Discover Financial Services today announced the launch of Current by Discover Card, an innovative debit card for teens that helps them track and manage their spending and keep their money safe.
The card also helps parents foster financial responsibility in teens, which is especially critical in today's economy.
Unlike cash, the Current Card gives teens a better way to track and manage their spending while developing smart money management skills. The Current Card model eliminates the risk of overdraft fees and helps protect teens from going into debt since they can't spend more than the amount on the card. Teens can choose from seven unique card designs and receive valuable members-only in-store coupons and online discounts at hundreds of popular merchants. As with all Discover Card products, Current Card's $0 fraud liability means money is protected from unauthorized transactions if the card is ever lost or stolen.
Parents can deposit funds directly onto their teen's Current by Discover Card at no cost from their credit card, bank account or through recurring deposits. Spending activity is easy for parents to track online at the Current Account Center and through e-mail and text message alerts. Parents also have the reassurance of being able to set daily, weekly or monthly spending limits and block certain merchant categories that may be inappropriate for teens.
"Current Card is a great option for parents who want to teach teens financial responsibility, and gain peace of mind with knowing when and where their children spend money," said Mike Boush, vice president of marketing strategy & new initiatives for Discover Financial Services. "At the same time, it's perfect for teens who want to establish sound money management skills and to ensure they will always have money when they need it."
Current by Discover Card Product Design
The Current Card's unique functionality puts cardmembers in control and builds on Discover Card's history of innovation, making it an appealing choice for parents and teens alike:
- Useful Account Management Features: Parents can set spending limits, restrict merchant categories, and track their teen's spending through online statements, e-mail and text message alerts. They also enjoy the convenience of free, flexible loading options. Teens also can load their paychecks onto the card through direct deposit.
- Advanced Security Features: Current Card is protected by Discover's $0 fraud liability, which means cardmembers are never responsible for unauthorized charges - online, offline, anytime, anywhere.
- Financial Education Resources: Teens can learn how to spend smarter by logging onto the Account Center at CurrentbyDiscover.com. There they can view helpful articles on topics such as basic financial concepts, protecting yourself from identify theft, starting a savings program, and making your money go further.
- Meaningful Rewards: Teens are eligible for members-only in-store coupons and online discounts when they use their card at select restaurants, movie theaters and other teen-friendly merchants. What's more, parents earn Discover Cashback Bonus or Miles when they load their teen's Current Card using their Discover Card.
- Low Pricing: Cardmembers pay a $5 monthly charge for each card, or save $10 by paying an annual fee of $50. Fees include four free ATM withdrawals per card per month.
"As parents, we often find ourselves struggling between our kids' desire for financial independence, and their ability to spend responsibly. Instead of engaging in battles over how much they spend and where, the Current Card enables parents to set spending limits, prohibit certain purchase categories, and prevents kids from overspending," said Stacy DeBroff, Founder of MomCentral.com. "As the Mom of two kids ages 14 and 16, and in the midst of today's tough economic environment, this card could not have been launched by Discover at a more opportune time for families."
Current by Discover Card can be used everywhere Discover Card is accepted, including ATM locations