Everyone and welcome back to a new video. Sean's a name and today. We we're talking about what the best credit card on the market is in my for kids actually this is technically a debit card. But it gives rewards as if it's a credit card so you get all the safe financial practices of a debit card with all the benefits of a credit card.

It's the best of both worlds so let's do it if you're a subscriber on this channel. You know that i am all about making strong financial decisions. Which is super important with a credit card design specifically for kids because if you can start young with generating those healthy habits of credit card spending. You're going to be set up for a much less stressful financial life moving forward and if you're not a subscriber.

I don't know what you're waiting for hit that subscribe button the card. We're talking about today. Though is called green light. I'll leave it linked down below for you if you want to check it out maybe pull it up as i'm talking about all of the unique and hidden features in this video.

Oh yeah. And i want you to think of it not only as a credit card. But more like a financial tool belt that you can kind of utilize because it's more than just the card itself and while it's all specifically designed for kids. It can technically be used for anyone.

There's no age requirements on the card. And i highly recommend it for anyone who's looking to kind of build up somewhat of a financial knowledge or background on personal spending habits. Because it's really going to set you up for success in the future. Before just jumping in head first into a credit card.

You know nothing about anywho. How does it work and what kind of benefits does greenlight have well like i mentioned earlier it's a debit card on steroids acting like a credit card and there's so many great perks and benefits with it but i'm gonna boil it down into four main perks. The first one and probably the most important one with a card design for kids is parental controls. You are basically allowed to set limits and controls for how much can be spent in a given month.

Not only on you know certain purchases. But also on specific categories along with it which i'll get in a little bit. But this is important because you don't want to just give a card to a child or a kid or anyone. And say all right this one's designed for kids.

So go ahead and spend and the next thing you know there's like a 500 roblox charge on it and basically is doing nothing at all so parental controls is very important because it needs to basically set the parameters or set. The guidelines for someone to kind of stay within the lines and the cool thing about this card is not only can you set a monthly overall spending budget. Because you could do that on any card. This card allows you to set in store specific limits.

So for example you can only spend x. Amount of dollars at target x. Amount of dollars at walmart x. Amount of dollars at jack in the box.

You can set a specific merchant and you can also set a category. So hey we're gonna budget and give you a hundred dollars a month for food 100 a month for gas 100 a month for leisure and you can basically break it down into what those categories are within green light. This is wiki cool. Because if you've seen the video i posted before on the personal budgeting strategy that i use it's a strategy.

I came up with that i call 6041 um. You if you haven't seen that you should definitely watch it linked down below. But in that video. I basically break down how i spend a percentage of my earnings every single month in what categories they go towards so it's one thing to set a budget.

But if you set it within your card your card won't allow you to deviate from that budget. If you give someone a hundred dollars a month to spend on food they're gonna figure it out they're gonna figure out how to make a hundred dollars a month last because they're gonna go hungry they're gonna make sure that hey i'm gonna figure out how to how to eat cheaply so my hundred dollars lasts. Me all 30 days or the whole month now on the flip side if you give someone 10 grand to spend on food that month. They're going to make sure they spend all 10 grand and they're going to be balling out on some sweet dinners.

Okay it's all about setting the expectations and setting the guidelines for them to follow and they're going to figure out how to spend that money effectively. This is a mega cool and effective way of teaching someone financially healthy habits and the second category. Which kind of piggybacks off of the first one that i just talked about is savings. Rewards you get a savings interest.

So like i just mentioned in those examples. If someone is spending all of their money for the month. You know you budget a hundred dollars for food and someone's like oh i have six dollars left let me go buy some ice cream or let me just go make sure i spend it all that's not necessarily the best way to be financially savvy as well because you don't always want to tap out how much you're spending every single month. If you can save a dollar here a dollar.

There it's going to go a long way. And so green light basically rewards you for having some money left over and let me explain how this works since it's a debit card. You actually have to have the money in your account to spend it right so it's not like a line of credit. You can just go swipe the card and get something no you actually have to have that money in your account to go spend that money so that in and of itself is actually a really great feature teaching someone good financially habits.

But the cooler thing is that you're actually generating up to two percent in savings interest. Kind of like a bank account um in your green light account. As you have that money roll over each month. So this is incredibly huge because if you go put your money into a.

Normal savings account you're going to be getting. Like. 035. Percent.

Maybe. 045. Of the money that's in your account. You're going to be getting that every every month in dividends.

This is giving you up to 2. You need like a high yield interest savings account with like probably 100 grand or even more than 100 grand in it to get a 2 return on money that's sitting idle in your account. So it's a massive reward for kids or anyone utilizing green light to basically not tap out their entire account every single month and then the third feature. Which you knew this one was coming is the cash back so it is a debit card.

