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Today I received a mail from Discover Card. It seems that Discover Card is going to launch a new card-Current by Discover Card. This Current by Discover Card is actually a debit card. It is not a credit card. According to the introduction, this card is designed for parents to teach teens to manage money. This card is a new debit card which allows parents to set daily spending limit.

What is Current by Discover Card?

Unofficially, this Current by Discover Card is a new kind of debit card which allows parents and their teens to control and introduce smart spending habits. With this new debit card, children can learn how to manage their money and develop spending habits. This card can be used at everywhere that Discover Card is accepted. You can even get cash from ATMs.

What’s new with Current by Discover Card?

The only feature that catchs my eyes is it allows parents to set daily/weekly/monthly spending caps and also the ability to block certain kinds of merchant categories like liquor stores, tobacco stores, bars and ATM withdrawals. This Current by Discover Card also features e-mail, tet message and online statement to let parents monitor and track their chilren’s useage of money.

It’s easy to load money to this Current by Discover Card. Parents can set up their account to automatically add money to the Current by Discover Card from their Discover Card or another major credit card or debit card, from a bank account or by direct deposit. Teens can also set up free direct deposit and have their paycheck deposited into the account. There is a $2,500 per card limit on this card.

Parents can customerize daily, weekly or monthly spending limit for each Current by Discover Card. The limit can be adjusted easily. Since this is a debit card, this card will not affect parents or teens’ credit report.

AS I mentioned at the very beginning, this card allows parents restrict certain merchant categories. This can be done easily in the account center by clicking “Manage This Card” tab.

There are different card designs to choose from. The only downside of this card is there is a $5 membership fee for each month. So the annual fee would be $60. More details can be found at CurrentbyDiscover.com or 1-866-99-CURRENT (1-866-992-8773).