Managing finances with Facecard
Teaching college students about financial responsibility and money management can be a challenge. Many students return home with not only a degree and a school loan but thousands of dollars of credit card debt. Credit card debt is one of the biggest problems facing college students today. Fifty-six percent of college seniors carry four or more credits cards with an average balance of $2,864. In response to these staggering statistics, CEO of facecard, Ed Braswell, sought out to create a prepaid card that was fun and easy to use that would teach college students about financial responsibility at the same time.
With his own daughter in college as inspiration, Braswell took a closer look at how young adults managed their spending money. Recognizing what college students need in a card, Braswell created facecard: a prepaid reloadable card that functions in a way that makes incurring overdraft fees very difficult and allows young adults to easily learn about budgeting and managing their money.
Facecard is quickly becoming the most popular financial tool for college students. Here are some features students and parents love the most:
- Not a Credit Card: Facecard is not a credit card, so there’s no chance of credit card debt.
- No Activation or Monthly Fees: Unlike other debit cards, there are no fees to sign up.
- Send Money in Minutes: You can put your child’s allowance on his/her facecard online from anywhere, anytime.
- Emergency Peace of Mind: In an emergency you can load additional funds in minutes.
- Direct Deposit: Your child can set up direct deposit, so the money from that summer or on campus job will be easily accessible.
- ATM Access: Facecard is accepted everywhere Debit MasterCard is accepted, including ATMs.
- Friend to Friend Gifts and Paybacks: Giving a gift is as simple as typing an email address. All of those birthday and graduation gifts can go directly onto the card.
Parents love facecard because it encourages responsible spending. Unlike other debit cards that allow students to overdraft and rack up major fees, facecard will be declined if your child tries to make a purchase with insufficient funds. Your child will even receive an email and/or text notification when their balance is low, teaching them to be aware of account activity.
You can also count on facecard to be there in an emergency situation. If your child is stranded somewhere without cash, you simply go to the website www.facecard.com to send money, and they will have the ability to use the funds within 30 minutes.