Written by
Amy Buxton, Financial Trend Guru
, 26 February 2018

Parents need to get with the times, as kids are no longer carrying cash; they have prepaid cards now!

Yes, you really should believe your eyes, as we did say that children are now enjoying the responsibility and empowerment that can come from owning and using a credit card. But before you start typing a vitriolic response about how, in your day, it was all pence for household chores and you’d be lucky not to get a thick ear, let us explain.

A prepaid card for children? Are you mad?

It’s a tech-savvy world and children are always at the cutting edge of new developments, so it should come as no surprise that pocket money has been updated. It should also make perfect sense that a major credit provider has taken the initiative.

Nimbl is a prepaid debit card and smartphone app that can be used by children between the ages of 8 to 18. The basic premise is that parents can add funds to the card and help teach their children about responsible spending, while always being able to see what’s happening, thanks to dual smartphone apps.

Understanding financial stability is such a crucial part of growing up, but busy parents can find it difficult to really bring the message to life and when pocket money is handed over as cash, who’s to say what kids are actually spending it on? That’s where nimbl comes in.

Nimbl Pocket Money Card

Adminstration Fee
£15 a year (1 month free)
UK transactions
Free
UK ATM Withdrawals
£0.49
Load charges
Bank Transfer; free, debit card; free

The nimbl prepaid debit card is the best solution to help your children learn how to manage their money and become financially confident, in a controlled environment.

Let's go

Why parents will love Nimbl Pocket Money Card

It’s simple to use, fast and gives complete control. Aren’t these aspects just the dream for every parent out there? Instead of handing out a few jangly coins to children, which can get lost, spent on rubbish or even taken by peers, parents can now simply add pocket money to a card and let their little ones get on with things, all with the added bonus of constant surveillance. Let us explain.

Both the cardholder and the parents have an app on their smartphone. While the kid’s home screen will tell them how much money they have left on their card, parents will see extra information that they might find useful, such as purchases made. Not only this, but there is also a quick top-up button that will take the stress out of transferring money. You can choose to set up regular payments or make one-off transactions and with the option to save your payment details, you can even transfer emergency funds while you’re out and about.

A fun and seemingly grown-up way to teach your children about financial responsibility, nimbl is really bringing pocket money into the new era, while giving parents the peace of mind that they want, as well as the chance to be thought of as pretty damn cool too.

Why kids will love nimbl

It’s all well and good creating a prepaid card system that parents love, but the proof of the pudding is in the eating and kids have very big appetites.

The key to learning anything new or important, really, is making it fun and nimbl has hit the nail right on the head, as children love the feeling of being that bit more grown up. Just as they like a fizzy drink in a wine glass on Christmas Day, having a prepaid card that they can buy things with will instill a real sense of autonomy and impending adulthood, but without any risk of financial turbulence. Kids won’t be thinking about the easy purchase monitoring that their parents enjoy; they’ll be too caught up feeling like big boys and girls, while secretly learning how to manage their finances.

Who won’t be keen on this idea?

As with all new innovations and ideas, there will be naysayers about prepaid debit cards for kids and we can understand where some people might be coming from. There is a school of thought that says we are raising the next generation to be too dependent on technology and that no child should ever have a smartphone and we get that, but it’s the age we live in now. Our parents might have been happy with us reverse-charge calling them to say we’d be late home from school, but, and as much as it sounds like a cliché, times WERE simpler then. Given that smartphones can act as handy GPS tracking units, more and more parents are pushing their distaste for technology aside and embracing it, as a way of keeping their children safe. Don’t forget that parental locks, tariff caps and content restrictions all exist for a reason and that a mobile phone can just be a way to get in touch with you and vice versa!

What can the nimbl app offer?

Let’s break down the selling points of nimbl, so you can see how everyone could benefit from an account.

For parents

        For kids

Instant money transfer ability

        Friends and family can send money

Real-time alerts when a child’s card is being used

        Real-time alerts when money has been added

Constant statement access

        Constant statement access

Ability to lock children’s cards

        Savings account management

Adjustable spending controls

        Visibility of spending controls

In addition to these points, there is extra reassurance in the form of the exemplary Mastercard security that its standard credit cards enjoy. This might be banking for youngsters, but their money is just as important as everyone else’s, so data is protected at all times and pin numbers are secured. Age-restricted retailers are also flagged, making cards useless in terms of trying to access adult content, gambling or entertainment.

How much does it cost?

We know you must be wondering how much it costs to give a child a nimbl card and the answer is just £15 a year, per card. Given how convenient it is to use and how much insight parents will gain as to their little one’s spending habits, that’s money well spent. It is worth noting, however, that similar to standard credit cards, there is a cash machine withdrawal fee of £0.49p, per transaction, so in-store purchases make more sense.

The application process is completed online, taking just a couple of minutes and consumers can take advantage of a one-month free trial, to make sure nimbl would be a viable option for them.

So there you have it; the pocket money of the future, today! What would our grandparents think?

Written by
Amy Financial Trend Guru
, 26 February 2018

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