Savvy payment ideas to encourage responsible spending for children

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How to encourage responsible spending amongst children is a widely discussed topic on various internet forums. In this blog we’ll have a look at one product which is getting rave reviews and the main benefits it could bring.

Customised Prepaid card for children

You’ll often see prepaid cards which are specifically targeted for under 18’s. Not only do pre-paid cards deliver convenience, but they offer a great alternative to traditional cash to encourage children not to be reckless and to spend astutely.  Many pre-paid cards can be customised so parents can set spending limits and monitor what the money is being spent on delivering peace of mind to their parents. One pre-paid card that has gained lots of adulation recently is goHenry, you may have seen them advertised, you may have even seen them being discussed but they are making big strides to support youngsters with responsible card payments.

Louise Hill (owner of goHenry) came up with an innovative approach, whilst she was watching her then 8 year child play in a football match on a wet day in 2009. Louise had heard horror stories of how children had spent their parents hard earned money on Microsoft/Sony gaming sites using their parents’ debit and credit cards and it raised the question why were children still being paid their pocket money in cash when most wanted to go digital and spend it online.

goHenry encourages children to spend their money responsibly whilst also enabling kids with passwords. Armed with a plethora of ideas a business plan was formed and after many years in the making, 2012 saw the arrival of goHenry.

What is goHenry?

goHenry is an innovative, pre-paid, contactless Visa debit card aimed at children from 6-18. The card is controlled by parents who can cap maximum spend and lay out rules relating to where the Visa Debit card can and more importantly can’t be used.

Monitor payments with the goHenry App

Where GoHenry delivers such a fresh and innovative approach for parents comes from the savvy app. The app is designed for parents to have access and be ableto track the balance of the account. In addition to this you can also top up and transfer payments into the child’s account. You can set up a one off payment or a regular fixed fee all tailored to meet the needs of the parents.

How much does goHenry cost?

goHenry costs parents a modest fee od £2.99 a month which equates to 75p a week!

When you sign up, the applicant should receive their free Visa debit card within seven working days. There are options to customise the goHenry card and this starts from £4.99. There is no contract and parents can cancel anytime. It is also worth noting as mentioned on the goHenry website “To load your account by bank transfer, debit card or standing order, we include one top up per calendar month as part of our service. Additional loads cost 50p per load”.***

What are the main benefits to having a card like this?

It goes without saying but having control can be viewed as a big attraction for parents and to a certain extent the parents are in control as to where and how the card can be used. One of the biggest benefits is the safety it brings. Children carrying cash can bring a whole host of concerns for parents and although the card can be lost or stolen, you’re far more likely to be able to get your money back with a card.

Contactless cards for children

Contactless technology has revolutionised the way consumers pay for goods, items and services and the goHenry card is a great way to introduce children to the world of contactless payments. Contactless payments are currently set to £30.

You can learn more on the goHenry website. The product delivers a great alternative for parents and is clearly borne out of entrepreneurial spirit with a genuine passion for the people they work with.

*** – https://www.gohenry.com/uk/web/pricing

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