FamZoo Prepaid Debit Card Reviews – Is It Legit Or A Scam?
FAMZOO has a beautiful slogan: “preparing kids for the financial jungle”. Famzoo offers prepaid cards for kids, teens, and parents. You and your children can act as banker and customer with the Prepaid debit card. You are the banker and your children are the customers. You can also use it as a teaching tool instead of just a prepaid card.
Hi everyone, today I’m going to review Famzoo Prepaid Debit Card. In this article, I will try to give you an overview of the FamZoo prepaid debit card, its pros and cons, how it works, if it’s worth buying a FamZoo card, how to use it, and what’s the best alternative.
What is FamZoo?
- 1 What is FamZoo?
- 1.1 Types Of Account
- 1.2 1. IOU account
- 1.3 2. Prepaid Debit Card
- 1.4 How Does Famzoo Work?
- 1.5 How To Load Famzoo Prepaid Debit Card Account?
- 1.6 Famzoo Prepaid Debit Card Pros
- 1.7 1. Great Budgeting Tool
- 1.8 2. Free Load
- 1.9 3. No Transaction Fees
- 1.10 4. Easy To Use
- 1.11 5. Teaching Tool
- 1.12 6. Other Feature
- 1.13 FamZoo Prepaid Debit Card Cons
- 1.14 1. No Different Price Plane
- 1.15 2. Less Payment Option
- 1.16 Gift Subscription
- 1.17 Customer Care Number
- 1.18 Limit & Fees
- 1.19 Is FamZoo Legit Or A Scam?
- 1.20 FamZoo Prepaid Debit Card Alternatives
- 1.21 Greenlight VS Famzoo Prepaid Debit Card
- 1.22 Our Review
- 1.23 Conclusion
FamZoo is a prepaid debit card provider that offers MasterCard and helps you provide financial education to your kids. In FamZoo, you can act like a banker with your children or family members as your customers. Where MasterCard is accepted, you can load money and expenses.
Types Of Account
The FamZoo prepaid card works like a regular debit card, but it differs from others. Famzoo offers two types of accounts, one called a prepaid card account and another called an IOU account. You must therefore have some idea about it. Well, let’s make this simple.
1. IOU account
Let’s say you’re a parent with two children. When you sign up for an IOU account, you must register your family and choose a family sign-in name and password. You should now create two separate accounts for your child. Passwords and user names can be created by you or your children.
As a parent, you will receive a wizard and you will have to create a bank for each child. Set up automatic payments for your children and load your account. You can monitor where your children are spending their balance once your setup is complete. The money can be used online anywhere MasterCard is accepted.
2. Prepaid Debit Card
FamZoo prepaid debit cards follow the same process. You will get a real card, and you can decide where your children can use the money or fund you give them. Choosing how to fund the prepaid card will be your next step. The following options are available to you: MasterCard, Visa, American Express, or PayPal.
You can order individual cards for each of your children. You can choose a specific purpose if you wish. You can order up to four prepaid cards for free.
How Does Famzoo Work?
Once your account is set up, you are ready to go. You just need to load your account now. After you load up the money, you can distribute it to your kids or family members. You will not have to pay a dime for this. In addition, you can use a mobile app or set up automatic money transfers.
With this card, you can encourage your child to pay interest on their savings. You will be set up with a rate. You can create a vacation fund, which will automatically collect funds from your accounts. You are the only person who can spend them or return them.
How To Load Famzoo Prepaid Debit Card Account?
Several options are available to reload your IOU account or FamZoo prepaid debit card account. Your main FamZoo prepaid debit card account can be reloaded or added money with direct deposit, bank transfer, MasterCard rePower, or Reload At the Register.
Famzoo Prepaid Debit Card Pros
I hope you now have a clear understanding of what FamZoo Prepaid Card is and how it works. Here are all the benefits of the FamZoo Prepaid Card:
1. Great Budgeting Tool
In the first place, it is a smart budgeting tool for you and your family. I don’t think you need to use another budgeting app if you have a FamZoo account.
2. Free Load
The reload options in FamZoo are free and there are multiple reload options. The MasterCard card provider did an excellent job here, I believe. Their card is less expensive than other virtual prepaid cards because of this feature.
3. No Transaction Fees
If you are familiar with the prepaid virtual cards, you probably know you need to pay fees for most of them. When you transfer money or funds to a family member’s account, there is no fee.
4. Easy To Use
It is really easy to use and maintain a FamZoo account. All you need to do is sign up for the card and make a payment using PayPal or PopMoney.
5. Teaching Tool
As a final note, this is also a great tool if you want to teach your child about banking. Encourage them to save by giving them interest on their savings.
6. Other Feature
Additionally, there is no overdraft fee, no debt risk, and no hidden or late fees. Additionally, the app is secure. Passwords are not stored in the app.
FamZoo Prepaid Debit Card Cons
Let’s look at some of the downsides of FamZoo prepaid debit cards. It will help you compare it to other cards and decide whether it is worth buying the prepaid card or not.
1. No Different Price Plane
You do not have multiple payment options if you want a FamZoo account or prepaid debit card. However, I think it might be good if there were different payment plans. People can start with a small plan and then upgrade to a plan that offers advanced features.
2. Less Payment Option
There are only two payment options – PayPal and PopMoney. If you don’t have any of them, you have to take the help of someone with PayPal or PopMoney.
FamZoo subscriptions can be gifted to friends and family. A three-month subscription costs $17.99, a six-month subscription costs $25.99, and a 12-month subscription costs $39.99. If you want to add friends or relatives to your network, you can gift them a package.
Customer Care Number
The FamZoo Customer Service Department can be reached at +1 412-326-9661, or [email protected]
Limit & Fees
You can reload up to $5000 into your account, the daily spending limit is $5000, the daily ATM transaction limit is $510, and the daily cash load limit is 500 dollars. There is no activation fee or ATM fee. Furthermore, there are no fees for signature purchases, pin purchases, and card reloads. There is a monthly fee of $2.50. However, the monthly fee can be changed.
Is FamZoo Legit Or A Scam?
Yes, FamZoo is a legitimate company. The company was founded in 2006 and is owned by FAMZOO, Inc.
FamZoo Prepaid Debit Card Alternatives
I don’t think you need to get an alternative if you already have a FamZoo Prepaid Card. Alternatives to FamZoo prepaid debit MasterCard include Greenlight, Bankaroo, and PiggyBot.
Greenlight VS Famzoo Prepaid Debit Card
Greenlight and Family Zoo are almost the same. Greenlight does not have an IOU account, so there is a simple difference between the prepaid card and it. Greenlight only offers prepaid debit cards.
You can work with FamZoo if you want a prepaid MasterCard and to teach your children financial education.
FamZoo is not only a prepaid card, it is a smart prepaid card for kids and parents of all ages. It can be used as your regular bank debit card.
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