Rooster Money launches prepaid card for kids
Rooster Money, the pocket money app, has launched a Visa prepaid card for kids with a range of security features and controls for parents.
The Rooster Card, launched in partnership with payments provider Cornercard UK, will be a premium feature within the Rooster Money app, and is being made available to families for testing before a full release in June.
The card will have a dynamic security number, known as a CVV, which can only be accessed in the Rooster Money app, and will be changed after every purchase.
Other measures that aim to improve security include real-time spending notifications, which are sent to both the parent and child. Meanwhile, parents can set constraints on where the card is used. For example, in specific child-appropriate shops, online or at cash machines.
Parents will be given a separate account with a sort code and number, providing them with the option to separate pocket money for their children from a separate account which friends and family are able to pay into.
There’s also a touch ID login and the option to freeze or unfreeze the card at any time. The card’s PIN can be viewed in the Rooster Money app.
The firm says the new offering allows parents to “graduate” their kids from the Pocket Money Tracker, which lets children keep track of their earnings, save towards goals, and develop good money habits, while parents oversee what money goes in and out.
Will Carmichael, RoosterMoney chief executive, described the Rooster Card as a natural progression for kids who use the tracking tool in the app.
“A bridge between the tracker and a bank account, we are helping parents to empower their kids to make considered spending choices on their own, both online and in store,” Carmichael explained.
He added that children can start as young as four using the app as a star or reward chart, before graduating to a pocket money tracker and then, ultimately, the Rooster Card whenever the parents and kids are ready.