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Bill My Parents Prepaid MasterCard Review

Bill My Parents - Bill My Parents Prepaid MasterCard ReviewI don’t think that I’ve ever endorsed a credit card before, but here’s is my first one!  It’s called the Bill My Parents Prepaid Mastercard and I’m in love with both this card and the entire concept.  As your kids get ready to go off to college, this might be the best thing invented to teach them financial responsibility, give them extra cash, and monitor their spending habits.  So here’s how it works:

  1. You load up the card with whatever money you want to give them. Grandma and grandpa or whoever else wants to give them money can load it up too.   You can do this manually or you can set up recurring deposits.  This is great for parents who want to give their kids a set amount every month, let’s say to cover whatever incidents pop up in college.  Since it’s a prepaid card, you can never go over the limit.  There’s no risk of over limit fees or overdraft fees at all.  Since those are running at $30 a pop that’s an instant peace of mind for you.
  2. The card works everywhere that Mastercard is accepted which is just about everywhere under the sun.  Seriously, who doesn’t accept Mastercard?
  3. You can both monitor spending.  Both you and your kid can get automatic text alerts every time the card is used.  So, if you see that your son or daughter is spending money at Macy’s when they should be at the book store, you can immediately make them return whatever it is that they bought.
  4. This is the best part about this entire card: you can lock or unlock your kid’s ability to use the card.  So, if they piss you off, *BAM*, no more money from the bank of mom and dad.  This can also work as a security feature, so that if the card is ever lost or stolen, you can immediately lock the card.

Okay, so we’ve seen other pre-paid cards before, right?  Remember the Kardasian Kard?  Remember all of the backlash because of the crazy fees?  Well, this is the other reason why I love this card.  Pre-paid cards are notorious for preying on people that can’t get credit cards but need to build their credit by charging them crazy fees.  Here’s the fee structure for the Bill My Parents Prepaid MasterCard:

Stolen from BillMyParents.com

 

As you can see, the fees are extremely reasonable and beyond competitive.  I can’t endorse this card enough, especially since it’s incredibly important to teach kids how to properly use credit before they begin racking up lots of debt as they head off to school.  I also like this card for individuals that need a prepaid debit card.  There’s a large number of people currently using prepaid credit cards that pay a heck of a lot of fees because they either need to rebuild their credit or they need the convenience of a card but are unable to qualify for a traditional credit card.  Again, I’ve seen too many cards prey on these individuals.  One card that I won’t name, **cough** Rush Card **cough** has approached me a number of times about endorsing their product but I wouldn’t go anywhere near it because of the fees.

I genuinely see this particular card as a convenience for parents, a source of moolah for teens, and a learning lesson for both.  If you want to test it out they’re offering a free trial for the first month. Hop over to Bill My Parents and get more info.

And just so you know, they didn’t pay me for the endorsement.  They should though.

 

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26 thoughts on “Bill My Parents Prepaid MasterCard Review

  • TIFF (Toronto International Film Festival) only accepts Visa cards due to a sponsorship deal. Hah!

    But generally yeah, most places accept MC.

  • TIFF (Toronto International Film Festival) only accepts Visa cards due to a sponsorship deal. Hah!

    But generally yeah, most places accept MC.

  • I don’t even get how this is different from a parent just putting money in a kid’s bank account? And what eighteen-year-old ADULT wants to have mommy and daddy checking in on their spending after they’ve moved out of the house. Like, I actually don’t get it. Can’t these kids just be responsible for their own decisions, and that’s that?

    I guess I can kind of see the value in setting this up for a teenager who’s still in high school, so they can have access to a credit card for emergencies or something, but for actual day to day spending? It’s blowing my mind right now!

    • Everyone is different! Some teenagers (18 is still a teen) need a bit more management than others. I like this as a teaching tool for say your 17 year old before they’re off to college. And some adults can’t get a credit card or a bank account.. That’s why prepaid cards are so popular.

