Prepaid Card Lets Parents Control TeenSpending
MESA, Ariz. - (01/11/06) Parents have a new tool to helpcontrol their kids spending. A start-up card company called AllowCard of America has introduced a prepaid stored-value card that isbeing marketed to students to allow them to make purchases withouthaving to carry cash, checks, or credit cards. The new twist inthese prepaid Mastercards, called Allow Cards, is that parents canset daily, weekly or monthly spending limits, review statementsonline, and even decide where the cards can be used. Parents could,for example, allow their child to use the card at the collegebookstore, but not the local video store. Parents can also addfunds to the cards either online or by telephone. Allow Card isalso offering online financial literacy courses for card users toteach young people money skills.