapat menggunakan uang ini untuk keperluan pembelanjaan dan Anda (orang tua) dapat menetapkan batas pembelanjaan di akun ini

Perlu diingat, jika Anda memutuskan untuk meningkatkan ke tingkat Greenlight + Invest atau Greenlight Max, Anda juga dapat mentransfer uang ke rekening investasi anak Anda.

Misalnya, Anda dapat memilih untuk membagi tunjangan anak Anda menjadi 70/20/10 (sehingga 70% dari tunjangan Anda dapat disalurkan ke rekening Pembelanjaan Di Mana Saja, 20% ke Rekening Tabungan Umum, dan 10% ke Rekening Memberi).

Tunjangan ditransfer dari dompet Anda ke rekening anak Anda.

Secara umum, tunjangan dibayarkan paling lambat pukul 6 pagi EST pada hari anak Anda menerima tunjangan tersebut.

Dan, jika anak Anda dilarang masuk sekolah dan Anda ingin menangguhkan tunjangannya untuk sementara, Greenlight menawarkan fitur “Jeda Tunjangan”.

Untuk menghentikan sementara tunjangan anak Anda, cukup:

• Akses dasbor anak Anda
• Klik judul “Tunjangan”
• Klik tombol untuk menonaktifkan tunjangan

Dan seperti yang disebutkan sebelumnya, tab uang saku juga dapat dihubungkan dengan tugas mingguan anak Anda.

Jadi, jika anak Anda menyelesaikan tugasnya, mereka bisa menerima pembayaran tunjangan.

Intinya:

Greenlight juga membantu mengelola pembayaran tunjangan Anda kepada anak Anda. You can elect to auto fund your child’s allowance and you can even elect to split your allowance distributions between the 3 main Greenlight accounts (Spend Anywhere, Savings, and Giving accounts).

6. Investing in the Stock Market

Coming from the corporate investment management world myself, I think the Greenlight investing platform is an awesome feature for kids to learn how to invest.

You can teach your child how to invest if you’re a member of the following tier levels:

• Greenlight Max 
• Greenlight + Invest

The Invest feature actually gives parents 2 options to start investing:

Investing for Parents

Parents invest for their kids’ futures

Investing for Kids

Kids can monitor, research, trade real stocks and ETFs

The following stocks and ETFs are offered on Greenlight:

• A few leveraged ETFs 
• Market capitalizations> $1 billion
• Stocks typically listed on the NYSE and the NASDAQ
• Exchange-listed sponsored American Depository Receipts (aka ADRs)

Although kids technically can request to trade stocks, since most children who are Greenlight card users are minors, the trading responsibility actually goes to the parent.

Once the parents have executed a trade for their kids, kids can then track the performance of those investments using the “Investing for Kids” section on their Greenlight app.

When your child is setting up their own Investor Portfolio, Greenlight takes the time to ask a Risk Tolerance Questionnaire.

In other words, how much risk can someone stomach?

Obviously, if someone doesn’t care if the stock market goes down by 50% tomorrow, those people typically can stomach more risk (and thus have the potential for more return).

Once the investor profile is completed, it’s time to start researching which stocks and ETFs work based on your child’s portfolio.

And keep in mind that Greenlight offers more than 4,000 stocks and ETFs to choose from!

To explore the types of investment options offered by Greenlight, simply:

• Click on the “Investing” icon
• Scroll to the “Investing Options” section
• Click on “Company Stocks” or “Exchange Traded Funds” to explore individual stocks and/or ETFs

Once you’ve accessed either the “Company Stocks” section or the “ETF” section, you can also use the search bar to check out a specific stock or ETF.

Before you can actually make a trade, you’ll need to transfer cash to invest.

You can do this by:

1. Clicking on the “Investing” icon
2. Clicking on the “Cash to Invest” headline
3. Clicking on “Move $ In” headline
4. Electing how much cash you want to transfer
5. Selecting from where you want to transfer your cash
6. Clicking “Move Money”

For the screenshot above, since you’re looking to invest cash, you’ll want to click on “Move $ In” and proceed to the next screen.

Here, you can select the amount of cash you want to transfer, and from where it should be transferred.

The last step is to click the “Move Money” button.

This way, the parents really maintain control and an overview of their children’s investing ventures.

