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A debit card designed for the next generation of Black and Latinx children.
It’s still early days for the card, but we admire Goalsetter’s mission to help kids learn more about saving and spending their money wisely. Although most prepaid cards provide features that teach kids good financial management skills, this one stands out for its educational quizzes that let parents reward kids with cash.
But the card doesn't work at ATMs, so your child can't use it to make withdrawals. Also, it doesn't support direct deposits, and your kid can't use the card outside of the US. If those features are important to you, explore other prepaid cards for kids that offer more funding and withdrawal options.
finder.com's rating: 4.0 / 5.0
★★★★★
Goalsetter is a Black-owned, female-run, family banking and financial literacy platform featured on the hit show Shark Tank in 2019. In September 2020, the company launched the Goalsetter prepaid debit card to help Black and Latinx children learn how to manage their money. The card has no monthly fee, but you can't make any ATM withdrawals.
| Card type | Prepaid |
| Card network | Mastercard |
| Monthly fee | $0 |
| Signature transaction fee | $0 |
| PIN transaction fee | $0 |
To get a Goalsetter card, you first need to establish an account with Goalsetter:
To open an account with Goalsetter and get a Goalsetter card you must meet certain requirements:
As long as you have a bank account to fund your Goalsetter, you won’t need to provide additional information such as your Social Security number or state ID.
Goalsetter costs $3.95 a month or $5.95 a month depending on which subscription plan you choose:
| Plan | Monthly cost | Features |
|---|---|---|
| Goalsetter | $3.95 |
|
| Goalsetter Gold | $5.95 | Everything in the Goalsetter plan, plus:
|
Like several other prepaid cards for kids, Goalsetter lets parents set spending limits, allowance rules and chores for their kids. But Goalsetter also includes these standout features:
Before applying for a Goalsetter card, keep in mind the following:
Goalsetter is FDIC-insured up to $250,000, and the Goalsetter card is backed by Mastercard. Goalsetter also uses bank-level security to protect your personal and financial data.
As of July 2022, there aren’t any customer reviews for Goalsetter on Trustpilot or the Better Business Bureau’s website, but the app and account have hundreds of reviews on the Apple App Store and the Google Play Store. Based on over 1,200 reviews on Apple’s App Store, Goalsetter has an average rating of 4.3 out of 5. And on the Google Play Store, the Goalsetter card app has an average rating of 4 out of 5 based on 869 reviews.
Most of the complaints mention technical issues with the app, but many reviewers have left positive remarks regarding the company’s customer service.
See how other debit cards for kids compare based on their fees and features.
Here’s a quick look at how some of Goalsetter’s fees compare to other debit cards for kids.
| Goalsetter’s fee and limit | Amount | How it compares against other cards |
|---|---|---|
| Monthly fee | $0 | Less expensive |
| Transaction fee | $1 per transaction | More expensive |
| Stripe’s transaction fee | 2.9% + $0.30 per transaction | More expensive |
| ATM withdrawal fee | N/A | You can’t use this card at ATMs |
| Cash reload fee | N/A | This card doesn’t support cash reloads |
| Card replacement fee | $8 | More expensive |
| Direct deposit limit | N/A | This card doesn’t support direct deposits |
| ATM withdrawal limit | N/A | This card doesn’t support ATM withdrawals |
| Maximum card balance | $10,000 | This limit is higher than most other cards |
| Maximum ACH load limit | $2,500 per day | This limit is higher than most other cards |
| Maximum purchase limit | $2,500 | This limit is higher than most other cards |
Here’s how you can use your Goalsetter card once it arrives.
Goalsetter also has a referral program that lets you earn $5 for every person who uses your referral code to open an account.
You can fund your kid’s Goalsetter card in the following five ways.
There are only two ways to contact Goalsetter for help with your card:
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top debit cards for kids and rate them one to five stars based on factors that are most important to you. We rate kids’ checking accounts by these factors: Monthly fee, features, ATM access, customer support options, and availability. We also consider APY as a factor only for those that earn interest. We rate prepaid debit cards for kids by these factors: monthly fees, features, customer support options and account availability.
Read the full methodology of how we rate Kids’ debit card accounts.
Goalsetter is not currently available on Finder
Have you considered Acorns Early (formerly GoHenry)?
Get interactive money and investing tools for your kids, including expert-developed games and quizzes. Offers strong parental controls that allow you to set where and how much your child can spend.
Michael Finder
Staff writer
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