Parents… watch out because now your teen is going to have their own Discover Card to use! And you know what? That is a good thing!

Although it may be shocking to you do you know that in 2008 a survey found that teens answered only about 1/2 the questoins on personal finance correctly? And in 2007 only 7 states actually required high school students to take a personal finance course? That means that a whole lot of teens will be leaving high school with absolutely no clue how to manage their money and their credit. With the state of the economy as bad as it is, it only stands to reason that we need to start teaching our teens the value of their spending and their credit, BEFORE they get out into the “real” world. Because once they do, they need to have some sort of reference so that they can grow up to be fiscally responsible adults!

Now you have a way to teach your own kids how to be responsible for their money, while still having some control over what they do. The card is called the Current Card by Discover and it is truly awesome! Made for teens but tailored to parents, it is a new way for teens to learn financial responsibility because it is not a typical credit card as you would think about it.

Parents can set spending limits, restrict merchant categories and track their teen’s spending through online statements, e-mail and text message alerts. They also enjoy the convenience of free, flexible loading options. Teens also can load their paychecks onto the card through direct deposit if they choose to. Teens can learn how to spend smarter by logging onto the Account Center at CurrentbyDiscover.com. There they can view helpful articles on topics such as basic financial concepts, protecting yourself from identify theft, starting a savings program, and making your money go further. Teens are eligible for members-only in-store coupons and online discounts when they use their card at select restaurants, movie theaters and teen-friendly merchants which will teach them the value of saving money as well as saving it. What’s more, parents earn Discover Cashback Bonus or Miles when they load their teen’s Current Card using their Discover Card.

Current is protected by Discover’s $0 fraud liability, which means cardmembers are never responsible for unauthorized charges – online, offline, anytime, anywhere. Current cards that are lost or stolen will be temporarily suspended or deactivated, and cardmembers will be eligible for an emergency replacement.

It is absolutely a win-win situation for both parents and teens! I personally think that it will be cool for your teen to have their own card because they will actually learn how to manage their money, and their spending before they head off to college and get bombarded with credit card offers that will just land them in trouble if and when they overuse as so many college students do. So, set your teen up with Current by Discover and start teaching your teen valuable lessons that they will remember long into adulthood! Thanks Mom Central for another great product!