I can’t decide if this is an overall good or bad thing. Since plenty of college kids get fucked by credit card companies, parents might as well give them some experience before they are out of the house.
The PAYjr Prepaid MasterCard card is a re-loadable prepaid card designed just for teens. This prepaid card gives teens flexibility and spending independence, in addition to teaching them personal financial management. Money earned through the completion of chores, recurring allowances, even gifts can be loaded onto the card electronically. The PAYjr system also provides SMS text messaging or email notifications to keep parents and teens aware of card activity, including balances and loads to the card.