Personal Finance

Controlling usage of kid's debit card and/or Apple Pay

  • Last Updated:
  • Jun 6th, 2019 8:48 am
[OP]
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Dec 9, 2005
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Controlling usage of kid's debit card and/or Apple Pay

The kid bought himself an Apple Watch and is asking if he can use Apple Pay. Having the bank account readily available on the wrist seems like it could potentionally be a recipe for disaster.

I'm curious if anyone knows of a debit or credit card which can work with Apple Pay, but parents have the ability to control its usage.

The US has something called https://www.greenlightcard.com/ . I'm wondering if there's a similar service in Canada. So far, my GoogleFu has let me down.
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I'm confused. How can iWatch with iPay be any more dangerous than a physical debit card for spend control?

The link you provided looks like a prepaid card. Winning prepaids on Canadian side are Koho, Mogo and Stack. Afaik Koho has or is about to launch Apple Pay compatibility (sorry I don't use prepaids for contactless spend and I don't use Apple). These prepaids do require age of majority, but there are work-arounds (get card to your name, give PIN to kid).

A gathered a household of Koho cards and fund them with however much $$ I'd like that family member to have access to on the card.

But srsly, what's wrong with a no-fee chq account and debit card? Need spend control? Get a joint account at a separate FI and schedule money transfers.

There are many ways to skin a cat...despite them not all being marketed for that purpose.
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TCWeasel wrote:
Jun 3rd, 2019 7:41 pm
I'm curious if anyone knows of a debit or credit card which can work with Apple Pay, but parents have the ability to control its usage.
You might need to control the PIN. If you set up an accessory credit card - you can set up transaction and daily limits. Many cards from the big 5 allow you to lock down and unlock a card from the internet. Talk to your bank and see what options they have.

It might even be possible to get transaction notifications sent to you. That way you will have instant updates of any activity.
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TCWeasel wrote:
Jun 3rd, 2019 7:41 pm
The kid bought himself an Apple Watch and is asking if he can use Apple Pay. Having the bank account readily available on the wrist seems like it could potentionally be a recipe for disaster.

I'm curious if anyone knows of a debit or credit card which can work with Apple Pay, but parents have the ability to control its usage.

The US has something called https://www.greenlightcard.com/ . I'm wondering if there's a similar service in Canada. So far, my GoogleFu has let me down.
If you can't find what you'd like, perhaps a weekly (or whatever schedule works for you) meeting to do a "spending review" would be a good idea? Print off their bank statements, go out for coffee, have a parent/child business meeting...

C
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Mar 21, 2019
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How about teaching him/her about financial competence instead?
That’ll hopefully prevent him/her from destroying their credit at an early age, like we’ve seen reported here time and time again.
It’s never too early to teach how to be responsible with money, and the earlier the better IMO.
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Don't give the kid a credit card if they can't control spending. If it is his own card/account, he will have to deal with it when he gets the bill. Better use this as a teaching moment.
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don242 wrote:
Jun 6th, 2019 8:47 am
Don't give the kid a credit card if they can't control spending. If it is his own card/account, he will have to deal with it when he gets the bill. Better use this as a teaching moment.
We're not even there yet. OP wants spend control on debit card. :facepalm:
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