The Bottom Line:

Teaching kids the importance of investing from an early age is critical, and Greenlight can do just that. Kids can request trades, which parents will have to execute. From there, kids can learn and research more about the stock market using the hands-on approach.

7. Parent Paid Interest Incentives

If you’ve ever put cash in a savings account, you’ll know that the bank will pay you a certain interest rate.

Sadly, in the modern economy, interest rates are pretty low and the highest interest rate you could obtain is typically from a high-yield savings account .

However, Greenlight offers the parent-paid interest incentive.

How much of your parent-paid interest is transferred to your child’s account depends on the average daily balance of your child’s Total Savings for last month.

Using the parent-paid interest plan, you could pay an interest rate between 1% to 100%.

If you are a Greenlight Max tier member, then you could even earn 2% annually in interest (which is paid by Greenlight).

Here’s how you can set up your parent paid interest plan:

• Access your child’s dashboard
• Click on the “Savings” headline
• Click on “Parent-Paid Interest,” located in the “Savings Boosts” section
• Specify the interest rate percent you want your child to earn
• Click “Save”

If you don’t have enough money in your parent-paid wallet to cover your parent-paid interest incentive, then Greenlight will send you an alert to add funds to your account.

The Bottom Line:

Kids love incentives, and one of the best ways to incentivize your kids to save more is to give them cash rewards. That’s exactly what the parent-paid interest plan does:You can select how much interest you wish to pay your kids (from 1% to 100%) per month based on their average daily savings balance.

Greenlight’s Identity Theft Protection

Is Greenlight safe?

The answer is yes.

In fact, Greenlight uses state-of-the-art technology to protect you and your child’s personal data from leaking into the wrong hands.

Let’s take a look below.

Zero Liability Protection

You won’t have to pay for “unauthorized transactions”

FDIC Insurance

Your money is protected (up to $250,000 in most cases) if the bank fails

Turn Cards On/Off

Immediately deactivate cards if lost or stolen

Spend Controls

Set a maximum amount of money your child can spend per category (like video games, clothing, etc.)

Now, if safety and security is your No. 1 concern, then you’ll probably want to consider the Greenlight Max tier, which costs $9.98 per month.

That’s because the Greenlight Max plan offers 3 additional features that the other plans do not:

• Phone protection
• Identity protection
• Purchase protection

I went into a little more detail regarding the 3 protection types:

Phone Protection

Get reimbursed for the cost to replace or repair your kid’s phone for up to $600 per claim (up to a maximum of $1,000 per year). You’ll pay a deductible of $25. If you live in New York, this feature is not available

Identity Protection

– Dark web monitoring

– Automatic security alerts

– Protection is provided by Experian

– ID restoration service for the family

Purchase Protection

If you bought something in full with a Greenlight debit card, and that item was damaged or stolen, Greenlight will reimburse you within 120 days of the date of purchase/delivery up to $100 per item (up to a maximum of $1,000 per year)

Keep in mind that if you do have a claim (and you are using the Purchase Protection plan), then you need to file no later than 60 days after the trigger event.

To file a claim, you can:

• Click on the “Settings” page
• Click on “Cell phone &purchase protection”
• Navigate to the Claim Center and click “File a claim”

You can also always call 866-599-1386 to file a claim.

The Bottom Line:

Greenlight offers top-notch data encryption and security for all 3 plans. If you are very concerned about your personal data and safety, you may want to consider upgrading to the Greenlight Max plan, which also offers identity, phone, and purchase protections.

Greenlight Education &Resources

The reason why I’m such a fan of Greenlight is that it offers 2 things for your kids:

• Hands-on money management experience 
• Interactive financial and educational resources

Not only do your kids learn how to budget, spend, and even invest, but with the Greenlight card, your child can also learn about personal finance basics .

Here’s a more comprehensive list of the educational resources Greenlight offers for both parents and kids:

Financial Videos

Access financial videos by clicking on the “Investing” icon and clicking on the “Become a better Investor” section

Personal Finance Quizzes

Learn more about money by answering an assorted number of personal finance questions with answers

Greenlight Blog

Learn about personal finance tips and tricks on the Greenlight blog

Greenlight Help Center

Search for virtually any Greenlight-related question, from investing to giving, to saving, to spending

Million Bazillion

Million Bazillion is a podcast made for kids to learn more about money (it is now in its second season)

FAQs

The typical questions you, as a parent, may ask about Greenlight are listed here in the FAQ section

Greenlight Kahoot!

