Making teenagers understand the concept of financial responsibility was always a challenge for parents. The concept that there are only limited resources but unlimited opportunities to spend needs to be drilled into teenagers when they are young. Enter PAYjr, a free online money management system for teenagers which is offering a prepaid credit card issued by MetaBank as a companion to their online services which help teens better manage their allowance and develop better spending habits.
The PAYjr Teen Card is a MasterCard which lets teens shop at stores and online using their own credit card. While there are similar services PAYjr distinguishes itself by blocking purchases such as alcohol, firearms, online gambling and pornography. Parents can track their children’s online spending and deposit money into the account as needed.
Parents can also manage their children’s allowances online where they can set up a list of household chores and assign a dollar amount to each task. When their child completes their chore, the parent can deposit money into their account. Children can sign up to receive text messages or an email when money gets added to their account.
Parents pay a one time enrollment fee of $4.95, a monthly fee of $2.95 and 50c everytime to add money into their child’s account. When signing up, teens can upload their custom photos which appear on their PAYjr Credit Card. The card can look something like below
There is also no contract signed by you and you or your teen can opt out anytime without incurring any penalty. Your teens employer can also pay them through this prepaid card if they have a part-time job.
If you are a teenager or a student, you can get your parents to sign you up for this card and be on your way to realizing the financial reward of work and money management, values which will last you a life time.