You get the peace of mind and confidence of knowing that your child will not be able to misuse or abuse the card – which could destroy your own credit rating. You also get access to resources about teaching your kids how to use credit cards in the grown-up world of modern finance and commerce. They can learn safely and securely because even if they accidentally slip up and make an innocent mistake, like going over their spending limit, the automatic card controls will kick in and save the day. Here is a look at some parental controls your account may offer.
E-mail Alerts: You can sign up for e-mail alerts that notify you of charges on the card. Let’s say your child has a spending limit of $100, but they try to make a $150 purchase. You will get an email within 24 hours informing you about it. You can also get emails if they try to use the credit card with merchants you banned. By setting specific parameters with the company, you can get notifications and have a hold placed on the card if your child attempts to use the card to rent a car, a hotel room, or buy alcohol.
If you need to give your child money in the event of an emergency, you should be able to do so online. In addition to allowing you to make deposits online, you are also able to pull money out of the account if needed.