The Current by Discover Card is designed especially for teens but with their parents in mind. The Current Card is a prepaid debit card for teenagers that will help them learn to manage their money. Parents set up the account, choose parental controls, and add money to the card. The card is a prepaid card which means it is not a line of credit. It doesn’t matter if you have no credit or bad credit you can apply for this card. The available balance on the card is determined by the amount that is deposited onto the card. The has built in parental controls so parents can keep a close on on their teens spending.
- $0 liability guarantee means that we’ll reimburse 100% of any fraudulent charges made with your teen’s card
- Disable a card if it’s lost, and easily enable it when found
- No negative effects on teen’s your credit
- You decide how much your teen can spend
Getting Started with Current
When you open a teen card account you will deposit an initial amount between $20 and $500 to each card. You also choose a plan for each card and pay the first month’s membership fee of $5 or choose the $50 annual membership. Parents can open up to three cards on their account. There is no ongoing minimum balance requirement – however you need to transfer between $20 and $500 to each card at the time of account opening. The maximum balance that can be on a teen card is $2,500. Parents can deposit up to $2,500 per card, on their account, minus the total balance on all cards open under their account.
Parental Controls
Parents can have as much control over their child’s spending as they would like. You get to decide how much your teen can spend and you even have the option to restrict shopping in categories like ATMs, hotels, tobacco stores, liquor stores, and more. You have the ability to set daily, weekly, or monthly spending limits. You can monitor all purchases online, or receive email or text message alerts. If you choose to do so you can add funds from your Discover Card or any other major credit card right to your child’s account. Using a prepaid card is different from using a credit card, but the Current card is a great way to teach your child how to manage an account.
How To Add Money
At the time of the account opening, you choose a credit or debit card and initially deposit at least $20 to the card. There are three ways to add money to a card. Parents can set up their account to automatically add money to the teen’s card from their Discover Card or other major credit or debit cards, from a bank account or by direct deposit. There is an option to add money instantly, in case of emergencies. Teens can also set up free direct deposit and have their paycheck deposited on their card account. A direct deposit form is included with the card or available online.
Current Fees
There are fees associated with using the Current card by Discover. The table below highlights some of those fees, but for a complete list you should review the card terms and conditions. You can apply for the card online at anytime.
| Description | Fee |
|---|---|
| Initial Deposit | $20 to $500 |
| Membership Fee or Annual Fee (you choose one) | $5 per month or $50 per year |
| ATM transactions | $2.00 |
| Online print-ready statements | Free |
| Copies of statements by mail | $5 |
| Inactivity or "dormancy" fee | $0 |
| Add money to the card | Free |