The Mydoh Smart Cash Card app and its reloadable Mydoh Smart Cash Card Visa debit are designed to help teach your child how to make sound financial decisions from an early age. Backed by RBC, the Mydoh app teaches kids about money by letting you assign chores, fund weekly paydays and monitor your child’s spending decisions when using the Smart Cash Card. With the Mydoh app, your child learns how to spend money responsibly and develop good financial habits. Enjoy a free 1-month trial when you sign up today and, for a limited time, get $15 added to your Mydoh account.
30-second take
Mydoh Smart Cash Card is a great tool to help you to teach your child how to develop effective money management skills.
Choose another tool if you aren’t very tech-savvy, your child doesn’t have access to a mobile phone or iPad, or you don’t want to pay a small monthly fee.
How Mydoh Smart Cash Card works
To get started with Mydoh Smart Cash Card, download the app and set up an account (your Mydoh Wallet). You can then send an invite to your child to open a linked account.
Parent account. Your parent account lets you assign tasks, send your kids money, react to transactions with emojis and lock or unlock your child’s card.
Kids account. Your child’s account lets them manage the tasks you assign, track the money they earn and spend, and play money trivia. Their account will be linked to their Mydoh Smart Cash Card (a reloadable, prepaid card powered by Visa).
Mydoh App review: The basics
If you want an app and prepaid card that lets your child manage their own money and learn good financial habits then you may benefit from Mydoh Smart Cash Card.
1-month free trial. Try the app for free for the first month to see if you like it. After your 30-day free trial ends, a monthly subscription fee will be taken out of your Mydoh Wallet to keep your account active.
Conversation starter. The app opens up space for you to have discussions with your child about how to earn and responsibly spend money.
Full oversight. You can keep an eye on your child’s spending and lock or unlock your child’s account as needed.
Streamlined app. You and your child can interact through the app, and it has innovative features to help you track tasks and payments.
Learn through play. Your child can play trivia to learn the basics about money along with tips on how to manage their finances.
Mydoh Smart Cash Card. The RBC Visa Prepaid Mydoh Smart Cash Card is available as a physical and digital card and can be used to pay for purchases online or in-store anywhere Visa tap is accepted.
How much does Mydoh Smart Cash Card cost?
Mydoh Smart Cash Card costs $2.99 a month. This monthly fee allows up to five children to be on your plan. Plus, the first 30 days are free.
3 things you’ll like about Mydoh Smart Cash Card
Automatic payments. Your payments will be automatically scheduled in the app so your child will receive their allowance like clockwork (as long as tasks are completed).
Many spending options. Kids can spend in-store and online up to allowable limits with their Mydoh Smart Cash Card (issued by RBC and powered by Visa) anywhere Visa is accepted.
Family plans at no extra cost. You can add up to five children to your plan without paying an additional monthly fee.
3 things to watch out for with Mydoh
Monthly fee. You’ll have to pay a fee of $2.99 per month to keep your account active.
More accounts to manage. You’ll need to remember additional login information and getting an account will mean adding an extra app to your phone.
No rewards program. It’s not possible to earn points or cash back with the Mydoh Smart Cash Card prepaid card since it’s not linked to a dedicated rewards program.
What should I know before I get the Mydoh app?
Eligibility requirements for the Mydoh app
You may need to meet the following requirements to get a Mydoh Smart Cash Card prepaid card for your child:
Be a Canadian citizen, permanent resident or temporary resident of Canada
Be over the age of majority in your province
Have a working bank account
Have a child between the age of 6 and 18 with access to a mobile phone or iPad
Required documents and information
To sign up for a Mydoh Smart Cash Card prepaid card, you’ll need to provide the following:
Name, date of birth and contact information for you and your child
Click on this secure Mydoh link or the go to site button above to be redirected to the Mydoh website.
Select “Parent sign-up” and follow the prompts to set up your account.
Enter application details such as your name and contact information.
Once approved, add money to your Mydoh Smart Cash Card Wallet from your RBC account or with an Interac e-Transfer.
Invite your kid(s) to download the app and walk them through how it works.
How do I fund my Mydoh Smart Cash Card account?
As the parent, you can fund your Mydoh Smart Cash Card Wallet using Interac e-Transfer or from your RBC Canadian personal chequing account or credit card.
Your Mydoh Smart Cash Card Wallet lets you send money to your child(ren), up to the allowable limits. Every time you send money to your child through the app, money flows from your Mydoh Wallet to your child’s Mydoh Smart Cash Card.
Is the Mydoh Smart Cash Card app safe for my child?
All the information you and your child provide to open up an account is encrypted, as is the data transmitted through your child’s Smart Cash Card. A full audit trail is kept whenever money moves to and from your Mydoh Smart Cash Card Wallet.
Your child’s Mydoh Smart Cash Card is set up to block various merchant category codes that are deemed inappropriate for youth, such as gambling and alcohol purchases.
How can I contact Mydoh Smart Cash Card?
You can use the in-app chat function or reach Mydoh Smart Cash Card by email at hello@mydoh.ca.
Bottom line on the Mydoh App
The Mydoh Smart Cash Card app and prepaid Visa card are designed to help your child learn good money habits. Your child gets a regular allowance when they complete tasks, and you get to monitor their spending and use the information you gather to stimulate discussions about budgeting, debt management and more. Enjoy a 1-month free trial when you sign up today.
You can sign up for Mydoh Smart Cash Card by clicking on this link to download the app on your mobile phone and providing the requested personal information (including proof of ID) in the app. Once you log in, you can send an invite code or activation email to your child so they can open a linked account.
The Mydoh Smart Cash Card is a prepaid Visa Card that's linked to your child's Mydoh Smart Cash Card app. You can load money onto it using your parent account. Your kids can then use the card to spend money in-store or online or link it to Apple Pay.
It's up to you. To get a physical card, you need to select that option for your child when you invite them to activate their account. If you select "Yes" to a physical card, one will be mailed once your child logs into their account for the first time. If not, they will use the digital version of the Mydoh Smart Cash Card on the Mydoh app.
Yes, Mydoh is legit and an innovative finance product for kids created and backed by RBC, Canada's biggest bank. Mydoh can even be linked to your child's Apple Pay.
The Mydoh app costs $2.99 a month, which covers up to five children on the same plan. Also, the first 30 days are free.
Claire Horwood is a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, and an Associate’s Degree in Science from Camosun College. Much of Claire’s coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. In her spare time, Claire enjoys rock climbing, travelling and drinking inordinate amounts of coffee.
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