Current, A Debit Card for Your Child’s Allowance

Current, A Debit Card for Your Child’s Allowance

March 9, 2017         Written By Lynn Oldshue

There is a new debit card on the market designed specifically for kids who receive an allowance. Known as Current, this “smart debit card for kids” comes with a corresponding app to help children monitor their funds and keep track of their spending.

Current works like most debit cards. Once money is deposited into a child’s account, it is available to spend on the card. A child can only spend the amount of money in the account. There are no overdraft options. Parents can choose to have automatic weekly withdrawals taken from their linked bank accounts, or can send money as one-time transactions.

There are two sides to the Current app: the parent’s side and the child’s side. Both provide an overview of the account and transaction history. However, the parent’s version gives the parent notifications when a child uses the card and also allows the parent to set spending limits per day, per month, etc. The child’s version is mostly intended to teach kinds about financial management and let them see how money and debit cards work.

There is a $3 service fee on the card each month, which is the only expense. The app is free and available on computers, Android devices and Apple devices.

Current also offers a free digital wallet for peer-to-peer transfers. This does not come with a physical card, but does provide basic money-sending services, similar to PayPal.

The information contained within this article was accurate as of March 9, 2017. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About Lynn Oldshue

Lynn Oldshue has written personal finance stories for for twelve years. She majored in public relations at Mississippi State University.
View all posts by Lynn Oldshue
Featured Low Interest Card
Top Features : 1.25X miles on every purchase; no annual fee; bonus of 20,000 miles once $1,000 is spent in first 3 months
Featured No Annual Fee Card
Top Features : Earn cash back twice. 1% when you buy plus 1% as you pay; 0% APR for 18 months on balance transfers
Featured Bad Credit Card
Top Features : No Annual Fee; Cash Back match at the end of your first year; Social Security Alerts
Featured Fair Credit Card
Top Features : No annual fee; access to higher credit line after making first 5 monthly payments on time
Featured Limited/No Credit
Top Features : No annual fee; reports to major credit bureaus; access to higher credit line after making first 5 monthly payments on time
Featured Cash Back Card
Top Features : No Annual Fee, Bonus Offer, Cash Back