Teach your kids personal finance basics using the Kahoot! platform’s game-based educational programs

As you can see, Greenlight does not keep you or your child in the dark.

One of my favorite educational resources for kids is Kahoot! (which is free).

With Kahoot! kids can play interactive and hands-on financial literacy games to improve their financial concepts.

The Million Bazillion (I love that name!) podcast is another cool place for your kids to learn about personal finance.

The podcast is now in its second season and talks about personal finance concepts in simple terms.

Each of the Million Bazillion podcast episodes bring finance fun facts and finance trivia to your kids, and it’s another great way to learn about money.

Why You Should Get a Debit Card for Your Kids

Do you want to teach your kids about financial literacy?

Then why not start with a hands-on approach.

Most financial institutions, due to the law, don’t allow minors (typically, anyone under age 18) to open their own bank account, credit card, etc.

Tidak lagi.

Enter the Greenlight debit card for kids.

With the Greenlight debit card, parents can open savings, spending, and investment accounts for their kids – and age doesn’t matter.

Bagaimana caranya? 

Parents are the true account owners (the child accounts are merely subaccounts, which are “owned” by parents).

Why should you let your kids manage money from an early age?

Children who manage money from an early age learn:

• Responsibility
• Accountability
• Independence

And that’s where the Greenlight debit card for kids really makes a difference.

Parents and kids can manage money on a side-by-side basis.

Parents can:

• Send money to kids
• Manage chore plans
• Block in-store purchases
• Manage allowance money
• Customize spending controls
• Approve and execute trade requests

Kids can:

• Gift money
• Menghemat uang
• Spend money
• Place trade requests 

The neat thing with Greenlight is that you can teach your kids real-life lessons in a safe environment with parental controls in place.

How to Open a Greenlight Account

Are you ready to open an account with Greenlight?

First, head over to the Greenlight website .

Next, you’ll want to click on the big, yellow button on the left that says, “Get Started.”

You’ll have to enter a valid US phone number.

After you’ve entered your phone number, you’ll have to answer a series of questions, such as the one above.

Greenlight will also send you a confirmation code text message, which you’ll need to input.

Next, you’ll have to answer a series of questions about yourself and, of course, your kids as well.

You’ll also have to set up your child’s Greenlight account.

You can add up to 5 children on your Greenlight account application.

Once you’ve included your personal information, it’s time to set up the parent wallet.

In this case, it looks like the minimum initial funding amount is $5.

Once you’ve selected your funding amount, you can connect either:

• Your debit card
• Your bank account manually
• Your bank account automatically (using Plaid)

Once you’ve set up and linked your bank account information, you’ll have access to your parent dashboard.

From there, you can move money to your child’s account through a simple process.

First, from your parent dashboard, click on “Send $” next to your child’s name.

Then, you can select how much and to which account you would like to send your money:

• Giving
• General Savings
• Spend Anywhere

You can also elect to create Spend Controls so that you limit your child’s purchases, depending on stores or even categories.

When I found out about this unique, custom feature, I thought that was pretty neat.

Once you’ve completed these steps, you can click the “Move Money” button and transfer the cash to your child’s account.

Now, if you want to add money to your child’s investing portfolio, you can do so from your parent dashboard.

First, click on the “Investing” icon.

Then, you’ll want to click on “Cash to Invest,” which will prompt you to either move money in or out of the investing account.

Once you select the amount of money you wish to move in or out of your child’s account, you should be all set.

The Bottom Line:

The account opening process is very straightforward and took me about 5 minutes to complete. The rest is all about customizing your parent and child’s dashboards (such as uploading custom images), which could take a little more time.

Greenlight Alternatives

Not sure if Greenlight is the right fit for you and your family?

Here are other alternatives to the Greenlight debit card:

FamZoo does offer some options that are not available to Greenlight users such as:

• Lending money to your kids
• You can use either a prepaid card or an “IOU” card
• You don’t have to connect your checking account with FamZoo
• You can financially penalize your kids for not completing their chores

However, FamZoo’s basic tier is actually a little more expensive than Greenlight’s basic monthly tier.

FAQ

What is the minimum age to use Greenlight?

There is no age limit for the Greenlight card or for investing with Greenlight. It’s typically most effective to offer the Greenlight debit card when your kids are ready to learn about money. Generally speaking, that means your kids are somewhere between ages 10 to 18.

