“Current is a new startup that wants to take allowances into the modern age through an app-controlled Visa debit card, via TechCrunch. It’s a clever idea at its core: credit cards are more prevalent than ever these days, and this is a way for parents to help kids safely learn how to use them, which isn’t a bad thing.
Current allows parents set up both recurring allowances for kids or one-time batches of money, and it gives plenty of control when it comes to things like shutting off the card and blocking groups of retailers (like bars or hotels) or specific stores. And both parents and kids will be able track their spending in the current app, which could help with teaching lessons like financial responsibility.
There are some other nice features built into Current, too. Parents can assign chores to kids with monetary rewards through the app, and kids can easily donate money to charities if they’d like to. Current also offers an option to round up purchases to a dollar amount, depositing the extra in a savings wallet.
Of course, nothing in life is free: Current costs $5 a month, with discounted options of $36 paid annually, or $48 paid biannually for those willing to make a long-term commitment.