The Allow Card of America Inc.
72Prepaid Debit Card for Teens
The Allow Card is Simply a Prepaid Debit Card for teens. Its debit card that is personalized for a teen but was designed for the Parent. It gives your teen a real sense of financial independence and also has a unique program that uses online lessons and tools to help your teen learn fiscal responsibility. This is a great innovation for a company called The Allow Card of America.
What really makes this card unique are two things this company had in mind. The first is that the Allow Card has tools on line to introduce teenagers to the importance of money management by giving them the skill and establishing a pattern of good responsibility for there life's journey in managing their money. The second unique thing about this Prepaid Master Card is that it gives parents a peace of mind by them knowing where the money is going an it has 35 parental controls to monitor the spending habits of their teens. An allow card can be used any where a Master Card can be used meaning you should have no problems using it anywhere.
Their Mission Statement
"Allow Card of America provides online financial literacy for students through the use of an innovative payment tool -- The Allow Card prepaid MasterCard -- that partners parents and teens in actively gaining money management skills, tracking financial decisions and developing positive financial communication"
Their Motto
"There's no better time or way to teach your teen responsibility when it comes to dealing with their finances!"
Allow Card for Teens
35 Parental Controls
One great thing about getting a Allow Card for your teen is that this card has listed over 35 Parental Controls. This will make you feel secure about your teen having a credit card and leaves you in control. Below is a list of the 35 Parental Controls from the AllowedCard.com website.
"THE ALLOW CARD PREPAID MASTERCARD® 35 PARENTAL CONTROLS AND FEATURES
1 Enable or disable the Allow Card prepaid Mastercard
2 Enable or disable Point of Sale (POS) usage (coming soon)
3 Enable or disable Automated Teller Machine (ATM) usage (coming soon)
4 Enable or disable individual Merchant Category Codes usage
5 Set the amount of funds spent daily, weekly or monthly
6 Set the number of daily, weekly or monthly transactions
7 Set up recurring card loading daily, weekly or monthly
8 View card account balance
9 View transaction history
10 Download transaction history into Excel, Quicken, and Microsoft Money etc
11 Load the card from a bank account (72 hour) via internet or phone
12 Load the card from a credit card account (real time) via internet or phone
13 Download a statement copy
14 View reload history
15 Send funds from Allow Card to Allow Card (real time)
16 Send funds from Allow card to bank/savings account
17 View/edit pending money Shares
18 View money Shares history
19 Pay bills from Allow Card account
20 View/edit/add/delete bill payee information
21 View/edit/delete pending payment
22 View bill payment activity
23 Paycheck direct deposit onto the Allow Card
24 View pay stub history
25 Ability to add a message description on each card load or transfer.
26 Change cardholder address (real time)
27 Change 4 digit PIN number (real time)
28 Change card account nickname (real time)
29 Change card account password (real time)
30 Change card account secret question and answer (real -time)
31 Change account user profile
32 Replace lost or stolen card
33 Set up e-mail notification for card activity
34 Text message notification via cell phone
35 Review a new financial lesson each month Sample Lesson
This card cannot be purchased by teens under the age of 18 without parental consent." "
Allow Card Teaches your Teens
Another Great thing about the Allow Card for teens is that they have 24 lesson you Teen can learn on how to use the Allow card. I suggest that the Parents also read these lessons. Here is a list of the Lessons found on Allow Cards Website when you get a Prepaid Debit Card for our Teen.
Lessons Schedule
1 Introduction 1 Using Your Allow Card prepaid MasterCard® in Seven Easy Steps Sample lesson
2. Introduction 2 What's My Life
3 Income 1 Introduction to Income Describe lifestyle choices & advanced education benefits
4 Income 2 Identify sources of Income Job applications/Interviewing
5 Income 3 Understanding your pay stub
6 Income 4 Conclusion to Income Set
7 Visit to the Virtual Mall- Spending Introduction 1 Identify your spending habits Spend the money at the Virtual Mall (set amount of money with hidden timer)
8 Spending 2 Compare and contrast sources of spending
9 Spending 3 Explain cost comparisons, wise shopping , etc
10 Spending 4 Identify planning strategies to prevent running out of money
11 Spending 5 Create a budget for yourself
12 Spending 6 Conclusion -After identifying spending habits, revisiting the mall with timer Include timer, visit more than one shop as you travel the mall to get better pricing
13 Money Management Introduction 1 Visit to Virtual Bank- tour of the bank Introduction
14 Money Management 2 Discuss a nest egg Explain a savings account, accountability and growth
15 Money Management 3 Describe financial debt, credit cards and negative interest
16 Money Management 4 Explain how to use money-management tools available from financial institutions
17 Money Management 5 Design a plan for earning, spending, and saving choosing the best solution; checking account, savings account, CD, true interest
18 Money Management 6 Revisit the Virtual Bank and open an account (s) at the bank (figure how much to save and work from there)
19 Investing Introduction 1 Introduction includes visit to the Virtual Stock Market
20 Investing 2 Describe reasons for investing
21 Investing 3 Explain investments for students Explain how different factors affect the rate of return of investments
22 Investing 4 What you can invest in; risk, types, part of a company
23 Investing 5 Compare and contrast investment information sources Identify and explain agencies that regulate financial markets
24 Investing 6 Revisit the Virtual Stock Market, choose and purchase a portfolio to watch your stocks for your visit buy or sell to end with a profit or loss
This looks like a good Prepaid Debit Card company and they are offering great Bonus just like these lesson plans to help you teens with spending their money wisely.
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