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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’ll pay in transactions and you can’t make any ATM withdrawals.
$0
Monthly maintenance fee
$0
Signature transaction fee
$0
PIN transaction fee
Card type | Prepaid |
---|---|
Card network | Mastercard |
Monthly fee | $0 |
Signature transaction fee | $0 |
PIN transaction fee | $0 |
Review by
Michael Benninger is a personal finance writer at Finder. He is a former credit analyst and longtime freelancer whose articles have been published by Intuit, Blinkist, Business Insider and the Los Angeles Times. Michael graduated from Rowan University with a bachelor’s degree in business administration. When he’s not writing, you can usually find him watching movies, enjoying the outdoors or boarding planes to distant destinations.
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.
But although the fee is currently at $0, you’ll pay $1 for every transaction you make through the platform and 2.9% plus $0.30 in payment processing fees. Plus, the card doesn’t work at ATMs, so your child can’t use it to make withdrawals. You may want to explore other prepaid cards for kids if you were hoping for a card with no transaction fees.
Fee & limit | Amount |
---|---|
Monthly fee | $0 |
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 |
To get a Cashola card, you first need to establish an account with Goalsetter:
To open an account with Goalsetter and get a Cashola 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.
Like most prepaid cards for kids, Cashola lets parents set spending limits, allowance rules and chores for their kids. Here’s how it stands out:
Before applying for a Goalsetter Cashola card, keep in mind the following:
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.
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.
There are only two ways to contact Goalsetter for help with your card: