Greenlight debit card review

Greenlight’s debit card can help kids learn about spending, saving, giving and investing — financial concepts that even some adults have trouble grasping. The card is tied to a parental account, allowing you to set spending limits and receive notifications. Think of it as a debit card with guardrails. 

However, Greenlight* charges a fee, which can be much higher than traditional checking account alternatives. Therefore, only consider Greenlight if you value its control and educational features. 

Pros

Pros of Greenlight’s offerings include a low monthly fee for the basic plan and no ATM or overdraft fees.

• Free one-month trial.
• Low monthly fee ($4.99) for basic plan.
• No ATM fees.
• No overdraft fees.
• No trading fees or commissions for investments.
• Up to 5% savings “reward” on balances up to $5,000.
• Up to 3% cash back after spending at least $4,000 in a billing cycle, 2% cash back after spending at least $1,000 but less than $4,000 in a billing cycle and 1% cash back for spending less than $1,000 in a billing cycle¹ on the Greenlight Family Cash Card.
• Teen access to parent’s credit card as authorized user.

Cons

Cons of Greenlight’s offerings include limited benefits for the basic plan and high monthly fees for the middle-tier and upper-tier plans.

• Plan details may be confusing.
• No child investing on lowest plan.
• High monthly fees for middle-tier Greenlight Max Plan ($9.98) and upper-tier Greenlight Infinity Plan ($14.98).
• Low caps on daily ATM withdrawals.
• Minimum $4,000-per-billing cycle in spending to earn 3% cash back from credit card.
• Inability to use Greenlight card for purchases or ATM withdrawals in many countries.
• 1% cash back² on debit card purchases available only to Greenlight Max and Greenlight Infinity members.

Greenlight basics

Greenlight pairs its debit card for kids with parental options, such as a credit card, and an investment tool. Unlike many debit cards, a child of any age can get a Greenlight debit card. One Greenlight account can support up to debit cards for as many as five kids. The debit card can be either a plastic or virtual version.

Since Greenlight is a financial technology company and not a bank, Community Federal Savings Bank issues Greenlight’s Mastercard debit card, and First National Bank of Omaha issues Greenlight’s credit card.

Aside from offering a debit card, parental credit card and investing option, Greenlight helps you teach financial literacy to your kiddos, most notably through a money skills game called Level Up.

One drawback is the cost. While you can avoid overdraft and ATM fees with a Greenlight account, you can’t avoid the monthly account fee, which ranges from $4.99 to $14.98 depending on the features you choose.

The only way that fee makes sense is if you are committed to utilizing Greenlight’s controls and features. Otherwise, a no-fee checking account makes more sense. 

Greenlight plans

Greenlight offers three plans: Core, Max and Infinity.

• Core Plan. For $4.99 per month, this plan includes debit cards for up to five kids, financial education, financial tools, parental controls, 1% “reward” on savings, Level Up money skills game, credit card for parents, teen access to parental credit card and parental investing.
• Max Plan. For $9.98 per month, this plan includes all of the features from Greenlight Core, plus 2% savings “reward,” investing for kids, 1% cash back on purchases, priority customer support, identity theft, purchase and phone protection.
• Infinity Plan. For $14.98 per month, this plan includes all of the features from Greenlight Max, plus 5% savings “reward,” family location sharing, emergency alerts and crash detection.

Greenlight account fees

GREENLIGHT ACCOUNT FEES
Greenlight Core Plan	$4.99 per month
Greenlight Max Plan	$9.98 per month
Greenlight Infinity Plan	$14.98 per month
Custom card	$9.99
Domestic ATM withdrawal	$0
International ATM withdrawal	$0
Overdraft fee	$0
Trading fee	$0
Trading commission	$0

See MoreSee Less

Greenlight account limits

There are some transaction and balance limits on the accounts. For example, the maximum balance for a primary account is $15,000, while the maximum balance for a secondary kid’s account is $7,500.

The chart below shows some of the limitations that Greenlight places on accounts.

