Current Visa Debit Card Review

Who is the Current Visa Debit Card for?

The Current Visa Debit Card is for those who are interested in a simple product that allows them to work towards their financial goals. Using the Current mobile app, a major component of the card, parents can oversee their teenagers’ spending. Along with the ability to see the activity on their child’s card, they can also wire money instantly, schedule allowances, set spending limits, and more. With these features, parents can teach their children how to become more financially responsible. 

The Current mobile app eliminates the inconvenience of having to visit your local bank. Rather, teens can check their accounts and track their financial goals all on this one app. Its easy-to-use functions are also great for parents who aren’t as tech-savvy. 

With the Current Visa Debit Card, parents don't have to worry about a ton of fees. The card comes with an annual fee of $36 per teen. If you decide that you would like to continue using this card after the 30-day free trial, the annual fee will then be automatically applied. Other fees include a $3.00 international ATM fee and a 3% international transaction fee. Additional fees may also apply based on your subscription plan. 

The Current Visa Debit Card is ideal for family banking. With the parental controls and various other features, teens can effectively learn the ins-and-outs of financial responsibilities and work towards their financial goals. At a low annual fee, this card is of great value. 

Benefits 

The various features of the Current Visa Debit Card and its accompanying mobile app provide parents full control and visibility into their teens’ spending ways. Parental features include instant money transfer to their teen’s account, notifications for all purchases, ability to set spending limits, and automated allowance payments. Parents can even set chores that their child needs to complete on the app. 

As for teens, with their debit card, they have the opportunity to learn financial responsibility and budgeting at an early age. They can receive their paychecks directly to their card, make mobile check deposits, and send donations directly. They can even set savings goals and, with the round-up tool, put aside money each time they make a purchase using their Current card. This budgeting tool rounds up the amount of each purchase and then reallocates the change into their “Savings Pods.”

Current makes the top of the line security their priority. Considering how the bank account service is only available through the Current mobile app, security is extremely important. Parents can connect multiple adults to their teens’ accounts, but no one will have access to their banking information, including the teens. Additionally, each person has their login that comprises of fingerprint and facial recognition. 

The current also ensures secured transactions using EMV chips to further protect your account information. In the case of a lost or stolen card, you can pause the card, then turn it back on when the card is later found. Instant notifications built into the app not only inform parents where their teen is spending in real-time but also of unauthorized spending. 

Fees

A bank account with Current comes in two forms: Basic and Premium. The Basic plan doesn’t have any additional costs per month, while the Premium plan costs an extra $4.99 per month. Cardholders on the Premium plan receive the added features of faster direct deposits, a premium card, and gas that is instantly credited. 

With the Current Visa Debit Card, you can avoid the numerous fees that prepaid cards typically charge. Both the Basic and Premium plans come at an annual fee of $36 per teen. The 30-day free trial is great if you are unsure whether or not the card is for you. If you decide to keep using the card, the annual fee is then charged automatically each year going forward.

The only other fees that you would have to pay is a $3 international ATM fee and a 3% foreign transaction fee. Keep in mind that there are also charges for replacement cards and statement copies, however, this isn’t typically a concern for most customers. With the current card, you don’t have to worry about minimum balance fees, instant or bank transfer fees, and overdraft fees. You don’t even have to pay for ATM withdrawals.

The low costs make this card an ideal option for teens because they can familiarize themselves with the responsibilities associated with a debit card without serious penalties. 

Conclusion 

The Current Visa Debit Card is a feature-rich tool to teach teens the importance of money management. The card allows for greater parental access over their child’s spending and contains features that encourage teens to utilize their money wisely. Additionally, the card is extremely cost-efficient compared to most prepaid debit cards, though there is an annual fee to be aware of. Ultimately, this is a great card to prepare teens for financial success.