Parents who want to teach their children about money management and saving can use the GoHenry debit card and financial education app. The app allows parents to share an account with their children that enable them to send money to their kids. The parents are in charge, and the app allows them to keep track of their children’s spending and educate them about finances. Let’s explore this guide further to learn how to activate GoHenry card.
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About GoHenry Card and App
GoHenry is online software and debit card that helps children aged six to eighteen manage their allowances by teaching them how to budget and spend responsibly. The United Kingdom-based startup, which was founded in 2012, provides unique parental controls, allowing parents to monitor each of their children’s debit card transactions individually.
GoHenry, which is available in the United States and the United Kingdom, is free for the first month and then costs $3.99 per kid each month. The business said in 2018 that it aimed to capture 15% of the addressable market in both nations, which would imply 6.6 million kid accounts worth $338 million.
The app’s popularity is based on parents’ desire to keep track of their children’s spending habits. Parents may view the transaction history of the connected prepaid Visa debit cards issued to each kid by logging into their goHenry account via a mobile app or the company’s website. There is no chance of going into debt or suffering overdraft fees because only the money on the cards may be used.
Parents may personalize the parameters for each kid using GoHenry by setting weekly spending restrictions, limiting where the card can be used, and locking and unlocking the cards at any time. Children can examine their funds in graph style thanks to the built-in budgeting tools. They can also supplement their income by completing a set of domestic duties.
“How do I activate my go Henry card?” is the first thing cardholders ask after signing up for an account and receiving a card.
Once you enter the last four digits of your credit card, you successfully complete the activation process of the GoHenry Card.
Log in to GoHenry
You may now login using your email address and PIN whenever you like.
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The best part of using GoHenry is that it teaches kids that wasting their money in 5 minutes on Amazon isn’t a good idea. The ability to develop rules and limits provides some security to young kids.
So, that’s a wrap on ‘How to activate your GoHenry Card in easy steps. We hope you found this information useful. Thank you for staying with us till the end and we will see you in the next one!
GoHenry is a fantastic idea, but it may be a costly method to teach your children about money, particularly if you just want to give your child a modest amount each month. Here are several free options to help you teach your kids about money.
IDT Financial Services, which is licensed by the Financial Conduct Authority, issues goHenry cards (FCA). Its funds are housed in NatWest segregated accounts, which guarantees that your money is safe even if something goes wrong with goHenry.
A GoHenry card comes at a cost. The following are the most important costs to be aware of:
1. If you want a personalized card with your child’s favorite picture and name, it’ll set you back £4.99
2. For as long as the card is valid, the membership price is £2.50 per month.
3. To add money to the card, it costs 50p each time (unless you set up a regular monthly transfer from your bank)
There is a one-month free trial, but the expenses can add up quickly, especially if you put money onto your child’s card at odd times or in different quantities.
Some key benefits of using a GoHenry Card include:
Absolute parental control: Parents may establish their own spending limitations and receive real-time updates about their children’s spending. You may either set up an automated weekly or monthly pocket money amount or make one-time transactions, both of which incur a cost (see below).
Spending restrictions: You may specify where the card can be used and block or unblock it anytime you need to, in addition to establishing financial limitations. You may set these limitations differently for each child.
Free-trial period: You don’t have to commit right away because goHenry is presently giving a two-month free trial.
Appropriate for small children: Children as young as six can utilise goHenry cards.
Reward System: Parents may assign assignments to their children to help them earn money by performing activities.
Safe limits: Children are taught about personal money in a safe setting.