A new prepaid debit card is always exciting to review; especially when that card is credit-enhancing. This is the case with GoCash, a prepaid debit card that provides a line of credit at select merchants, solely through a debit card that works just like a credit card.
The Goalsetter Cashola Prepaid Debit Card is the perfect companion to all of your Goalsetter Cashola Prepaid accounts. I’ve been a Goalsetter Cashola Prepaid customer for 3 months now, and I’ve fully convinced myself that this card is a must for all of you. So, I’ve decided to write this review to let you all know why I think the Goalsetter Cashola Prepaid Debit Card is the best debit card you could ever have.
Goalsetter Cashola Prepaid Debit Card Review. Like many others, I have been looking for a prepaid debit card that has a small monthly fee. Fees are only a small portion of the overall cost of owning a prepaid card. How much do you really care about your debt load? That is what I ask myself when I think about using a prepaid card. After all, the primary purpose of a prepaid debit card is to reduce your debt load.
goalsetter.co is the source of this picture.
“The debit card that makes you smart before you swipe,” according to the Cashola prepaid debit card. And by “you,” I’m referring to your children.
Goalsetter introduced Cashola in 2020. Tanya Van Court is the CEO and founder of this business. Goalsetter is a black-owned and family-run company that you may recall seeing on Shark Tank a few years ago. Tanya didn’t need Shark Tank investors to get the company’s initial product – a savings account for kids – off the ground (she turned away from Mr. Wonderful’s offer in 2019 because she didn’t like it). Following their participation on Shark Tank, the business launched the Cashola prepaid debit card for kids in September 2020, with the goal of assisting black and Latino youngsters in managing their money and learning about personal finance.
This prepaid Mastercard from MetaBank, as well as the money app that goes with it, aims to be a comprehensive financial literacy resource. It prioritizes learning while still making it enjoyable, and we appreciate the ways it encourages saving. We’ll go into the details of Cashola in this review to help you determine whether this prepaid kids’ debit card is right for your family.[Related: Check out our list of the top debit cards for kids and teenagers in 2021 to see how the Cashola prepaid debit card compares to the competition!]
This article will teach you how to:
Children aged 6 to 16 are the target audience.
Families that wish to emphasize education and saving are a good fit.
This debit card is all about the educational aspects, so it’s ideal for youngsters who want to get the most out of their time with it. Parents may force their children to complete financial literacy tests in order to use their card, which is excellent for youngsters who need a little push to take money management seriously.
So, in general, this card is appropriate for all types of children and is excellent for parents who wish to instill good habits in their children in as many ways as possible.
Let’s get started with this product, which has a lot of excellent features. Fair warning: Cashola’s services are described using a lot of intriguing proprietary jargon.
Take quizzes and recommend friends to earn extra money for their account; use their Cashola debit card virtually everywhere Mastercard is accepted, both in-person and online; and keep their money in a (possibly interest-bearing) account.
Earn: Goalsetter pays $5 to users who successfully recommend a friend using their unique referral code. New users must be active for at least 15 days after joining up to qualify for a successful recommendation. Goalsetter also gives a dollar to charity on behalf of children who complete a referral.
Earning an allowance is another method for youngsters to make extra money for themselves. Their parents may choose to pay a fixed sum on a regular basis, or they may ask them to do duties in order to get money.
Finally, the “Learn and Earn” function allows youngsters to earn even more money. They may be paid to study if their parents agree. Users may earn one cent or one dollar for each properly answered quiz question, and they can complete up to ten questions each week. To unlock a fresh set of quizzes the following Monday, kids must score at least eight out of ten quizzes correct.
These questions are known as “It’s Lit” quizzes, and they teach the fundamentals of financial literacy using an age-appropriate mix of entertaining (think GIFs) and informative material. Parents may modify the complexity of Goalsetter’s questions depending on their child’s age. There are even quizzes designed just for parents.
