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In the past, many parents have made the decision to supply their teenaged children with their own credit cards in an attempt to “teach them responsibility.” But oftentimes, the only thing these teens learn is how to max out these cards quickly and bury themselves (or their parents) in debt.
American Express is addressing this problem with its latest innovative product offering called the PASS card. PASS combines the convenience of credit cards with the discipline of a debit card. It allows a preset amount of money to be “loaded” onto the card by parents, and the balance on the card cannot exceed the preset limit. The teenagers can use the cards wherever American Express cards are accepted or as an ATM card if they need cash. However, the card can be “reloaded” with funds by parents once the limit is reached.
In addition, PASS card accounts allow the teens and their parents to view their charges online in a user-friendly format. The idea is to get teenagers used to the idea of monitoring their credit balances. Plus, the cardholders have four trendy designs to choose from – and can even have their photo on their credit card.
Until August 15, PASS users will earn a $25 credit for the first reload of the card. The monthly fee for a PASS card is $3.95. Read our full review of the American Express pass card here.