Current Debit Visa Card: Teach Your Kids About Finances
- Annual fee
- See issuer terms
- Recommended credit
- No Credit Required
- Card network
- Visa
At a glance
The Current Debit Visa Card for teens provides teenagers with the financial freedom of a Visa debit card and parents the total security of account controls, and more. The card account, from Choice Financial Group, is fully FDIC insured through and costs $36 per year.
Our review of the Current Debit Visa Card
The Current Debit Visa Card is a teen-focused debit card program that empowers parents to monitor their child’s spending while allowing kids to learn about finances firsthand. With Current, teens can earn, spend, and save money, all while gaining valuable financial knowledge.
How Does Current Work?
Similar to other teen debit products, Current gives teens the freedom to manage their money while providing parents with essential controls. Getting started with Current is easy:
1. Parents sign up on the Current mobile app.
2. Parents link a bank account to Current.
3. Teens download the Current app on their phone or tablet.
4. Parents connect their Current account with their teen’s account.
For Parents
The Current debit card offers numerous benefits for parents, including streamlined allowance processes and in-app task management for chores. Parents can also:
- Block specific merchants
- Set spending limits
- Receive purchase notifications
For Teens
Teens can enjoy financial freedom with the Current Teen checking account, powered by the Visa payment network. They can learn about financial responsibility early on, manage their budget, and even donate to charity. Other benefits include:
- FDIC insurance up to $250,000
- Mobile wallet compatibility with Apple Pay and Google Pay
- Visa’s advanced security features
Current Fees
Current charges an annual fee of $36 per child, making it a cost-effective option compared to monthly fees from competitors. There are no hidden fees, overdraft fees, minimum balance requirements, or account inactivity fees.
Comparison
When compared to other allowance and chores apps like Greenlight, GoHenry, and BusyKid, Current stands out for its affordability, parental controls, and educational tools. See how it stacks up:
| App | Cost | Kids per Account | Features | Network |
|---|---|---|---|---|
| Greenlight | $4.99/month | 5 | Educational app, savings, parental controls, optional investment platform | Mastercard |
| GoHenry | $9.98/month | 4 | Flexible parental controls, savings, Split pay bill pay, Money Missions, education tools | Mastercard |
| BusyKid | $4/month | 4 | BusyPay, APEF-approved educational tools, investment platform, savings, some parental controls | Visa |
What We Like About Current
Current offers a range of features that appeal to customers of all ages. The absence of monthly fees, minimum balance requirements, and transaction fees make it an attractive option for those seeking a straightforward banking experience. Additionally, the ability to provide teenagers with a checking account and teach them financial independence sets Current apart from its competitors. Explore Current today and start your teen’s financial journey on the right foot.
Card features
Benefits as listed on the original card page. They can change; confirm details with the issuer.
- No hidden fees
- Earn up to 15X points at over 14,000 participating merchants in the U.S.
- Get paid up to 2 days early when you sign up for direct deposit
- Free instant money transfers, spending notifications, spending limits, and more
Who this card may suit
- You have a teenager and you want for them to learn financial responsibility
- You want total account control to block risky purchases
- You want to set spending limits for your child
- You're seeking a streamlined chores/allowance platform
Rates, fees and terms
| Annual Fee | See issuer terms |
|---|---|
| Foreign Transaction Fee | 3% of the transaction amount in U.S. dollars |
Confirm before you apply: rates, fees and offers change often. The figures above are the ones listed on the original card page, not a current quote from the issuer. APRs are typically variable, and the rate you receive depends on your creditworthiness. Recommended credit: Limited or No Credit.
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Current Debit Visa Card
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