Citibank has introduced the Citi Cash Card for Students, a prepaid card that lets parents control how much money is placed on the card and where their children can spend it.
The card, which targets teens, works as a prepaid MasterCard. Parents pre-load an amount of money on the card. Each time it is used, the amount of the purchase is deducted from the card. Citibank said the Citi Cash Card for Students can be used anywhere MasterCard is accepted, including ATMs.
Citibank requires students younger than 16 to have a parent apply for the card for them and load money onto the card. Those older than 16 can apply for the card and load it themselves.
Card activity can be accessed online at www.cashcard.citicards.com. Cardholders can load money onto their cards at the Web site as well. The site also enables parents to monitor their child's spending in real time.
Citibank charges a $1.50 transaction fee to put money onto the card. If a Citibank account, credit or debit card is used, the fee is waived.
Up to $1,000 can be place on the card, which carries a $25 annual fee.