Greenlight App
Greenlight is an app and debit card built for families. Clients can load money onto the card from their own Greenlight app and they can easily manage and see where, when, and how much family members spend, while helping them learn to manage their money. It is a prepaid kid’s debit card that links to your bank account or debit card.
The Greenlight Card gives you granular control over your child’s money by allowing you to set spending limits on specific stores. Depending on your plan, it comes with cashback rewards, a 1% to 5% annual savings reward and an investing platform that teaches your kid the power of stocks.
The Greenlight plan is the app’s basic offering. You’ll be able to teach your child about money management by allowing them to use a debit card. Through the app, you’ll be able to monitor their usage and help them establish individual Savings Goals.
Greenlight card is best for parents who want a head- start on teaching their kids about financial literacy. While there is no age requirement, Greenlights average age ranges from 9 to 14 years old, according to a Greenlight customer service rep.
The Greenlight Card doesn’t have an initial sign-up fee, but after the one-month free trial, you’ll have to choose between three plans. Greenlight is a fintech company, not a bank.
There isn’t a reload fee for transferring money from an external bank account or another debit card. However, you’ll want to be mindful of potential ATM fees. Greenlight won’t charge you a fee for using an ATM, but it also won’t refund you if you have to pay a fee from an ATM provider.
The Greenlight + Invest plan offers the same features as the basic plan, and it allows you to invest with your child through a brokerage account in your name. You may invest at little as $1 in a company, and there are educational resources available through the app to educate your child about investing.
And also, the Greenlight Max has unlimited access to all the app’s features. Notably, you’ll be able to earn 1% cash back on debit card purchases, and you may be eligible to earn 2% on your savings.
Cost For Greenlight Card
You can provide either a debit card number or your bank account and routing numbers. Here’s one important thing to note about getting a Greenlight debit card for kids: It’s only free for the first 30 days. Once the 30-day trial expires, a monthly fee of $4.99 applies.
If you would like to upgrade to a Custom Card, there is just a one-time fee of $9.99. Any subsequent replacement cards you might need will be $3.50 each. During registration, if you select expedited (2-3 business day) shipping for your custom card, there is an additional one-time fee of $24.99. The Greenlight Infinity costs $14.98 per month.
The base Greenlight plan, available for $4.99 per month, will get the job done if you’re satisfied with a 1 percent Savings Boost, money management tools and education, but it may be worth opting for the Greenlight + Invest level (available for $7.98 per month).
If you’re interested in additional features that help kids learn about investing and make it easy for parents to invest for their child’s future.
GREENLIGHT PLANS
Greenlight offers three different plans with different sets of features. Here’s what you and your family get with each plan:
Greenlight Core: Includes kids’ debit card, basic banking, educational content, parental controls, financial literacy games, credit card for parents, investing for parents with limited features, and 1% savings reward.
Greenlight Max: Add an investing platform and research tools for kids and parents, priority customer support, protection plans, cash back on purchases, and 2% savings reward.
Greenlight Infinity: Add family location sharing, crash detection, SOS alert, cash back, and 5% savings reward.
Greenlight offers some of the most interesting and useful features in a debit card for kids. You don’t find investing services and high savings reward in every account geared toward children.
These features are a great introduction to real-world money management. It can teach your kids valuable financial lessons they’ll depend on throughout their adult lives.
How to cancel Greenlight Card
Canceling a Greenlight card is a simple process, but it is important to take certain steps to ensure that the process runs smoothly.
The first step is to contact Greenlights customer service team by phone or email and provide them with your Greenlight account information. They will then verify your identity and ask for the reason for cancellation.
Next, it is important to check your Greenlight card account balance and make sure that there are no outstanding transactions or fees that need to be paid before canceling the Greenlight card. After making sure that all outstanding transactions and fees have been settled, you can then request that the card be canceled.
Greenlights customer service team will then process the cancellation and provide you with any information you need to know. They may also ask you if you would like to keep your account open with a $0 balance or close the account completely.
Overall, it is important to note that after the card is canceled, you will no longer be able to use it for transactions. Additionally, any remaining balance on the card will be forfeited. It is also important to shred the card once it is canceled and also to check for any recurring payments that are linked to the card and update them with new payment method.
How to Cancel Greenlight card subscription Using your iPhone or iPad
- First, open the settings app and tap on your name.
- Then, tap on the “Subscriptions” tab. (note that you might not automatically see this tab. In that case, tap on iTunes & App Store)
- Next, tap on your Apple ID. View Apple ID then sign in and scroll down to the “Subscriptions” button.
- Next, tap on Greenlight Kids & Teen Banking (subscription) you want to review.
- Now, Tap on Cancel.
- (Note that if you don’t see a “Cancel Subscription” button for Greenlight Kids & Teen Banking, then it’s definitely canceled already. It won’t be renewed anymore).
How to Cancel Greenlight Card Subscription Using Your Android Device
- Open the Google Play Store. If you have multiple Google accounts, be sure you’re signed into the right one.
- Click on the menu, and then go to “Subscriptions”.
- Choose the Greenlight Kids Banking subscription you wish to cancel and tap on the “Cancel Subscription” option.
- Follow on-screen instructions to finish up