TD Enters Teen-Centric GPR Card Space in U.S.

Navigator Edition: January 2014
By: Sarah McCroy

On January 15th, TD Bank announced the launch of TD Go, a reloadable prepaid card designed to help parents encourage financial responsibility among their teenagers. The card is a new addition to TD’s product suite and is the Bank’s first foray into GPR. TD Go is offered alongside TD’s Student, Simple, and Convenience Checking accounts, but is marketed directly to both parents and teens. Parents act as the “account owners” and can monitor their teen’s spending habits through various parental control features, including email and text alerts for balances, transactions, and adult-oriented purchases. In addition, parents open and fund the card; teens are able to add funds solely via direct deposit.

Many other banks have added teen-centric consumer reloadable products to their card offerings over the last decade. The Visa Buxx program, launched in 2001, has been adopted by a number of financial institutions. It is similar to American Express’ PASS prepaid product, which targets both teens and parents and has comparable functionality to TD Go. Amex differentiates from the market by offering teens an online “Deal Center” with merchant-funded discounts as well as access to advance tickets for musical and athletic events. BB&T takes another approach to the teen card with its LEAP Account, which is a prepaid card that not only targets parents with younger teens, but also students between the ages of 18 and 21.  While other observed programs allow anyone older than 18 to be the account holder, BB&T is the only bank to directly target teens instead of parents.

Though many of the account maintenance fees are similar among the programs, other fees vary. Most carry either an enrollment or monthly fee and a fee for loading the product via debit or credit card (see Figure 1).

Figure 1: U.S. Teen Card Comparison


Source: Bank product websites.

For more information, please contact Sarah McCroy, Senior Analyst, specializing in Debit and Prepaid,

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