The Current Card is a new kind of debit card for teens. Parents set up the account, choose parental controls, and add money to the card from their Discover Card, another major credit card, debit card, bank account or direct deposit. Find out more: if you are a parent go to - For Parents Teen Debit Cards page—or if you are a teen go to Debit Card for Teens page.
With a credit card, you are given a line of credit (a loan) and you repay either the entire balance—or in monthly installments with interest.
With a traditional debit card, funds come directly out of your bank account—and you can run the risk of being overdrawn and incurring overdraft fees.
The Current Card, is a deposit account that allows parents to decide where and how much a teen can spend—and ensure they can't spend more than they have. Using the card won't affect a teen's credit history. There are no overlimit or overdraft fees and no interest charges.
When you open your teen card account you will deposit an initial amount between $20 and $500 to each card. You also choose a plan for each card and pay the first month's membership fee of $5 - or choose the $50 annual membership (a savings of $10). Once you choose the plan, the fee will be assessed for each card at account opening. Other card fees are listed below.
* Add money to the card - free
* ATM transactions - $2.50 each
* Online print-ready statements - free
* Copies of statements by mail - $5 each
* $0 inactivity or "dormancy" fee
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