VisaBuxx, M2 and PocketCard are affiliated with Visa. The CobaltCard is backed by American Express. The cards are being offered to kids as young as 13. You can sit down with your teen and work out a budget. And then deposit just that amount of money in the card.
Parents control how much money is in the account.
And, in theory, your teen shouldn't be able to spend more. But, Consumer Reports spotted a potential loophole. But, there are fees and they can add up. Consumer Reports says these cards can also be used to quickly get cash to your son or daughter in an emergency. If the card is lost or stolen, all the companies say if the loss is reported promptly, you and your teen won't be held responsible for the money.