|
Teen/Family Cards
U.S. teens spend, on average, $87 a week on clothes,
music, entertainment, and eating out. It is estimated that teens
will spend more than $160 billion this year. The MCC Family Card
offers a safe way for teens to shop both online and off-line.
The card offers teens money-management experience in a parent-controlled
environment. Another variation of the Family Card is a college
card, which can be marketed to parents and students as a quick
and convenient way to send cash.
Program Description
The MCC
Family Card is a reloadable card that allows teens a safe and
controlled spending option. Parents enroll their teens in the
program via the Web and fund the card via an intra-bank account.
Parents can monitor their teens usage online or through optional
monthly paper statements. The card can be used worldwide, including
ATM machines, POS terminals, and via the Internet.
Target Market
Any financial institution that has a debit product can offer
Visa® Buxx or a similar family card. The financial institution
should identify customers with teenage and pre-teenage children
and market the product to them. Managing family card marketing
in tiers is recommended:
Pre-teen Tier (age 11-13): Identify card and
DDA customers with pre-teenage children and begin education and
awareness marketing.
Teen Tier (age 13-17): Solicit parents and
issue cards. Determine if goal is to offer product to keep parents
as long-term customers, or to create future cross-sell opportunities
with teens as they become adults.
Post-High School Tier (18+ years of age):
Research to determine if cardholder will go to college, enter
workforce, or enroll in the military, and solicit for DDA, credit
card, car loan, and other cross-sell opportunities.
Features
 Prepaid
reloadable debit card
Visa®
or MasterCard® acceptance worldwide
Parental
control
ATM
access (parental option)
Pinned
(parental option) or signature transactions
Online
monitoring
Standard
or custom card and carrier available
Teen
name embossed on plastic
Card
mailed to parent
Access
account via Internet or VRU
Consumer Benefits
Convenience
Safer
than cash
Can
be used for gift giving
Spending
independence
Issuer Benefits
Additional
revenue opportunities
Card
fees
Transaction
fees
Additional
product offerings
Customer
loyalty
Relationship
opportunities with parents and teens
Turnkey
program setup and management |
