Here’s a one minute video rendition of how to run your own teen card program that rewards LESS spending:
Transcript
Hey, Bill here. As always, thank you for the nice mentions on social media.
Thanks to the endless marketing of big banks, when it comes to cards and reward programs, all teens hear is: spend more, get more.
Spend more, get more points. Spend more, get more rewards. Spend more, get more cash back. Thank you Samuel L Jackson.
Parents know it’s just a seductive marketing lie. We know the reality for most people is: spend more, get more debt.
It’s time to de-program our teens.
Create your own parent-financed cash back reward program. One that rewards NOT spending.
How does it work?
Just get your teen a prepaid debit card or a bank debit card.
Offer a bonus credit for NOT spending. Maybe a percentage point or two.
So each week or month, multiply that bonus percentage by the current balance to calculate their cash-back reward. Credit the amount to your teen’s card.
Soon, your teen will be trying to keep more money on the card to score a bigger bonus.
Boom! It’s a cash-back program that pays out a bonus for NOT spending.
If we can get the incentives in the right place for our kids, saving might just become a habit they can’t shake. Wouldn’t that be cool?
So, what’s in your teen’s wallet?
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