In response to a growing epidemic of financial illiteracy among the nation’s youth, Allow Card of America, Inc. today unveiled the Allow Card, a stored value debit card created specifically for kids; the Allow Card is part of a larger system featuring online account controls and tools, financial lessons and interactive games designed to teach fiscal responsibility to America’s children.
The Allow Card is aimed primarily at children ages 10 to 19, and is geared toward helping them get a grasp of their allowance and finances, establish a better sense of trust with their parents and learn valuable life lessons, while still giving them financial independence. Because the Allow Card is a Personal Identification Number (PIN)-based debit card, it offers kids a more secure payment method than cash, checks or credit cards. Further, the personalized Allow Card is accepted at more than 26 million locations in the U.S. and abroad, making it a convenient way to pay for everyday items.
The heart of the Allow Card program is its online portal, http://www.allowcard.com. From there, parents can load and reload finances to theAllow Card from any credit card, checking or savings account, 24-hours a day, seven days a week. That way, kids are assured access to their cash when they need it. Because of the nature of the debit system, kids can’t overspend their account and rack up debt. To further assist families, the Allow Card has no overdraft fees.
The website features more than 35 parental controls, allowing parents to set parameters for their children’s spending – the site even includes a feature that allows parents to lock out specific merchant categories, so kids can’t spend money at undesired locations.
The website also features a variety of constantly updated online financial lessons and games to break the bonds of financial illiteracy among youth; after successful completion of monthly lessons, areas of a virtual gaming world are unlocked for children to explore.
“A number of studies have shown that our youth are not getting adequately prepared for financial responsibilities once they leave home … we think it’s vital to get parents and children on the same page about finances,” said Allow Card of America’s Chief Executive Officer Marla Beans. “That’s why we developed our website as part of the overall Allow Card program … it’s a place where both parents and children can check the status of accounts, as well as a site where kids could learn about finances. That way, parents and
children can develop a sense of trust and talk about money situations.” ![[end]](/resources/bullet/archive-4.gif)
