The Current Card was a prepaid teen debit card issued by Discover Bank. In many ways, it was a leader in the teen prepaid card space with excellent parental controls and features. Unfortunately, the Current Card from Discover is no longer available for new account holders (although existing accounts, apparently, remain in service). We are leaving portions of this review on the site for you information.
The Current Teen Card, by the Folks at Discover
Ok, quiz time. Who likes the Current card better? Teens? Or parents? If you figured out that this is a trick question, you are correct. Give yourself an “A”. The Current card by Discover is the perfect card for both teens and parents. Check out some of the features:
- Debit Card for Teens with built-in parental controls
- Set daily, weekly, and monthly spending limits
- Restrict teen card use in unwanted shopping categories (e.g. liquor stores, tobacco stores, hotels, etc.)
- Free Direct Deposit for parents & teens
- Free deposits from any credit card or bank account
- $0 fraud liability guarantee
- Withdraw cash at ATMs
- Get exclusive discounts at teen’s favorite merchants
- Free e-mail and text message activity alerts
- No minimum balances, loading fees, or credit check
How We Rated the Current By Discover
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Rating Explanation
Current By Discover
5
GetDebit.com Editor
The Current by Discover (a prepaid teen Discover card) received some of our highest scores for it's features (it has it all -- excellent designs, shopping discounts, you name it) and for it's load options (you can load this card in tons of different ways). Also, the issuer of the Current by Discover card (Discover Bank) has a great BBB rating (which shows that they are serious about dealing with consumer issues). Perhaps more importantly, the fees associated with the Current by Discover cards are very low. given normal use, a Current by Discover card should be much less expensive (and have better features) than an introductory checking account at a major bank. Plus, the parental and spending controls make this a perfect card for parents who want their teens to have some (but not complete) freedom.
The Current by Discover (a prepaid teen Discover card) received some of our highest scores for it's features (it has it all -- excellent designs, shopping discounts, you name it) and for it's load options (you can load this card in tons of different ways). Also, the issuer of the Current by Discover card (Discover Bank) has a great BBB rating (which shows that they are serious about dealing with consumer issues). Perhaps more importantly, the fees associated with the Current by Discover cards are very low. given normal use, a Current by Discover card should be much less expensive (and have better features) than an introductory checking account at a major bank. Plus, the parental and spending controls make this a perfect card for parents who want their teens to have some (but not complete) freedom. |
Current By Discover Fee Examples
Want to know how much the Current By Discover might cost you to use in a typical month? We have crunched the numbers for you! We also show how Current By Discoverstacks up against some common alternatives so you can see if you would save money using this card. Please remember -- cost should NOT be the only reason why you pick a card -- make sure to consider the card's features (some cards have more features than a typical bank account).
To see different scenarios, change the following variables.
Note: * Based on a U.S. Average check cashing rate of 4.54% (per the Brookings Institution),
**Using the Money Order fees from the U.S. Post Office (Some of the lowest available),
*** We assume that 1/2 of your in-store purchases will be made using your PIN,
****A LARGE portion of Americans experience at least 1 overdraft each Month. Also note that the Check Casher CANNOT buy items online, and must use cash for all purchases.
Fees Associated With The Current By Discover*
| Activation Fee: | $0.00 |
Card Limit: | $2500 |
| Monthly Fee: | $5.00 |
ATM Withdrawal:** | $2.50 |
| Signature Transactions:*** | $0.00 |
ATM Balance Inquiry: | $2.50 |
| PIN Transactions:*** | $0.00 |
Bill Payments: | $0.00 |
Notes:
* Fees verified as of 12/15/2009. Check the Current Terms & Conditions for a list of all the fees.
** Some ATM operators may charge a fee for use of their ATMs in addition to this fee.
*** To use your Current By Discover in a "signature" transaction, select "Credit" when checking out at a brick and mortar merchant. Most internet transactions are automatically processed as "signature" transactions.
Current By Discover Card Options
The main option you'll need to pick from when ordering your Current Card by Discover is the card design you like best. Luckily, the Current by Discover comes in a variety of cool designs. Here are a few:
Here are GetDebit’s “Low Fee Tips” for this Card
Many prepaid cards, including the Current by Discover, have fees that can be avoided with careful use.
Here are a few tips to minimize your monthly fees and costs associated with this card.
- First reduce the number of ATM withdrawals you make. If you need $200 of cash for the week, take that whole amount in one withdrawal from the ATM (assuming you have enough funds in the account!). Don't withdraw $20 or $40 at a time (the fees add up FAST).
- Check your account balance on the Internet or by phone rather than at an ATM (these balance inquiry fees can add up quickly!).
- Treat your card like a checkbook. Don't try to take money out when you don't have it (you won't get an overdraft charge, but you could get a "decline" transaction at an ATM).
- Need a statement? Get it online, don't order a printed statement (aren't there enough trees killed each year as it is?). You'll save money by using the Internet (Discover charges a fee to mail you a paper statement).
- ALWAYs use direct deposit (it's good for the planet since it reduces paper, it's good for you, and it's good for your bank account).
Tips for Using The Current by Discover
