PAYjr Prepaid MasterCard For Teens
PAYjr, a free online money management system for teens, has announced it is now offering a prepaid MasterCard card, issued by MetaBank, as a companion to their online PAYjr service that helps parents teach their teenagers how to manage their allowance and develop better spending habits.
“As young people begin to earn more disposable income, it is important that they learn how to effectively manage their finances,” says David S. Jones, CEO of PAYjr. “We are arming teens with a way to save money and make decisions on how to spend it wisely. Extending the PAYjr service with a prepaid MasterCard card helps parents ensure that their children learn the importance of fiscal responsibility and develop into financially savvy adults.”
PAYjr is a free, easy to use allowance and chore management system. Parents can assign chores and associate allowance values to those chores, transferring money directly into the teen’s account once the task is completed. PAYjr now offers a prepaid MasterCard card connected to the service that teens can use to spend the money in their PAYjr account.
“We have provided teens with that safety net that allows them to learn and make wise spending choices. While the card provides teens with financial liberty, we have constraints in place that put parents at ease where their child is spending money, something that cannot be done with cash,” continued Jones. “A great example of our commitment to help parents teach fiscal responsibility is the fact that PAYjr does not profit in the way other teen prepaid card programs do when an overdraft occurs on the card. We have a mission at PAYjr to help teens learn about spending responsibly and are dedicated to keeping fees of all kinds to a minimum.”
Parents can set purchase limits and view all activity on the card through the PAYjr website’s control features. The PAYjr card is also a participant of Allpoint®, America’s largest surcharge free ATM network, giving teens convenient and surcharge free access to their funds. Further, PAYjr limits the type of transactions that are available to teens using the PAYjr prepaid MasterCard, excluding transactions from merchants that offer adult oriented products and services.
The PAYjr Prepaid MasterCard is available and managed through PAYjr.com and is accepted at millions of locations, wherever MasterCard debit cards are accepted.
Today, teenagers contribute $175 billion in annual spending power. PAYjr is dedicated to helping young people realize the financial reward of work, discipline and money management by instilling core values that a last a lifetime.
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