I am all about teaching my two kids the value of money. My 16 year old is being taught valuable lessons about money because he will soon be an adult and I do not want him to make the same mistakes I did when I was younger. As much as I try to tell him about saving money (he has a savings account), he is always tempted to spend more than he puts away. It is a constant struggle, but just because it is hard doesn’t mean that I am going to stop trying to instill lessons as it pertains to money, saving, and spending.
American Express has come up with a new product called PASS. It acts as a prepaid card that teens can take with them, and parents can reload money on them as needed. Since it is not cash, it is safer for kids to carry and it can be used where AMEX is accepted, and at millions of ATMs. Kids get to feel like they are responsible carrying around the cards, and you both can keep up with the activity on the card online.
What’s more, the cards can be personalized with a photo and has a selection of colors. Parents can add money online or via the phone and viola, your teen is on their way to spending—wisely.
I think this product is perfect for teens and young adults who are learning to be financially responsible. If the card is lost or stolen, just report it to PASS and a new card will be issued. And there are no worries about overspending because when the card reaches zero, it cannot be used. No overdraft fees or messing up their credit!
You can learn more about American Express’s PASS program, by clicking HERE.
What do you think of PASS?