Innovations and Payment Systems

Prepaid MasterCard credit card lets kids shop, but blocks certain transactions


The Payjr prepaid credit card is a MasterCard lets kids shop, but prevents them from making certain types of transactions.

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The Payjr prepaid credit card is a MasterCard that offers children the chance to shop, but prevents certain types of transactions.

There are two versions of the Payjr credit card: one for teens, and another for kids 12 and under.  Both credit cards let parents follow their child’s spending online, as well as offering them the chance to deposit money into the account.

Parents have the option of managing their son or daughter’s allowance over the Internet, by establishing a list of household chores and assigning a dollar amount for each one.  The adult may then put money into a child’s credit card account when the task is finished.  Parents remain entirely responsible for any charges.

Additionally, the youngster can get text messages or e-mail to update them about the credit card balance or when money has been placed in their Payjr account.

But there are certain types of credit card transactions the Payjr blocks.  The card offers a feature to prevent the purchase of items such as alcohol, firearms and pornography, as well as online gambling.  Additionally, unlike some other credit cards for children, Payjr does not let a child charge beyond the set limit on their card, thus preventing over-the-limit fees.

The cost to parents for the prepaid Payjr credit card is a one-time enrollment fee of $4.95, a monthly charge of $2.95 and 50 cents for every time they deposit money into the account.

While credit card issuers say that plastic can help teach children about budgeting and responsible spending, experts note that kids need to be made aware that in spite of limited money, credit cards offer unlimited opportunities to spend — which can lead to debt.

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The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

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