BillMyParents.com is a new website offering the BMP SpendSmart Card, which allows parents to have both knowledge and control of their teens' spending, as well as allowing teenagers an opportunity to learn important lessons about finances.
The BMP SpendSmart Card can be used anywhere debit MasterCard is accepted, but it is not a credit card, therefore it is not subject to overdraft or late fees, interest payments, or bad credit scores. Instead it is a pre-paid card that parents can provide for their teens to help them learn responsibility with money.
Parents, or any approved family members, can put money on the card from any digital location. The card can be loaded manually for 75 cents per transaction from a checking or savings account or can be set up with recurring deposits for free.
Parents can monitor all spending habits, either from receiving instant text message alerts as purchases are made, or by simply reviewing the monthly statements online. If a purchase occurs that concerns you, you can immediately freeze the account in order to address it with your teen. The account can be unfrozen whenever you wish.
You can also receive rewards for referring friends and family members to use the card as well. When they sign up with your referral to BillMyParents, both you and they will receive a $10 credit on your card.
While the BMP SpendSmart card does have some fees, they are cheaper than traditional credit card fees. You can get the card for free with a minimum of $20 loaded onto the card, and then there is a monthly fee of $3.95 for maintaining the card. If a card is lost or stolen, a replacement will cost $7.95.
As reported by Wall Street PR the other day (http://wallstreetpr.com/already-annoying-teenagers-tell-the-world-to-just-bill-my-parents-bmpi/) Bill My Parents is seeing immense success. To put it simple, parents love the idea of greater fiscal control. The penny stock market loves it, too. With a simple interface and strong accessibility, BillmyParents is one of the best new credit card companies around.