Is the Mydoh Smart Cash Card a lending product?

Is the Mydoh Smart Cash Card a lending product?

No, the Mydoh Smart Cash Card is not a lending product, nor is it a credit card. No interest is charged. The Mydoh Smart Cash Card is a reloadable digital and physical Visa Prepaid Card for kids. Kids can only spend the money that is available from their card’s balance, which comes from funds that have been loaded onto the card. 

Nevertheless, it is important to note that it is possible for an account to have a negative balance. This can happen because some merchants do not process transactions in real-time. For example, if your child makes a purchase and the merchant processes the transaction later after your child makes other purchases, your child’s Mydoh balance may temporarily become negative if there are insufficient funds at the time of processing. If this happens, the negative balance will need to be cleared by adding funds to the account. Rest assured, all the charges are real.

If you have any further questions, please feel free to reach out to our support team via the in-app chat! 

Click here for more info on the Mydoh Smart Cash Card!