Allowances can be a contentious issue in family households, so Greenlight Financial's smart debit card hopes to make it easier for parents and kids to see eye to eye on the money front. The company provides debit card designed specifically for kids, giving them a modicum of financial freedom while still offering detailed parental controls.
The Greenlight Financial card looks indistinguishable from any other debit or credit card — the Mastercard Debit-certified card has a number, the owner's name (the child, in this case), and an expiry date. It's the controls over the card that separate it from others. Greenlight cards come with an intuitive app that parents use from their smartphones, letting them control things like total funds available; 'greenlights', which are funds that can only be spent at certain locations; and freely available funds. Kids can also check their funds through a companion app at any time, helping to teach them about budgeting.