Credit Academy

Mastercard allows kids to pay for purchases with chore money

#2 Product of the DayNovember 10, 2019
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.
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I hope you all enjoy the product!
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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?
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@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
The best product for me
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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.
@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:
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.
@faxmado Sure we can surely send someone over :)