The BillMyParents Prepaid Mastercard is designed specifically for teens and gives you the opportunity to teach your child financial responsibility without worrying about overdraft fees or credit risks. This prepaid card is safer and more convenient than cash and provides your teen with the same flexibility as a Mastercard, but sets limits on the funds they have access to, avoiding any chance of accumulating debt. Load funds to the card manually or set up recurring allowances and let your teen use it wherever Mastercard is accepted. Both you and your child can monitor the account online or through text alerts making it easy to ensure your child is being responsible with their money, while they learn how to manage their money effectively. Here are some of the features of the BillMyParents Prepaid Mastercard:
- No credit check
- No overdraft fees
- Instant loads in emergency situations
- Online account access
- E-mail and text alerts
- Fraud protection services
Card Summary
There is no credit check and no application fee to start up a BillMyParents Prepaid Mastercard and your first monthly membership fee will be waived. You can choose to load funds to the card manually or by setting up a recurring allowance. The minimum initial load amount is $20. The maximum balance you are allowed to have on the card is $5000. Instant loads are available in emergency situations, giving your child access to money when they really need it. All funds are are protected from fraudulent activity if your card is lost or stolen. The BillMyParents Prepaid Mastercard can be used anywhere that Mastercard is accepted and, unlike cash, can be used to make online purchases. There are no overdraft fees and there is no risk of overspending or accumulating debt because your child is unable to spend more than the balance on the card. BillMyParents Prepaid Mastercard can be utilized as a central hub for your family and friends to give gifts to your teen on holidays, birthdays, or anytime they choose. Free e-mail and text alerts are available to inform you and your child of activity on your account.
Parental Controls
Online account access makes it easy for you and your child to monitor all account activity. Set allowances, load money, check the balance, keep track of expenses, and personalize your account in many different ways so that it better fits you and your teen. While your teen gets to enjoy the freedom of monitoring their own account, ultimately you have complete control. Lock and unlock the account whenever you need to if you find that your teen is being irresponsible with their finances. Never worry about your teenager with money again and take advantage of this opportunity to teach them financial responsibility first hand.
Adding Funds to the Card
The initial card funding must be secured by a credit card, however, a bank account, Mastercard, Visa or Discover credit or debit card can be used to load funds following the initial load. The initial load is added to the account when you complete the registration process and must be a minimum of $20 to a maximum of $2500. In order to load funds to the card after the initial load, you have to log in to your account at BillMyParents. The maximum load amount from all parents or approved members in one day is $2500. The maximum balance allowed on the BillMyParents Prepaid Mastercard is $5000. To learn how to load funds to your BillMyParents Prepaid Mastercard, click here. Here are the minimum and maximum funding stipulations:
- Initial Load – Minimum: $20.00 Maximum: $2500
- Credit or Debit Card Load – Minimum: $0.00 Maximum $100 per parent or approved member per day
- Checking Account Load – Minimum: $0.00 Maximum $500 per parent or approved member per day
BillMyParents Mastercard Fees
To see a complete list of fees associated with using the BillMyParents Mastercard you should review the terms and conditions. The table below highlights some of the current fees. You can apply for the card online today.
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