The Allow Card is part of a larger system featuring online account controls and tools, as well as financial lessons and interactive games designed to teach fiscal responsibility to America’s youth. The new service is aimed primarily at ages ten to 19.
The company claims that parents will have a better way to give and track allowance monies using this hands-on financial training tool, and our youth will have a better way to pay for their needs that is safer than carrying money.
Parents can load finances to the Allow Card online from any credit card, checking or savings account. That way, teens are assured access to their allowance when they need it. Because of the nature of the debit system, teens can’t overspend their account and rack up debt.
The website offers over 35 parental controls, allowing parents to set parameters for their teens’ spending. The site even allows parents to lock out specific merchant categories, so teens can’t spend money at undesired locations, Allow says.
A number of studies have shown that our youth are inadequately prepared for financial responsibilities once they leave home. We believe it’s vital to get parents and teens on the same page about finances, said Allow Card’s chief executive 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 teens can check the status of accounts, as well as a site where teens can learn about finances.
