New Debit Card for Teens Helps Them Develop Smart Spending Habits; Offers Safe, Convenient Way to Manage Money with Parental Controls
RIVERWOODS, Ill.--(BUSINESS WIRE)--Feb. 24, 2009--
Financial Services today announced the launch of CurrentSM
by Discover® Card, an innovative debit card for teens that
helps them track and manage their spending and keep their money safe.
The card also helps parents foster financial responsibility in teens,
which is especially critical in today’s economy.
Unlike cash, the Current Card gives teens a better way to track and
manage their spending while developing smart money management skills.
The Current Card model eliminates the risk of overdraft fees and helps
protect teens from going into debt since they can’t spend more than the
amount on the card. Teens can choose from seven unique card designs and
receive valuable members-only in-store coupons and online discounts at
hundreds of popular merchants. As with all Discover
Card products, Current Card’s $0 fraud liability means money is
protected from unauthorized transactions if the card is ever lost or
Parents can deposit funds directly onto their teen’s Current by Discover
Card at no cost from their credit card, bank account or through
recurring deposits. Spending activity is easy for parents to track
online at the Current Account Center and through e-mail and text message
alerts. Parents also have the reassurance of being able to set daily,
weekly or monthly spending limits and block certain merchant categories
that may be inappropriate for teens.
“Current Card is a great option for parents who want to teach teens
financial responsibility, and gain peace of mind with knowing when and
where their children spend money,” said Mike Boush, vice president of
marketing strategy & new initiatives for Discover Financial Services.
“At the same time, it’s perfect for teens who want to establish sound
money management skills and to ensure they will always have money when
they need it.”
Current by Discover Card Product Design
The Current Card’s unique functionality puts cardmembers in control and
builds on Discover Card’s history of innovation, making it an appealing
choice for parents and teens alike:
Useful Account Management Features: Parents can set spending
limits, restrict merchant categories, and track their teen’s spending
through online statements, e-mail and text message alerts. They also
enjoy the convenience of free, flexible loading options. Teens also
can load their paychecks onto the card through direct deposit.
Advanced Security Features: Current Card is protected by
Discover’s $0 fraud liability, which means cardmembers are never
responsible for unauthorized charges – online, offline, anytime,
Financial Education Resources: Teens can learn how to spend
smarter by logging onto the Account Center at CurrentbyDiscover.com.
There they can view helpful articles on topics such as basic financial
concepts, protecting yourself from identify theft, starting a savings
program, and making your money go further.
Meaningful Rewards: Teens are eligible for members-only
in-store coupons and online discounts when they use their card at
select restaurants, movie theaters and other teen-friendly merchants.
What’s more, parents earn Discover Cashback Bonus or Miles when
they load their teen’s Current Card using their Discover Card.
Low Pricing: Cardmembers pay a $5 monthly charge for each card,
or save $10 by paying an annual fee of $50. Fees include four free ATM
withdrawals per card per month.
"As parents, we often find ourselves struggling between our kids’ desire
for financial independence, and their ability to spend responsibly.
Instead of engaging in battles over how much they spend and where, the
Current Card enables parents to set spending limits, prohibit certain
purchase categories, and prevents kids from overspending,” said Stacy
DeBroff, Founder of MomCentral.com. “As the Mom of two kids ages 14 and
16, and in the midst of today's tough economic environment, this card
could not have been launched by Discover at a more opportune time for
Current by Discover Card can be used everywhere Discover Card is
accepted, including ATM locations. Learn more about the Current by
Discover Card by calling 1-866-99-CURRENT (1-866-992-8773), or by
About Discover Financial Services
Discover Financial Services (NYSE: DFS) is a leading credit card issuer
and electronic payment services company with one of the most recognized
brands in U.S. financial services. The company operates the Discover
Card, America's cash rewards pioneer. Since its inception in 1986, the
company has become one of the largest card issuers in the United States.
Its payments businesses consist of the Discover Network, with millions
of merchant and cash access locations; PULSE, one of the nation's
leading ATM/debit networks; and Diners Club International, a global
payments network with acceptance in 185 countries and territories. For
more information, visit www.discoverfinancial.com.
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Source: Discover Financial Services
Discover Financial Services