Where is Greenlight accepted?

As long as Mastercard is accepted, your Greenlight card will be accepted, both online and in stores. Additionally, Greenlight is accepted in over 150 countries and counting.

Is Greenlight Safe?

Greenlight is a legit and safe finance app. Not only does Greenlight offer FDIC insurance to protect your cash deposits, but it also offers SIPC protection for your investments. Additionally, Greenlight has state-of-the-art data encryption software, PIN codes and EMV chips to keep your data safe.

Does Greenlight collect personal data?

While Greenlight does collect personal data, your information is securely stored and encrypted using top-notch software. Greenlight collects personal data in 3 ways:1) Any information you provide; 2) Any information that’s collected automatically through Greenlight’s digital platform (like from cookies); 3) Any information Greenlight receives from third parties (your phone number, address, email, etc.).

How can I fund my Greenlight Card?

You can fund your Greenlight card in 2 main ways:1) You can connect your bank account to your Greenlight account and make an instant transfer; 2) You can connect your debit card to your Greenlight account and make an instant transfer. Any cash transfers are first deposited into the Parent’s Wallet and can then be moved to your kid’s bank accounts.

Do I need a mobile number to apply with Greenlight?

No, you don’t need a mobile phone number to apply with Greenlight. While the Greenlight website will require you to input your mobile number to start with the app, you can download the Greenlight App from any app store (for free). The app can be downloaded on devices such as a cell phone, iPad, tablet, etc.

Who can open an Account with Greenlight?

Typically speaking, you’ll need a parent or guardian to actually create a Greenlight card account for you. If you are 13 years or older, you can register for a Greenlight account on your own.

Is Greenlight debit card legit?

The Greenlight debit card for kids is legit and safe. Greenlight offers security features like top-notch data encryption, FDIC insurance, and EMV chips (which protect personal data when making a purchase). On top of that, parents also receive real-life notifications if their kids spend money (and parents can approve each transaction, too!).

How does the Greenlight card work?

The Greenlight debit card for kids is a prepaid debit card that gives parents tighter control over their kids’ financial behavior. Parents can set spending controls, manage chores, transfer allowances, approve or block spending requests, and teach their kids money and investment management using a hands-on approach.

How much money can you put on a Greenlight card?

The maximum amount of money you can load on a debit card per day is $1,500 per parent account. The minimum initial load amount varies between $1 (if done via ACH) to $20 (if done via debit card).

What bank does Greenlight use?

Since every Greenlight customer’s savings account is FDIC insured, Greenlight uses a bank, the Community Federal Savings Bank, to protect your money. In addition to the FDIC insurance protection, you will also have SIPC protection (for investing), top-notch encryption, firewalls, PINs, VPNs, etc.

Do Greenlight cards work at ATMS?

Yes they do! As long as the ATM accepts Mastercard, Visa Interlink or Maestro, then the Greenlight card should also be accepted. Note that Greenlight will not charge for ATM services (individual ATM operators may charge fees). The maximum daily amount you can withdraw from the ATM is $100, while the maximum monthly withdrawal limit is $500.

Does Greenlight card build credit?

Since the Greenlight debit card for kids is prepaid, it does not allow kids to build credit history, because Greenlight is not a credit card. This is one of the major cons when it comes to the Greenlight card. However, the pros of the Greenlight card can outweigh the cons.

Greenlight Card Review:The Bottom Line

If your goal is to teach your kids about money management using a hands-on approach, then you should consider the Greenlight card for kids .

Here’s why the Greenlight cards rocks:

• You can teach your kid how to invest
• You have spend controls for your kids 
• You can approve your child’s purchases
• You can manage your child’s chore plans
• You can manage your allowance distributions
• You can incentivize your kids to save more through parent paid interest

Personally speaking, I think one of the coolest features is that parents can invest side-by-side with their kids.

Your kids can check out different companies, research their stocks, etc., and then kids can place a trade request, which has to be verified by you (the parent).

However, Greenlight might not be the best option if you’re not a big fan of the monthly fees.

So, is Greenlight worth it?

In my opinion, yes.

You can’t really put a price on a child’s financial education – especially if you can teach your kid from an early age using a hands-on approach.

Your children will thank you later.

What are your thoughts on the Greenlight card? Let me know in the comments below.