But like i said you get the bonus in perks of a credit card meaning you get one percent cash back on all purchases that you spend with your green light card. If you combine that with your savings interest you're at three percent on the money you're utilizing and flowing through green light. Which is massive. I would say majority of the credit cards on the market aren't even giving a three percent return on your money.

So that's huge and then real quick since we're kind of talking about a normal credit card benefit this card does have some other great features that credit cards typically have you know we're talking things like cell phone protection identity theft protection purchase protection. Etc. It's got all those normal kind of safety. Features that a credit card typically would have but then the fourth feature and the last one i want to talk about in this video is actually investing in education like i said.

It's not just a card. It's a full blown platform. So what you can actually utilize with this feature is to pretty much learn how to invest how to properly kind of hey. I'm saving x.

Amount of money and now let's go ahead and let's invest let's buy some stocks let's get some etfs. Let's do whatever we want to do to basically invest our money for the long run. Not only will the platform teach someone and kind of walk them through the steps on what each feature is and what kind of each investment is you can actually do it right from the platform itself. So you don't need to get an etrade account or robinette account or whatever.

It is you can actually buy shares straight from your green light app. And also on top of that most kids or most people utilizing green light are not going to really have enough money to buy you know full shares like you know google was trading like twenty two hundred twenty three hundred dollars a share right now someone not might not necessarily have that amount of money to kind of spend on buying a share. So you can actually buy fractional shares straight from your green light account. This is hands down like an incredible feature to basically have someone get their feet wet with investing and of course since it's designed for kids every single trade and transaction in that investing portion of it can be approved by a parent.

So it doesn't have to be but you can set those parental controls. Basically say hey we're going to turn on the investment side of your app. A little johnny here and we can let you go invest on whatever you want to invest in you want to go buy. Roblox shares you want to go buy starbucks shares you want to go buy whatever go ahead.

And do it. But every trade that they do has to be approved by a parent or by whoever is authorizing them to do that which is important because you don't want someone losing a ton of money in super risky. Penny stocks if they know nothing about what they're doing. So.

That's a mega cool feature as well all those combined is a pretty legit value for what you get when you get your green light card. And i know a lot of you are probably sitting there thinking all right sean. What's the catch. It's giving you cash back that's higher than most cards.

It's giving you access to all these other features you know what kind of fees or what kind of things are happening for this company to be making money and you're right you know there's so much value that's being given it can't necessarily just be given for free so greenlight does charge a monthly fee based on whichever tier you're going to go with each tier has different features and different add ons that you can kind of do with it. But i will say i was kind of doing some math and running some numbers on some more popular cards um. Most annual fees from bigger credit cards are going to actually be the same cost as one of these monthly plans are i mean they're ranging anywhere from like five to ten dollars right now so it's very cheap and if you were to multiply that by 12 you know a 60 or even 120 annual fee is really not that much money in the grand scheme of what other credit cards are charging. And i think for the value that you're getting.

It's incredible. And it's a no brainer for someone who's looking to learn and again check the link in the description to head over to greenlight and actually look and compare the three plants for yourself. I think they have green light green light. Plus.

Investing and then like green light. Max or something like that at the time. I'm making this video. So again go check the link in the description head over there and actually compare the plans for yourself.

Because all the features. I mentioned in this video isn't necessarily offered on every single plan. So you want to check that out for yourself. And last thing here i just want to say that i personally love that green light has fully built their business model around the fact that personal finance and just financial literacy in general is not taught in schools.

And that aligns perfectly with my core values. Which is why i kind of wanted to make this video talk about the product talk about what you can kind of do with it i don't have kids. But if i did have kids. I would definitely have them do this you're already going to be basically giving them a card or giving them something to kind of funnel cash through so they can actually go spend and do things when they're not with you so you might as well give them kind of a green light card.

And say hey here's your green light. Here's your card to basically go and spend and learn how to budget and here's the parameters. I set for you go figure out how to manage it yourself. And it's a great way to do that while they're young because the worst thing and i've seen it happen with so many of my friends is they turn 18 or sometimes even kids don't actually get cut off from their parents until after college.

But basically once you you cut off your kid from you know high school or college. Or whatever. It might be they have no idea how to actually spend money intelligently. And it turns into a giant nightmare.

So this is a great way to kind of give them training wheels as they're kind of growing up to learn how to be successful with their finances enough of me rambling. Though i obviously love green light. I hope you found the video helpful and actually got some value out of it that's always my goal when i make these videos. If you did please hit that like button and please share.

It with a friend by now you know kind of how much it means to me. When you actually are supporting and sharing my content. It does a lot so again i really appreciate that if you're not already subscribed to the channel definitely hit that button as well otherwise let me know in the comments down below. What your thoughts are on green light.

And i will see you in the next video.