      • Some 18 year olds are crappy with money management and need the oversite. Others are better. I had a job at 14 and a checking account at 16, first credit card at 18. After one overdraft fee, I learned quickly. Got all of it on my own without parental interferance. Though I like to think I was a little better and more mature with money than the average teen at the time and certainly more so than those today. It depends largely on the teanager invovled. SOmetimes they learn early, sometimes they never learn.

  • I don’t even get how this is different from a parent just putting money in a kid’s bank account? And what eighteen-year-old ADULT wants to have mommy and daddy checking in on their spending after they’ve moved out of the house. Like, I actually don’t get it. Can’t these kids just be responsible for their own decisions, and that’s that?

    I guess I can kind of see the value in setting this up for a teenager who’s still in high school, so they can have access to a credit card for emergencies or something, but for actual day to day spending? It’s blowing my mind right now!

    • Everyone is different! Some teenagers (18 is still a teen) need a bit more management than others. I like this as a teaching tool for say your 17 year old before they’re off to college. And some adults can’t get a credit card or a bank account.. That’s why prepaid cards are so popular.

      • Some 18 year olds are crappy with money management and need the oversite. Others are better. I had a job at 14 and a checking account at 16, first credit card at 18. After one overdraft fee, I learned quickly. Got all of it on my own without parental interferance. Though I like to think I was a little better and more mature with money than the average teen at the time and certainly more so than those today. It depends largely on the teanager invovled. SOmetimes they learn early, sometimes they never learn.

  • I agree with Melissa to an extent…and 18 year old should be responsible and I feel that this card would endorse that. If you need to spend $$ on something you don’t want your parents to know about you probably shouldn’t be buying it in the first place. If you are going to give you child $ I think you would want to know that it goes to good use.

  • I agree with Melissa to an extent…and 18 year old should be responsible and I feel that this card would endorse that. If you need to spend $$ on something you don’t want your parents to know about you probably shouldn’t be buying it in the first place. If you are going to give you child $ I think you would want to know that it goes to good use.

  • Great article. I looked into Bill My Parent and ultimately decided against it. Besides the name being awful, I want my kids to have a little more responsibility. Instead I opened up a MONEY account for my teen with ING Direct. No fees or minimums whatsoever. Also think it’s great that they’re making financial aspects cool for teens with a Facebook page and sweepstakes.

    http://www.facebook.com/ThatsMoney

    Definitely worth checking out, great option for teen banking!

  • Great article. I looked into Bill My Parent and ultimately decided against it. Besides the name being awful, I want my kids to have a little more responsibility. Instead I opened up a MONEY account for my teen with ING Direct. No fees or minimums whatsoever. Also think it’s great that they’re making financial aspects cool for teens with a Facebook page and sweepstakes.

    http://www.facebook.com/ThatsMoney

    Definitely worth checking out, great option for teen banking!

  • I love this card only for the reason i have a 15 YR OLD and now i add her babysitting and her allowance on this card and now she watches closely how she spends her money on the card , unlike before she would blow her cash on anything crazy and now she takes a second look and i hope this will help her one day after she gets a real credit card of her own .

    • I think that a lot of parent would prefer that their kids not have a credit card, but chances are that your teenager will get their first card at 18 and go crazy…unless you’ve already taught them how to properly use credit. I can’t see a better teacher than her seeing what happens with her OWN money. Good for you mom!

  • I love this card only for the reason i have a 15 YR OLD and now i add her babysitting and her allowance on this card and now she watches closely how she spends her money on the card , unlike before she would blow her cash on anything crazy and now she takes a second look and i hope this will help her one day after she gets a real credit card of her own .

    • I think that a lot of parent would prefer that their kids not have a credit card, but chances are that your teenager will get their first card at 18 and go crazy…unless you’ve already taught them how to properly use credit. I can’t see a better teacher than her seeing what happens with her OWN money. Good for you mom!

