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Greenlight Debit Card Pros and Cons
| Pros | Cons |
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Greenlight Overview
The
Greenlight Debit Card Fees
Greenlight |
| Sign-up fee | None |
| Monthly service fee | 1-month free trial, then $4.99 to $14.98, depending on plan |
| Reload fee | None |
| No. of free ATMs | N/A |
The Greenlight Card doesn't have an initial sign-up fee, but after the one-month free trial, you'll have to choose between three plans — Greenlight Core, Greenlight Max, or Greenlight Infinity — to utilize the app's features.
There isn't a reload fee for transferring money from an external bank account or another debit card. However, you'll want to be mindful of potential ATM fees. Greenlight won't charge you a fee for using an ATM, but it also won't refund you if you have to pay a fee from an ATM provider.
About Greenlight
Greenlight is a fintech company, not a bank. Greenlight offers a kid's debit card and app that lets both parents and kids manage the card. It also now offers a cash-back credit card for parents that allows them to add their teen as an authorized user to help build their credit.
Access to certain app features will depend on your monthly plan. Here's an overview of plans:
| Greenlight Core ($4.99 per month) | Greenlight Max ($9.98 per month) | Greenlight Infinity ($14.98 per month) |
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The Greenlight Core plan is the app's basic offering. You'll be able to teach your child about money management by allowing them to use a debit card. Through the app, you'll be able to monitor their usage and help them establish individual Savings Goals.
You'll earn 1% through Greenlight Savings Rewards, which works similarly to how you would earn interest on a traditional bank account. The interest will be deposited at the beginning of each month based on calculations of average daily savings on General Savings and Savings Goals. The interest is only offered if you have a linked bank account instead of a debit card.
You can also invest with your child through a brokerage account in the parent's name. The Lite version only allows parents to invest. But if you have a Max or Infinity Plan, kids will be able to submit recommendations on ETFs and learn more about investing. The Greenlight Max and Infinity Plans also offer more access to the app's features.
If you have any questions about the Greenlight debit card, you may call, email or text a customer service representative 24/7.
Greenlight's mobile app is rated 4.8 out of 5 stars in the Apple store and 4.7 out of 5 stars in the Google Play store.
The Greenlight debit card is issued through Community Savings Bank, which is FDIC-insured. Keep in mind that you won't be opening a new bank account. Instead, you'll be managing the debit card through a mobile app with savings features.
Is Greenlight Trustworthy?
We use ratings from the Better Business Bureau to help determine how a business deals with customer issues. The BBB gave Greenlight a B rating because it has received a high volume of complaints.
A strong BBB rating doesn't necessarily ensure your relationship with a business will be perfect. You'll also want to talk to customers or read online customer reviews to get a better idea of whether Greenlight may be suitable.
Greenlight hasn't been involved in any recent public controversies.
Greenlight FAQs
Is Greenlight legit?
Yes, Greenlight is a legitimate company. Its debit card is facilitated and issued by Community Federal Savings Bank which is an FDIC-insured financial institution. The cardholder agreement states the funds in your card are FDIC-insured for up to $250,000.
How much is Greenlight a month?
Greenlight has a free one-month trial. After the free trial, you will have to pay a monthly fee to utilize the app's features. The app has three monthly plans: Greenlight ($4.99 per month), Max ($9.98 per month), and Greenlight Infinity (14.98 per month).
Can you use a Greenlight card at an ATM?
Yes. You may use a Greenlight card at any ATMs that have a Mastercard, Visa Interlink, or Maestro logo. Greenlight won't charge you any ATM fees, but it also won't reimburse you if you're charged by the ATM provider.
Can you deposit cash onto a Greenlight card?
No, Greenlight doesn't allow you to directly deposit cash. You'll have to initiate a transfer from an external bank account or debit card.
Are there spending limits for the Greenlight card?
Yes. You may spend up to $1,500 per day and $7,500 per month.
Are there funding limits for the Greenlight card?
Yes. Parents will only be able to keep up to $15,000 in their Greenlight Account, and kids may have a maximum balance of $7,500.
How Greenlight Compares
Greenlight vs. FamZoo
Greenlight and
Your preference between these two options may come down to your preferred method of payment.
At FamZoo you can either pay $5.99 per month or choose one of the app's annual plans, which help you save between $9.95 and $59.95 on your subscription. Greenlight currently only offers monthly service plans, but if you choose the higher-tier plans, you'll have the ability to invest in addition to managing a debit card.
Greenlight vs. Chase First Banking
We also compared Greenlight to
Only current Chase checking account holders may open Chase First Banking. If you don't have a Chase bank account or don't want to open a new bank account, you may favor Greenlight.
You may prefer Chase First Banking if you're looking to avoid monthly service fees. Greenlight currently only offers a one-month free trial, and after that, you'll need to choose between three plans to keep using the app's features.
Why You Should Trust Us: How We Reviewed Greenlight
For the Greenlight review, we rated the prepaid debit card using a scale of 0 to 5 stars. To determine our rating, we looked at registration fees, card limits/reload fees, monthly service fees, ATM accessibility, customer support availability, and the ethics of the company.