Goalsetter Cashola card review
A debit card designed for the next generation of Black and Latinx children.
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 Cashola 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.
Monthly maintenance fee
Signature transaction fee
PIN transaction fee
Michael Benninger is a staff banking writer at Finder. He is a former credit analyst and longtime freelancer whose articles have been published by Intuit, Business Insider and the Los Angeles Times. Michael is passionate about all facets of personal finance and has written hundreds of articles about money management during the past decade.
It’s still early days for the Cashola 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.
How much does Goalsetter Cashola cost?Goalsetter Cashola prepaid card has no monthly fee. Here’s what you should expect in fees and limits:
|Fee & limit||Amount|
|Goalsetter platform transaction fee||$1|
|Stripe payment processor fee||2.9% plus $0.30 per transaction|
|Card replacement fee||$8|
|Optional card replacement express delivery fee||$25|
|Maximum card balance limit||$10,000 at any time|
|Maximum ACH credit load limit||$2,500 a day|
|Purchase limit||$2,500 a day|
How do I open a Goalsetter Cashola account?
To get a Cashola card, you first need to establish an account with Goalsetter:
- Go to the provider’s site and follow the steps to apply.
- From the Goalsetter Cashola website, download and install the app from the App Store or the Google Play Store.
- Create a user account using your name and contact info. Next, link it to your bank account.
- Add family members to your Goalsetter account by sending digital invitations.
- Once your child’s account is set up, request a Cashola card through the app.
To open an account with Goalsetter and get a Cashola card you must meet certain requirements:
- US. citizen or legal US resident
- At least 13 years of age or have the consent of your parent or legal guardian
- Valid US bank account
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.
What you’ll like about the Goalsetter Cashola card
Like several other prepaid cards for kids, Cashola lets parents set spending limits, allowance rules and chores for their kids. But Cashola also includes these standout features:
- No monthly fee. Unlike most kids’ cards, you won’t pay a monthly fee to use Cashola.
- Financial quizzes. The Goalsetter app includes weekly financial literacy quizzes that your child will have to complete before using their Cashola card. You also have the option to turn on a feature that locks your kid’s card if they haven’t completed at least one quiz that week.
- Learn to Earn. Parents can choose to pay their kids up to $1 for each question they correctly answer in Goalsetter’s Learn to Earn quizzes. The amount kids earn is transferred from your linked bank account to your kid’s Goalsetter savings account.
- Real-time transfers and auto-save features. Transfer money to your friends or family at any time and use auto-save or roundup transfers to contribute to your child’s goals.
- Separate funding sources. Cashola is a good option for divorced parents as you can both have separate Goalsetter accounts with separate funding sources and still help your kid save.
- Savings gifts. Family members can purchase Goalcards, which are digital gift cards that kids can use toward their savings. But it costs $1 per Goalcard and there could be a 2.9% + $0.30 processing fee as well.
What to watch out for
Before applying for a Goalsetter Cashola card, keep in mind the following:
- Not transparent. Although Cashola’s website states that they’re transparent, you won’t find a list of their fees or limits on the site unless you open an account or call customer service. We reached out to a representative to unearth the account’s fees and limits.
- No ATM withdrawals. Unlike some cards for kids like Greenlight, you can’t withdraw money from an ATM with Cashola.
- No direct deposit. Some cards like Famzoo support direct deposits, but Goalsetter doesn’t.
- Can’t use outside the US. Your kid can only use their Cashola card while in the US.
Is Goalsetter Cashola safe?
Goalsetter is FDIC-insured up to $250,000, and the Cashola card is backed by Mastercard. Goalsetter also uses bank-level security to protect your personal and financial data.
Compare Goalsetter Cashola with other debit cards for kids
I got the Cashola card. Now what?
Once you receive your Cashola card, you can activate it in the Goalsetter app and define any limitations about where and when your child can spend their money.
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 a Cashola card by linking a single bank account to your Goalsetter account. You can also use Goalsetter’s Family Circle feature that allows multiple family members to establish auto-save or roundup transfers to contribute to a child’s specific financial goals. And friends and family members without Goalsetter accounts can contribute to a kid’s savings by buying GoalCards, which are digital gift cards sold by Goalsetter.
How can I contact Goalsetter Cashola?
There are only two ways to contact Goalsetter for help with your card:
- Email firstname.lastname@example.org
- Fill out a form on the company’s website.