FamZoo Prepaid card review: Teach your kids smart financial habits
Read this FamZoo Prepaid card review and find out how you can use this card to teach your kids how to earn, save and manage their own money.
With this card you can pay your kids’ allowances and help them learn about money management
This card is especially valuable for parents who wish to teach their kids the basics of money management. Learn all about it in this FamZoo Prepaid card review.
- Credit Score: N/A
- APR: N/A
- Annual Fee: pay-in-advance plans of $25.99 to $59.99 (more on this below)
- Fees: N/A
- Welcome bonus: N/A
- Rewards: N/A
This card is extremely easy to use. FamZoo is a virtual bank, and this card will help parents teach their kids the importance of living below their means better than the regular piggy bank.
Read on and find out all you need to know about this card.
FamZoo Prepaid card: how does it work?
With the FamZoo Prepaid card you can be your own family banker, having your kids as customers. The parent account offers a variety of features such as automating allowances.
With this card you can incentivize your kids by rewarding them for doing extra chores or getting good grades.
You can also pay interest on their savings, and establish penalties for undone chores.
With the FamZoo Prepaid card you can pay your kids through the FamZoo app, loading money onto their card.
The issuer does not charge any additional fees to open a prepaid card account for up to four kids.
The FamZoo Prepaid card is available to cardholders who are 13 years of age or older. It is an affordable option thanks to its pay-in-advance plans.
FamZoo charges a monthly fee which can vary depending on whether you choose to pay for it upfront a certain number of months.
If you pay for 6 months, that will cost you $25.99 (or $4.33 a month). For 12 months, the price is $39.99 (or $3.33 a month).
You can also pay 24 months in advance, and that will be $59.99 (or $2.50 a month).
You can decide to cancel your plan at any time, but if you do not, the monthly plan renews automatically.
Pay-in-advance plans require an upfront payment and do not renew automatically. You have to do it manually.
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Significant FamZoo Prepaid card benefits and disadvantages
Now you are familiar with this card’s details, how about comparing its pros and cons? Our FamZoo Prepaid card review would not be complete without it.
Check out the list of benefits and disadvantages we have prepared for you below.
- Extremely user-friendly
- Allows parents to teach kids about money
- Highly affordable
- Offers a 60-day free trial
- It does not offer a free plan
- Even tho it is recommended for kids and teens, there is no clear parental control
- No store-type restrictions
Is a good credit score required for applicants?
The FamZoo Prepaid card works as a regular debit card. So, as most debit cards it does not perform credit checks on applicants.
Learn how to apply and get a FamZoo Prepaid card
If you like what you have seen in this FamZoo Prepaid card review, you might want to take the next step and apply for this card.
If that is the case, then hit the link below to access our step-by-step guide for the application process.
About the author / Danilo Pereira
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