GREENLIGHT ACCOUNT LIMITS
Maximum balance for primary account	$15,000
Maximum balance for secondary account	$7,500
Maximum total load amount/transfer from investment account per family each month (primary and secondary accounts)	$7,500
Daily point-of-sale daily spending limit per secondary account	$1,500
Monthly point-of-sale spending limit per secondary account	$7,500
Daily point-of-sale spending limit per family (primary and secondary accounts)	$1,500
Monthly point-of-sale spending limit per family (primary and secondary accounts)	$7,500
Daily ATM withdrawal limit per secondary account (domestic and international)	$100
Daily ATM withdrawal limit per family (domestic and international)	$500

See MoreSee Less

About Greenlight

Greenlight offers a number of features that may hold appeal for kids and parents. Here are four of them.

Savings ‘rewards’

Rather than paying interest on a savings balance, Greenlight hands out annual savings “rewards.” A family enrolled in the Infinity plan is eligible for the highest reward: 5% per year on an average daily savings balance of up to $5,000 per family.

To qualify for these rewards, the primary account must be in good standing and must be tied to a verified ACH funding account.

Kids’ access to investing

Some young people understand little or nothing about personal finance. Greenlight aims to address this education gap by allowing kids to use credit cards and make investments.

Members of Greenlight’s Max and Infinity plans can use the investing app to buy and sell shares of more than 4,000 stocks and exchange-traded funds (ETFs). A parent must approve any trade that a child makes.

Parental credit card

Greenlight offers a credit card to parents that allows them to put their teenager on the account as an authorized user. This allows the teen to start building credit before they turn 18.

You can earn 3% cash back after spending at least $4,000 in a billing cycle, 2% cash back after spending at least $1,000 but less than $4,000 in a billing cycle and 1% cash back for spending less than $1,000 in a billing cycle. 

Financial literacy game

In early 2023, the company rolled out Greenlight Level Up, an interactive, curriculum-based financial literacy game. Greenlight says the game, available on its app, exceeds national K-12 standards for personal finance education.

The curriculum challenges players with videos, minigames and quizzes. Players can earn rewards for playing.

How Greenlight stacks up

Greenlight vs. GoHenry

GoHenry charges $4.99 per month, per child. If you have more than one child those fees can add up quickly. Greenlight’s menu also includes an investment platform and a parental credit card.

Greenlight vs. BusyKid

BusyKid’s prices ($48 per year) are lower than Greenlight’s, and that includes its child investing platform. However, Greenlight goes beyond BusyKid in some areas, such as offering a parental credit card to help teens build credit.

Greenlight also pays interest like “rewards” on savings balances and potential cash back on purchases, which BusyKid doesn’t.

Greenlight vs. Chase First Banking℠

Chase First Banking is an actual checking account for your child. There are no fees, but the parent must also maintain a checking account in their own name with Chase, which may have its own fees. 

Chase First Banking has parental controls that allow you to set where your child can and can’t spend money — and how much as specific retailers or even broader categories, such as “restaurants”. 

Frequently asked questions (FAQs)

^{Paid non-client/client endorsement/testimonial. Tier II affiliate. Compensation and additional details can be found at https://greenlight.com/affiliates-details.}

^{*Greenlight is a financial technology company, not a bank. The Greenlight app facilitates banking services through Community Federal Savings Bank (CFSB), Member FDIC.}

^{The Greenlight Family Cash Card is issued by First National Bank of Omaha (FNBO®) pursuant to license by Mastercard International.}

^{¹Earn 3% when you spend at least $4,000 in a billing cycle, 2% when you spend at least $1,000 but less than $4,000 in a billing cycle and 1% when you spend < $1,000 in a billing cycle. See the Credit Card Rewards Terms and Conditions for details, including earning, redemption, expiration or forfeiture.}

^{²Greenlight Core and Greenlight + Invest families can earn monthly rewards of 1% per annum, Greenlight Max families can earn 2% per annum, and Greenlight Infinity families can earn 5% per annum on an average daily savings balance of up to $5,000 per family. Only Greenlight Max and Infinity families can earn 1% cash back on spending monthly. To qualify, the Primary Account must be in Good Standing and have a verified ACH funding account. See Greenlight Terms of Service for details. Subject to change at any time.}