Credit Academy
Mastercard allows kids to pay for purchases with chore money
Start new thread
Charles Polanco

Credit Academy - Mastercard allows kids to pay for purchases with chore money

by
Wallow
•
The first card that actually encourages kids to do chores to pay for purchases. Kids pay their balance by doing chores. When approved,
we’ll reload cards with funds, real-time, and reconcile their balance.

Add a comment

Replies

Best
Adam Fox
Cool idea but with a $9.95 monthly service fee and a $4.95 activation fee, I’d hope someone from this company would be coming to my house once a month to wash my car and earn that.
Charles Polanco
Maker
@faxmado Sure we can surely send someone over :)
Charles Polanco
Maker
I hope you all enjoy the product!
Matt Gardner
Really cool idea and could be used early to teach financial literacy, which I think is a huge problem in North America right now. Question on the first product shot @charles_polanco, if it's pre paid why is it shown as -$7? One of my first worries would be that my kid could overspend and leave me owing a bunch of real money? Or do they always run a negative balance and bring it up to $0 with chores?
Charles Polanco
Maker
@thatmattgardner Thank you Matt for the feedback and great question. We now hide the pay button when balance = 0. Although, if a kid does a chore for $5 dollars and his or her balance is $4, the current balance will be -$1
Rikza Naeem
The best product for me
Charles Polanco
Maker
@rikza_naeem Thank you Rikza
Constance Tang
It might be a life-saver for parents, but is it a good way to teach kids? I think doing chores is a responsibility and contribution to your love/family, which should not be considered in monetary terms.
Charles Polanco
Maker
@tangconst Thank you for the feedback. CNBC wrote a story on this: Parents pay the most for top 10 chores, story link below. Many parents like myself pay kids to do chores as a form of allowance, hard work. Credit Academy is geared to simulate a credit card where instead of you (dad) waiting to get a Job check (work hard, get paid, pay credit card) to pay your credit card balance, kids work hard and use chore money earned to pay down their balance. You teach them, to buy the things you want, you have to work hard to pay for the things you want like daddy. Chores is a good start. Hope this helps. Story Link: https://www.cnbc.com/2018/03/02/...
Gabriel Radic
Very enticing product! Is there something like it for German residents?
Charles Polanco
Maker
@gr Thank you! Working on it!
Vivek Venkat-Ayer
Hello Charles, what a cool idea. Ive just seen this :) How has the product progressed? Good luck to you and to your team!
Jonix77
To begin with, it is not necessary to borrow money from acquaintances or friends. Now everyone has access to the Internet. So you can borrow money online. I found this https://shinycash.com/ reliable site where you can apply for a payday loan very quickly. You just need to write your application on the site and talk to the lender. After which you will get the amount of money you need into your bank account. Agree, this is very convenient. And the most important thing is that it is safe.