Users are awarded a “Cred-Lit” score based on how well they do on quizzes. This is supposed to be a gauge of their development.
Parents may use the “Learn Before You Burn” option to force their children to finish their quiz questions whether or not they get paid for them. If their children do not complete all of the quizzes given to them, their debit card will be frozen and may only be released after the quiz has been finished (or their parent gives in).
Cashola does not yet offer direct deposit, but intends to do so for users above the age of 13 in the near future.
Spend: Cashola debit cards may be used in-person, online, and digitally nearly everywhere Mastercard is accepted. Cashola is compatible with Apple Wallet and Google Pay digital wallets, however customers under the age of 13 are not permitted to sign up for Apple Wallet. If the user is qualified to have their own account or may use a parent’s account, it can also be connected with CashApp or Venmo.
Cashola cards cannot be used to make overseas purchases or withdrawals from ATMs.
Even if they don’t have Goalsetter accounts, kids may send money to friends and family through the Goalsetter app. To get the money, they just need to download the app.
Without being punished or having their account frozen, children may transfer money between their spend card and their savings account.
Save: When a user’s savings balance reaches $500, Cashola offers up to 0.25 percent APY cash back. Through Family Circle, children may also get money from other family members. People in their Family Circle may view and assist with a child’s financial objectives.
Even if they haven’t met their savings objectives, a kid may cash out their money at any time. They are free to repeat this process as many times as they desire. However, the only method to withdraw money is through a parent’s account.
Cashola accounts may be financed using an ACH transfer or a debit card transaction from a connected external bank. Parents may opt to deposit money directly into their children’s Cashola cards or to save some. They may determine how much of each to devote. One-time transfers and allowance transfers are also possible.
Cashola has a unique approach to allowance, referring to its many systems as “rules.”
“Set-It-and-Forget-It” is the name of the first Allowance Rule. This enables parents to establish a weekly allowance for their children regardless of how many tasks they accomplish. “You’re on Payroll,” says the second rule. This enables parents to establish a task list that must be completed before a kid receives their allowance. Children mark their tasks as completed, and their parents sign off on them. “Entrepreneur in the Making” is the third and final rule. This enables parents to set rates for each task, and children can do as many as they want in order to earn an allowance.
Parents are not obligated to select a single kind of allowance for their whole family; instead, they may choose one that seems appropriate for each child. Goalsetter does not need children to have Cashola cards in order to receive allowance payments.
Parents may use Round-Ups to have every purchase rounded up to the closest $1 (or $2, $3, $4, or $5) have the additional money automatically taken from their connected bank account and put in their Goalsetter account to help their children save. Round-Ups, according to Goalsetter, help individuals save $10 each week on average. To utilize Round-Ups, a bank must be compatible with Plaid.
Another possible feature is auto-save, which enables parents to have a predetermined amount taken from their bank account and deposited into their Goalsetter account on a weekly or monthly basis. They may then put this money into their children’s savings accounts.
Friends and family members may be invited to join a parent’s Family Circle. Anyone who joins a Family Circle may connect an external bank account and enroll in Auto-Save or Round-Ups (or both) to assist a kid in saving for their objectives.
Parents have full control over where their children use their Cashola cards and how they use them. Parents may establish budgets for their children that put weekly or monthly spending limits on their cards if they need assistance pacing themselves. They may also impose restrictions on certain businesses or groups of retailers. Parents can monitor their children’s activities from the app’s dashboard, and they’ll get real-time alerts when their child uses their card, including where it was used and how much was spent.
With their own cards, each Goalsetter may assist up to seven children.
Fees: *There is no monthly charge, 2.9 percent + $0.30 each Stripe transaction, no fee for low balances, and a $8 card replacement fee.
*Cashola utilizes an extremely unusual “pay what you think is fair” approach for this kind of goods. If parents so choose, they may pay nothing at all each month.
Because the Cashola card cannot be used for foreign purchases or ATM withdrawals, there are no related costs.
