There are lots of apps out there that teach kids about money management. We all know the best way to learn is by actually doing. So it shouldn’t come as a surprise as money management apps for kids have taken the learning one step further — by adding an actual credit card for kids.
Two Canadian companies, Mydoh and Treasure are taking their apps to the next level by partnering with credit card companies to actually give kids their very own credit card.
The apps provide hands-on learning for kids to manage money under the supervision and guidance of a parent/guardian. Parents can set tasks (chores) for kids to complete and/or set a weekly allowance upon which they receive weekly “paydays”. The money gets deposited to a prepaid credit card that is controlled by the parent. Kids can buy what they want with the credit card and parents will be able to see the transactions. The apps teaches kids about responsible money management. Kids will learn the value of money and budgeting in a way that is meaningful to them.
The Treasure app is the brainchild of parents who were looking for a better way to teach their kids about money management. The app’s focus is on the Save, Spend, Give, and Plan model.
Treasure partnered with People’s Trust Company (issuer of Canadian prepaid cards) for its prepaid Mastercard for kids.
Treasure has a free plan but to access the prepaid Mastercard requires a monthly subscription. A monthly subscription costs $4.99 for one child, with each additional child $2.49 per month. If you’re willing to commit to a year, the monthly cost drops to $3.99 per month ($1.99 per additional child).
Developed by RBC Ventures, Mydoh partners with VISA Canada to include a prepaid VISA card. Kids will receive both a digital and physical prepaid VISA card that parents can lock or unlock at any time.
Mydoh has a free 30-day trial after which a monthly charge of $4.99 applies for up to 5 kids. If you’re an RBC customer, the fee drops to $2.99 per month.
Let us know the best methods you’ve used to teach your children about money management.