The USAA Prepaid MasterCard® is a prepaid card specifically designed for teens and their parents. The card can be used at millions of locations worldwide where Debit MasterCard is accepted and this includes online. It is safer than cash, because if your teen loses money, it cannot be replaced. However, if the USAA Prepaid Card is lost or stolen, your teen is protected from theft and unauthorized purchases. This prepaid card has been created for parents to help teach their teens to be financial responsible. Here are some of the features of the card:
- No set up fee
- No annual fee
- A safer spending option than cash for your child
- Set spending limits and allowance schedules
- View and track transactions on usaa.com. Your child can too on my.usaa.com
- Add money instantly, 24/7
Parents Are In Control
This card requires parents or guardians to be involved. The card is set up in a way which allows parents to have control over how the card is used, how much money is added to the account, and .. The account manager (parent or gardian) are responsible for adding funds to the card. Your teen cannot load value to the card, this is restricted for only the account manager. The account manager also has the ability to temporarily suspend and reactivate the card if necessary. This feature is available by logging on to usaa.com under “Account Services” located on your prepaid card’s “Account Summary” page. You can also temporarily suspend the account by calling 1-800-531-USAA (8722). USAA provides a service to help parents monitor their teen’s spending habits. In the even your teen makes a questionable transaction, an e-mail is sent to a parent. The e-mail is sent within 24 hours of a transaction authorization for the following codes: bars and other adult entertainment, travel arrangement services, outbound and inbound telemarketing merchants and gambling transactions.
Benefits For Teens
Teaching our children at a young age about money management is so important and something that is often overlooked. Teens should understand the importance of budgeting and the value of each dollar they spend. When you sign your teen up, educational materials are included for you and your teen to review together:
- A Responsible Spending Agreement for Parents and Teens.
- USAA Prepaid Card Important Note to Parents.
- A guide that explains how to use the card, how to access account information and more.
In addition to the convenience this prepaid card provides, one of the main purposes of the card is to teach our youngsters about money management.
Loading Funds to the Card
There are two ways parents can load funds to the prepaid card. You can choose to add money from your USAA credit card, USAA checking or savings account, non-USAA MasterCard or your non-USAA checking or savings account. You can add any amount from $10 to $1,000, but the card’s maximum balance is $1,000. Only the account manager and the co-manager can add money to the card from a USAA credit card, USAA checking or savings account, non-USAA MasterCard or by electronic transfer from their non-USAA checking or savings account. Here are the details on how to load funds.
- Credit Cards: Select “Fund with Credit Card” from the right hand navigation bar. Then, select a USAA credit card from the drop-down menu or add a non-USAA credit card. These transactions are processed as a cash advance. If you do not have a USAA credit card, apply for an account online.
- Checking or Savings account: Select “Fund with Bank Account” from the right hand navigation bar. Select a “From” account from the drop-down menu or select “Add a non-USAA account.” Enter your routing and account numbers when prompted. Continue with the prompted actions.
Card Fees
This card is unlike many prepaid cards in that most other prepaid cards have fees. This card has absolutely no fees associated with using the card. There are no setup fees, no annual fee, no charge for ATM withdrawals (though teens may incur fees from the ATM owner), no fees to replace lost or stolen cards and no fees for representative-assisted transactions.
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