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Many children are not taught the skills and knowledge necessary to manage their finance effectively. Poor financial habits developed in childhood can be difficult to break in adulthood, leading to long-term financial difficulties.
Spendsafe believes in putting children on the right path to achieve financial independence by providing them with the resources to support their financial journey and parents with the tools to help guide them.
The Spendsafe Visa Reloadable Prepaid Card is the first step to putting children on the right path to long-term financial stability.
Spendsafe is a fintech company that believes in providing children with the right services to learn about financial literacy while giving parents the tools to guide their children on their journey to financialin dependence. Peoples Trust Company is the issuer of the Spendsafe Visa* Reloadable Prepaid Card.
The Spendsafe Visa Reloadable Prepaid Card is a card for children that allows parents to load money onto it for their child to use for in-store and online purchases at selected merchants in Canada without needing a traditional bank account.
The Spendsafe card is only allowed by individuals aged six years or older. Keep in mind the card is restricted to those who have reached the legal age of their province.
The Spendsafe card focuses on the child's user experience and promotes financial literacy while they spend. The card is connected to the Spendsafe app, where kids can track their spending, save money, and learn money management skills through the child portal. At the same time, parents can monitor their child's account through the parent portal.
The card is also set up to prevent cash access and block potentially harmful transactions, such as purchases of alcohol and gambling.
The Spendsafe app is designed with two portal accesses: one for the parent and one for the child. Children can access their funds, track their spending, save money, and learn money management skills through the child portal. Meanwhile, the parent can manage, view, and fund their children's accounts through the parent portal. The purpose of having two portals is to give children the freedom to make financial decisions while providing parents with peace of mind.
The Spendsafe Visa Reloadable Prepaid Card is not a credit or debit card. Instead, it's a prepaid card that parents must load funds onto for their child to use when making purchases in-store or online. Each time a transaction is made with the Spendsafe Card, the purchase amount is deducted from the available balance on the card, similar to a debit card. Parents must load more funds onto the card for continued use. It's important to note that the child must select or tell the merchant to choose "credit" when making a purchase, as all prepaid transactions in Canada are processed as credit.
The Spendsafe card is not associated with the credit bureau.
To make a purchase in-store, insert the Spendsafe Visa Reloadable Prepaid Card into the chip reader, enter the PIN, or tap the card on the contactless-enabled card reader when prompted. It's important to note that the child must select or tell the merchant to choose "credit" when making a purchase, as all prepaid transactions in Canada are processed as credit.
The only fee associated with the Spendsafe Visa Reloadable Prepaid Card is the monthly subscription cost of $5.99. Please refer to the Cardholder Agreement for any additional fees and updates. Any applicable fees will be deducted from the card balance.