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’ll pay in transactions and you can’t make any ATM withdrawals.
Monthly maintenance fee
Signature transaction fee
PIN transaction fee
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.
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 most prepaid cards for kids, Cashola lets parents set spending limits, allowance rules and chores for their kids. Here’s how it stands out:
- No monthly fee. Unlike most kids’ cards, you won’t pay a monthly fee to use Cashola. But Goalsetter reserves the right to change this. And they’ll notify users if they do decide to start charging.
- Educational quizzes. The Goalsetter app includes financial literacy quizzes that your child will have to complete before using their card. You can also choose to deposit money for every question answered correctly.
- Admirable ambition. Goalsetter’s mission is to educate 1 million Black and Latinx kids about the virtues of financial fitness in an effort to help them save money for college.
- 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.
- Quick customer service. We contacted Goalsetter to ask them about Cashola’s fees and limits. They responded within two hours.
What to watch out for
Before applying for a Goalsetter Cashola card, keep in mind the following:
- Additional transaction fees. Goalsetter charges a flat $1 fee on all transactions processed through the platform. Plus, Goalsetter uses the popular payment processor Stripe, which charges a standard fee of 2.9% plus $0.30 per transaction.
- Not transparent. Most prepaid cards for kids provide a clear list of fees and limits. But you won’t find a cardholder agreement or a list of fees and limits on Goalsetter’s website. You’ll need to create an account or reach out to customer service to check the fees and limits.
- No ATM withdrawals. Unlike some cards for kids, you can’t withdraw money from an ATM with Cashola.
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.
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.