Monzo??

ShazzaT

Hi, new to this so please excuse!
Not strictly a credit card, but looking at putting money on a card for my Daughter to use.
Prob will never top it up once she uses what I load onto it, so I'm not sure what is best??
I did wonder if I could put money into an credit card with a zero balance and let her use that, but not sure if that is OK??
Basically giving her money to use as "treats" I know if I put it into her account she will just use on household bills etc.
Any tips would be fab thanks!

Poppy1984

Pre paid debit card?

https://www.money.co.uk/prepaid-cards.htm

Alexd52

ShazzaT wrote: »

Hi, new to this so please excuse!
Not strictly a credit card, but looking at putting money on a card for my Daughter to use.
Prob will never top it up once she uses what I load onto it, so I'm not sure what is best??
I did wonder if I could put money into an credit card with a zero balance and let her use that, but not sure if that is OK??
Basically giving her money to use as "treats" I know if I put it into her account she will just use on household bills etc.
Any tips would be fab thanks!

Monzo is a bank which you apply for (on-line only)If accepted, you then have a current account with them, you can transfer funds to it and the debit card can be used in the normal way. It is not a prepaid card, but could be used for what you want.

Loading a credit card with a positive balance is usually against their terms and conditions and could result in it being cancelled, so this is not advisable.

eDicky

Note that your daughter should be the one who opens the Monzo account or prepad card, for you to transfer funds to. Beware of breaching T&C's by giving a card from an account in your own name to your daughter to use, which appears possibly to be your idea.

worried_jim

eDicky wrote: »

Note that your daughter should be the one who opens the Monzo account or prepad card, for you to transfer funds to. Beware of breaching T&C's by giving a card from an account in your own name to your daughter to use, which appears possibly to be your idea.

Also if she goes abroad it is likely to be blocked as it knows the device with the app is not in the same place as the card.

PRAISETHESUN

I wouldn't recommend Monzo for this purpose. It is a full current account with FSCS protection and the account would need to be in her name with all the legal responsibilities that that would entail - you might as well just make a bank transfer to her account if you choose this route.

I'd recommend a pre-paid card of some description, see below:
https://www.moneysavingexpert.com/credit-cards/prepaid-cards/

I definitely would not give her a credit card - regardless of if you have a positive balance (which is usually against the card's T&Cs anyway). You would ultimately be liable for any debt that she accrued using the card

ShazzaT

Thanks, thinking I might be better to just transfer the money into her account. Was avoiding this as she recently moved in with a partner and I'd like her to have money to use for herself rather than household stuff.

DCFC79

ShazzaT wrote: »

Thanks, thinking I might be better to just transfer the money into her account. Was avoiding this as she recently moved in with a partner and I'd like her to have money to use for herself rather than household stuff.

Use a prepaid card then, if.its for a particular shop then why not a gift card.

ShazzaT

It will be multiple shops, so a gift card is no use.
The prepaid cards seem good, especially the ones with no fee, but some seem to have a monthly "inactivity" fee. This will be a one off thing so once she's spent the money it will no longer be needed. Do I just close the account then? How easy is that to do?