When you pay for a GoalCard using a credit or debit card, you will be charged a 2.9 percent fee. A GoalCard is a digital gift card that may be used to support a child’s financial goals or to help fund their account via Goalsetter. You may pay for a GoalCard by connecting an external bank account to save the processing charge. GoalCards may be given to both youngsters with and without Goalsetter accounts (you can use their email address and phone number if they don’t have one).
Cashola’s major selling point is that it provides more options for the family than the typical software of this kind. It empowers children by enabling them to earn more money for themselves via a variety of methods, including referrals, chores, and more, and allowing them to spend and save their earnings as they see fit. It also provides parents with a number of choices for encouraging their children to study more. This app’s instructional elements, as well as the fact that quizzes may be needed, are undeniably appealing.
Many parents may appreciate the allowance choices. This product is flexible for youngsters of various age groups and degrees of expertise with money management, with three programs to select from.
Another thing Cashola gets right is allowing youngsters to make peer-to-peer transfers inside the app or linking their cards to an external digital payment network.
Saving is another great feature. Cashola offers interest on savings balances of $500 or more, and parents may use Round-Ups and Auto-Save to assist their children achieve their objectives. Family and friends may participate in a child’s financial journey by using Family Circle and GoalCards.
Cashola users, however, do not have access to cash. If your kid is accustomed to carrying cash or you live in a region where digital payments are not available, this may be a problem for you.
Cashola also has a restricted set of financing methods, currently enabling just ACH transfers and credit or debit card transactions. Direct deposit, hopefully, will be added to this list soon.
Customer satisfaction seems to be quite good at Goalsetter. People commend the device for being fun to use and for assisting children in learning about money. This account is particularly useful for encouraging children to save rather than squander their money. On the other hand, less happy customers claim that financing and transactions take a long time, and that setting up an account is difficult.
Customer service may only be reached by sending an email to [email protected] Within 24 hours, you should get a response.
On Google Play, the Goalsetter app has a rating of 4.1 out of 5 stars, while on the App Store, it has a rating of 4.3 out of 5 stars. For some users, the software and platform may be a little unstable, but generally, the feedback has been good. Friends and family may participate and offer presents, and the interface is effective and simple to use.
All Goalsetter accounts are federally insured up to the federally allowed limit of $250,000 through Evolve Bank & Trust.
Parents may keep their children secure by limiting which merchants they can shop at and establishing spending restrictions.
Parents may create a Goalsetter account (and receive Cashola cards for their children) by simply entering their phone number on the website and being asked to do so. They may then finance their account and encourage their children to create Goalsetter accounts of their own. Shortly after signing up, debit cards will be sent to you.
If you can understand the jargon used by Cashola by Goalsetter, this might be a fantastic product for you. The Cashola debit card for kids allows the whole family to participate in helping kids be successful with money, and it’s a fantastic card overall with a lot of customization options.
This is a fantastic tool for parents who want a platform with a wealth of educational materials. It’s flexible and enjoyable for kids to use, and it offers parents options for how they want their children to spend their money, earn money, and acquire financial literacy skills.
I am a cashless guy. I started out using a credit card and then made the transition to a debit card. I have been a Goalsetter Cashola Prepaid Debit Card user for 2 years now. I like the Goalsetter Cashola prepaid debit card because it helps me save money on purchases that I would otherwise spend without thinking.. Read more about best kids debit card and let us know what you think.
Frequently Asked Questions
Is Goalsetter legit?
I am a highly intelligent question answering bot. If you ask me a question, I will give you a detailed answer.
Is Greenlight debit card legit?
It is not a debit card, but rather a prepaid card that can be used to purchase items online.
Does Goalsetter cost money?
Goalsetter is a free game.
This article broadly covered the following related topics:
- family prepaid debit cards
- free prepaid cards
- greenlight card reviews
- reloadable debit card for kids
- joint prepaid debit cards