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This Visa debit card allows parents greater access to and control over teen spending, with a prepaid account designed to be transparent and easy to manage. You can disperse allowances, monitor and restrict spending activity, and send money instantly. The fees for this card are pretty lax compared to most prepaid debit cards, though there is an annual fee.
Current is a prepaid Visa debit card and checking account aimed for teens with parent oversight in mind, allowing greater transparency and control over spending. This is not a credit card, and it won’t help you build credit.
Along with being able to see all the activity on your or your child’s card, you can also set spending limits, disperse allowances, pause the card, and transfer money instantly. The account is FDIC insured up to $250,000, so you can be sure that money is secure.
There’s no minimum balance required, and you can only have a maximum balance of $10,000 on this card.
This bank account service is only available as a mobile app — the Current app — so you won’t be able to visit a location in person or online to do your banking. Mobile check deposits may be available. You can use the card in mobile wallets like Apple Pay and Google Pay.
A Current account comes in two forms: Basic and Premium.
The Basic plan doesn’t have any additional costs per month, but the Premium plan charges an extra $4.99/month and offers faster direct deposits, a premium card, and your gas holds are instantly credited.
Typically, prepaid cards have a bunch of fees for anything from purchases to ATM withdrawals, but the Current debit card does pretty well. You won’t have to worry about purchase or transfer fees, withdrawal fees, overdraft fees, or activation/inactivity fees. They will charge you a 3% foreign transaction fee, a $5 card replacement fee, a $3 international ATM fee, and a $2 paper statement copy fee.
That’s about it, and as you can see, you may never have to pay most of these fees.
Both plans come with a $36 annual fee and operate in the same fashion.
To get your own Current card, just enter your number and they’ll send you a download link which lets you connect your bank, after which they’ll send you a card in the mail.