The Real Deal: New debit cards that help you track your college students’ spending
The advantages of using a debit card is that you can only spend money that is currently loaded onto the card or into the account associated with the card.
If your kids are heading off to college soon, have you talked to them about how to pay for their expenses?
News 12 Consumer Reporter Janice Lieberman has The Real Deal on some new debit cards that help you track their spending.
The advantages of using a debit card is that you can only spend money that is currently loaded onto the card or into the account associated with the card. However with a credit card, you're given a line of credit which you can spend against.
Riley Adams, a CPA, says debit cards are a great way to start.
Tips for college students: What you should know to use credit cards more responsibly
“By giving a debit card specifically designed for kids and teens, it actually provides the ability only to spend money you have,” says Adams.
Riley recommends a card called Green Light, which offers that kind of parental control. The fee is $5 per month.
Debit cards like Copper offer investing advice as well. There's also a $5 monthly fee.
Parents are urged to remember they are the best role model. If you keep your finances in check and don't overspend, hopefully it's a lesson the entire family will learn.
