Current Prepaid Visa Review
Current is part of the new generation of teen prepaid cards. It provides automation and oversight for parents and a modern-day financial training tool for teens.
There’s no doubt about it. Current has spent serious effort in designing its prepaid card and mobile app to appeal to teens. It just looks cool.
But there’s substance behind the marketing. Current provides teens with a measure of financial independence along with money-management tools. And it gives parents a view into their teen’s spending and the tools to teach their teens good habits.
The Current prepaid card is a Visa-branded card. So, teens can use it to make online or in-store purchases just like a Visa credit card. But since it’s not a credit card, it avoids teens going down the path of equating spending with debt.
The Current mobile app gives teens visibility into where their money goes with its detailed transaction history. Teens can stash money towards a savings target, like that next gaming console. The Current prepaid card even puts giving into the mix, allowing teens to donate directly to millions of charities.
Current doesn’t forget that parents are the ones ultimately making decisions about their teen’s money, however. It equips parents with visibility into where their kids are spending. And the Current card enables parents to automate allowance payments or tie those payments to chores. Parents can even suspend their teen’s card.
The Current card can be funded only through transfers from a bank account. Good for parental control. But limiting for teens with part-time jobs who still have to look to their parents to deposit their paychecks.
Current’s features combined with reasonable fees put it on our list of Best Teen Prepaid Cards. The Current card charges a monthly fee of $3 for the first teen card, just $1 for additional teens, and little else. The card charges no transaction fees or activation fees. There is no free ATM network with the Current card, however. While Current does not charge any fee for ATM transactions, the ATM owner will–typically $1 – $3. Current’s monthly fee is billed annually, but it offers a free 30-day trial to check it out.