Have you made a de-tour to the ATM machine due to a lack of cash for your child's pocket money? OR Have you been in a situation where you are short of cash to pass your helper for groceries?
I am sure most busy working parents have experienced this before. However, with CANVAS visa debit card, such inconvenience can be avoided.
Yes there is a $2.99/month fee after the trial period but there is a lot that you can get from the Canvas Visa card!
This is a sponsored post and we've a promotion for you at the end of the article...
What is Canvas Visa card?
Canvas is a newly launched pre-paid visa debit card you can apply for your children and domestic helper!
In a nutshell, Canvas is a service with a VISA debit card that you the parent can control.
You can top up to this card, using PayNow, credit/debit card or bank transfer. The total of your family balance and card balances cannot exceed $1,000.
You can check the balance through the app and if you are at work and your helper needs money to purchase groceries, you can top up accordingly. Extremely convenient.
In addition, You can set a monthly allowance for your child with this card. This prevents over-spending and a great way to educate your kids on personal finance!
(Do note: first $400 top up is free, amount above $400 has a top up fee of 1%)
Powerful Lock Feature And Expense Tracking Feature
What i like about this card is the lock feature! It can be easily done with the Canvas app.
You do not need to go through the hassle of calling into customer service. This is extremely child-friendly as they are usually careless. Thus, if your child were to lose the card, the funds inside will not be misused and transferred back to your account.
In the upcoming months, Canvas will add new features that will categorise spending into different segments for your analysis. For instance, how much is spent on food, games, groceries, etc. You can download the report and analyse your kids expenditure.
This not only allows you to understand your children spendings, it also allows you to teach them personal finance. For example, if you realise your child's spending on games is increasing, you can teach them the importance of saving and not indulging in entertainment.
They can even learn personal finance the hard way where they use up all their pocket money before the month ends. It will be lesson for them to not overspend and properly ration their money usage.
Personalised card that your child will love!
Your child's name will be on the card and it empowers them giving them the independence to make their own financial decisions.
I remember being extremely excited when I first got my own POSB savings card. However, I spent all my ang bao (savings) money in a few months which my parents gave me a big scolding for. That was my first lesson on money.
Besides teaching your child personal finance, this card comes in handy especially in this COVID climate. Cashless payment significantly reduces the risks of contamination. It is definitely way more hygienic too.
How to sign up NOW?
Applying this card is fast and easy. Use the link below and you can use MyInfo to fill up particulars and the best part, you don't have to link it to a bank.
Upon signing up, your personalised cards will arrive in 10days. A simple activation and you can start using the card. The card is powered by Visa, as long as merchants accept it, your child can use it. Not to mention, it is accepted for public transport as well.
How is Canvas different from it's competitors?
The EZ link is an alternative parents may consider. However, there are certain more merchants online and off-line that accept VISA.
In addition, there is a top-up fee if you were to top up at nearby convenience stores such as 7-11. Lastly, canvas allows parents to have full visibility of transactions.
When compared to a bank, opening an account may be a hassle as you have to make a trip down and wait in line. Furthermore, there is minimum sum to open a savings account and it is subjected to fines if the amount dips below minimum average daily balance. However, there is no such regulation for Canvas. Why should parents keep an amount to the bank when it can be used to invest?
Also. it is risky to apply a bank debit card in the event your child overspends resulting in negative balance (debt) Hence, Canvas can be a trial card to expose your child to personal finance.
Special promotion!
Canvas is currently giving out 30 day trial for you to try out. Free to cancel without any charges. Try it and share with us your thoughts!
What's more, $10 will be credited if the card is under your child name! Or how about this, consider it as a gift for your child =)
Last updated on June 23rd, 2021 at 10:32 am