Unlike a credit card, at its core Greenlight is a prepaid debit card like any other.
Whether credit or debit, giving children a card is all the rage these days, according to Credit Where it excels is that by including a companion app with the card, Greenlight gives you a lot more control of how your money is spent.Greenlight’s calling card (pun intended) is allowing store-level control of where the card can be used.Obviously you only need to worry about this to a certain extent (a nine-year-old doesn’t need a perfect credit score) but if you have a teen who is about to strike out on his or her own – or at least go off to college – you can help set them up for success by building their credit long before they find themselves with a bad credit score to go along with a needed student loan. Okay, so let’s say you’ve decided to get your child a card – or you’re at least open to the idea.Of course, an expert in the Credit report claims one reason kids have credit cards is the bandwagon effect: "The kids have the cellphone and now they have the credit card, which makes the kids cool." Please note that your 12-year-old wanting to be cool is not a valid reason to give them a credit card. Greenlight wants you to control it the same way you do a lot of other banking these days: on your phone.