FAQs
No, the Smart Cash Card is not the same as a debit card for kids. It is a reloadable digital and physical Visa Prepaid Card for kids, issued by the Royal Bank of Canada. However, like a debit card, kids can only spend the money available in their Mydoh wallet.
The Mydoh Smart Cash card is a VISA prepaid card, but it is not the same as a credit card for kids. Unlike a credit card, there is no interest rate charged, or risk of debt for kids and teens.
Mydoh offers kids and teens a Smart Cash Card, which is a reloadable, prepaid VISA card. It is similar to a bank card for kids as they can use their physical card to purchase items, but it is not attached to a bank account.
Your child cannot withdraw cash at an ATM or bank using their Mydoh Smart Cash Card. The physical and digital Smart Cash Card can only be used at store terminals, or online and cannot be used to deposit or withdraw cash.
Some of the ways you can help your kids manage their money and spending is by encouraging them to consider whether a purchase is something they want vs. something they need. Helping older kids to create and implement a simple budget is another way to help them manage their spending. Having a cooling off period of 24-hours is also another strategy to give kids time to consider their purchase before buying the item.
