Current by Discover Review | CreditShout

Current by Discover Review

By Kevin / November 4, 2009

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Verdict: Current(SM) by Discover® is a debit card for teens. While this card is designed specifically for teens, parents will love the many benefits that it offers. With this card, parents and teens are forced to work together to set a reasonable budget while developing responsible spending habits.

Overview:

Parents who are looking for a way to monitor their child’s spending do not have to look any further than Current(SM) by Discover®. It is your job to decide how much your child can spend. This is done by setting daily, weekly, or even monthly spending limits. Believe it or not, you can even decide where your teen uses the card. For instance, you can easily restrict purchases at hotels, liquor stores, or anywhere else your child should not be frequenting.

How This Card Works:

The way the Current(SM) by Discover® card works is quite simple.

1. Set it. Add money to the card and set controls, such as spending limits. This is the job for you, the parent.

2. Use it. This is when your child comes into play. Current by Discover can be used at all approved stores, ATMs, and online destinations.

3. Track it. For parents, this is the biggest benefit of the card. You have the ability to track spending, both the amount and locations, via the internet including email and text.

Membership Benefits:

There are many benefits of the Current by Discover, both for teens and parents. For parents, the ability to set spending limits is very important. This ensures that their teen does not go overboard. Of course, being able to add money to the card is also very important – this helps to avoid mass amounts of debt. On top of all this, parents can track everything that is done using the card. Did your child book a hotel room? You will know how much they paid, when they stayed there, and much more.

What about for the person using the card? Teens are sure to love the Current by Discover as well. With the card they have the freedom to shop both at land based stores and online. And while they may not realize it is a benefit, the card also helps to keep them financially safe.

Pros:

  • Set spending limits.
  • Deposit money from another credit card or bank account.
  • Restrict shopping categories.
  • Track how your teen is using the card.
  • Safe alternative to traditional credit cards with which debt can be accumulated.

Cons:

  • Fees. Just like most credit cards, Current by Discover has some fees associated with it. For further details, see the “Fees” section below.
  • You have to constantly load your teen’s card with money. With a traditional credit card this is a step that is bypassed.

Fees:

There is a participation fee of $5/month. Other fees include $.50 for ATM withdrawals after the first four, $3 to receive a new card, and $5 to receive a paper statement via mail. The Current by Discover does not have an annual fee.

Apply for Current(SM) by Discover®.

The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are the author's alone.Additionally, the opinions of the commenters are not necessarily the opinions of this site

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