  • In June 2011 my parents signed me up for an Amex Pass, a prepaid card which can also double as an ATM card. Why would they do this and why would they do this at the young age of fifteen?

    I am a High School student from the New York, but I live in Singapore, I am enrolled in a personal finance class and I travel a lot even on my own to go to immersion programs in Spain or Golf Camp in South Carolina. So I need a way to pay for things when I travel and when I need money for shopping or food. Also my parents wanted to teach me the value of a dollar. So I have a limit and my parents know about every purchase I make.

    At first I was out of control, I had the equivalent of a lot of money in one little card and I though no one could take that money away from me. After the end of the summer my mother checked the value of the card and its purchases. When she learned the card had only $2.58 left on it. From the 1000+ dollars she had put on it in June, She was not happy.

    As you can probably imagine I was in BIG trouble, but this story has somewhat of a happy ending. I was going to be given back the card and it was going to be reloaded, on one condition I took a personal finance class in school and I learned to use self control over my shopping habit.

    I have to say that having a prepaid credit has been useful and it has now helped me become more financially independent. I did not drain the credit card of it’s funds when I went on a trip to New York by myself and I question do I need to spend the money now before I hand over my card.

    It was interesting learning about this card as it appears to have better fees then the Amex Pass but I am planning to check what the fees are again for the pass. Your blog may have just saved my parents a ton of money in fees. My mother and father recommend prepaid cards to all there friends as they think they are beneficial and they teach great money skills. For me prepaid cards gave me a safety net that also taught me responsibility and I feel like I now I would be ready to have a credit card when I turn eighteen.

    • You learned a valuable lesson at a young age. Thankfully your parents did not put too much money on the card. When you learn at a young age that there are consequences to having a large debt, it makes you more responsible adult.

  • In June 2011 my parents signed me up for an Amex Pass, a prepaid card which can also double as an ATM card. Why would they do this and why would they do this at the young age of fifteen?

    I am a High School student from the New York, but I live in Singapore, I am enrolled in a personal finance class and I travel a lot even on my own to go to immersion programs in Spain or Golf Camp in South Carolina. So I need a way to pay for things when I travel and when I need money for shopping or food. Also my parents wanted to teach me the value of a dollar. So I have a limit and my parents know about every purchase I make.

    At first I was out of control, I had the equivalent of a lot of money in one little card and I though no one could take that money away from me. After the end of the summer my mother checked the value of the card and its purchases. When she learned the card had only $2.58 left on it. From the 1000+ dollars she had put on it in June, She was not happy.

    As you can probably imagine I was in BIG trouble, but this story has somewhat of a happy ending. I was going to be given back the card and it was going to be reloaded, on one condition I took a personal finance class in school and I learned to use self control over my shopping habit.

    I have to say that having a prepaid credit has been useful and it has now helped me become more financially independent. I did not drain the credit card of it’s funds when I went on a trip to New York by myself and I question do I need to spend the money now before I hand over my card.

    It was interesting learning about this card as it appears to have better fees then the Amex Pass but I am planning to check what the fees are again for the pass. Your blog may have just saved my parents a ton of money in fees. My mother and father recommend prepaid cards to all there friends as they think they are beneficial and they teach great money skills. For me prepaid cards gave me a safety net that also taught me responsibility and I feel like I now I would be ready to have a credit card when I turn eighteen.

    • You learned a valuable lesson at a young age. Thankfully your parents did not put too much money on the card. When you learn at a young age that there are consequences to having a large debt, it makes you more responsible adult.

  • This is all great when it works, but my daughter’s card didn’t always work. They never did get it to work online, and it took 2 months and personal intervention to be able to load money with a bank account. When the card expired, the new ones got sent back by mail twice. It was too much trouble IMO.

  • This is all great when it works, but my daughter’s card didn’t always work. They never did get it to work online, and it took 2 months and personal intervention to be able to load money with a bank account. When the card expired, the new ones got sent back by mail twice. It was too much trouble IMO.

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