Frequently Asked Questions
Many children are not taught the skills and knowledge necessary to manage their finances effectively. Poor financial habits developed in childhood can be difficult to break in adulthood, leading to long-term financial difficulties.Spendsafe believes in putting children on the right path to achieve financial independence by providing them with the resources to support their financial journey and parents with the tools to help guide them.The Spendsafe Mastercard Reloadable Prepaid Card is the first step to putting children on the right path to long-term financial stability.
Spendsafe is a fintech company that believes in providing children with the right services to learn about financial literacy while giving parents the tools to guide their children on their journey to financial independence. Peoples Trust Company is the issuer of the Spendsafe Mastercard* Reloadable Prepaid Card.
The Spendsafe Mastercard Reloadable Prepaid Card is a card exclusively for children that allows parents to load money onto it for their child to use in-store and online to make purchases at selected merchants in Canada without needing a traditional bank account.
The Spendsafe Card can only be used in stores within Canada, and online at restricted merchants. Excluding Quebec.
The Spendsafe Card is only allowed by individuals aged 6 years or older. Keep in mind the card is restricted from use for those who have reached the legal age of their province.
When the child reaches the age of majority in their province on their birthday, then the card is no longer active, and all funds from the child cardholder will be automatically transferred to the Parent's Spendsafe account. The parent can then withdraw the funds to their payment method on file. The parent will then close the account once the balance is settled.
No, the parent will only has the Digital Parent Card, accessible through the Spendsafe App on the Parent Spendsafe account. Only the child will be provided with a physical card received through the mail.
The Digital Parent Card is the primary funding account within the Spendsafe App, accessed only through the parent portal. The Digital Parent Card allows the parent to accept funds transferred over from their own personal financial institution, which can then be transferred to the child’s Spendsafe Mastercard Reloadable Prepaid Card.
The Digital Parent Card will be issued to only one parent or legal guardian.
One Digital Parent Card account can have up to 3 child Spendsafe Mastercard Reloadable Cards.
The Spendsafe Card focuses on the child's user experience and promotes financial literacy while they spend. The card is connected to the Spendsafe App, where kids can track their spending, save money, and learn money management skills through the child portal. At the same time, parents can monitor their child's account through the parent portal.The card is also set up to prevent cash access and block potentially harmful transactions, such as purchases of alcohol and gambling.
The Spendsafe Mastercard Reloadable Prepaid Card is not a credit or debit card. Instead, it's a prepaid card that parents must load funds onto for their child to use when making purchases in-store or online. Each time a transaction is made with the Spendsafe Card, the purchase amount is deducted from the available balance on the card, similar to a debit card. Parents must load more funds onto the card for continued use. It's important to note that the child must select or tell the merchant to choose "credit" when making a purchase, as all prepaid transactions in Canada are processed as credit.
The Spendsafe Card is not associated with the credit bureau.
No, the Spendsafe Mastercard Reloadable Prepaid Card cannot be added to a mobile wallet app, and is not compatible with Apple Pay, Google Pay, or Samsung Pay.
The first step to setting up a Spendsafe account is to download the free Spendsafe App on the parent’s mobile device from the Apple App Store or Google Play. The app is designed to give parents and children a shared user experience by allowing two accessible portals. Once the app is downloaded, the parent will follow the prompts to create an account and link child account(s).
To use the card, simply present it at stores where Mastercard is accepted. The merchant will select "credit" on the terminal to process the transaction. The card can be inserted for a PIN transaction or tapped for contactless transactions (within maximum spending limits). For online purchases, the Spendsafe Card profile must contain the cardholder's email address and/or mobile number. This is because some online merchants require further verification and will require a method to send a one time passcode (OTP).
If a purchase exceeds the available balance on the card or if the card is used at a restricted merchant, the transaction will be declined. The cardholder can track their spending and access other features by logging into their account on the Spendsafe App.
To change your PIN, call the toll free 1-833-403-7233 and select the option to reveal or change your card PIN. Before changing your PIN, you will need to confirm some security information first. Once the PIN change is done, you must make an in-store transaction of under $25 in order for the new PIN to be embedded onto the physical card. During the transaction, you will get an “INVALID PIN” message up to 3 times, then the transaction will automatically get approved, and your new PIN is now setup on the physical card. Subsequent transactions can be made using the tap feature. If you have any questions or issues, call 1-833-403-7233 and request to speak to a customer representative to answer your questions.
Once you receive the card, you need to activate it. You will not be able to use the card without completing the activation process. Call toll-free at 1-833-403-7233 to activate the card. You will be asked to provide the card information, such as the card number, expiry date, and security code (CVV) on the back of the card. Once the card is activated, the IVR will automatically prompt you to setup your IVR passcode. This is not the same as your card PIN which is to be used for in-store purchase. The IVR passcode is a code that you setup to access your card information via the IVR.
When you get your new card in the mail, call toll-free at 1-833-403-7233 and activate your card. You will be automatically asked to setup your card PIN followed by the IVR passcode.Once this is done, make an in-store purchase under $25. You will get an “INVALID PIN” message for 3 times; your new PIN will automatically be embedded onto your plastic card after. Subsequent transactions can be paid using the tap feature.
Once the parent account is created, a valid piece of photo ID will need to be submitted through the Spendsafe App and is used for authentication.
Download the Spendsafe App from your device's App Store. Create a parent account, then add a child account and then order your new Spendsafe Card. The card will be mailed to your home address.
The parent’s digital account is created upon the successful creation and authentication of the Spendsafe account. The physical Spendsafe Card for the child will be delivered by mail within 7-10 business days. If you don’t receive a card within that time, call the customer service support line at 1-833-403-7233.
If the parent or child forgets their Spendsafe App login username or password, they will simply need to follow the “forgot username/password” protocol from the login screen on the Spendsafe App to set a new password.
Your card is prepaid, meaning it will only authorize when enough funds are on the card to cover the purchase. However, the card may go into a negative balance due to some merchant transactions, so it is the cardholder's responsibility to ensure there are always enough funds on the card for purchases. In most cases, if insufficient funds are on your card, it will be declined.
No, you cannot use your card for recurring billings or pre-authorized payments.
You must tell the salesclerk you want to make a split purchase before you try and pay. Tell the salesclerk exactly how much to charge your Spendsafe Card; it must not exceed the balance of the card. Then pay the rest in cash or another payment method. Keep in mind, some stores will not allow split transactions.
Each merchant has their own return policy and will handle returns the same way as any other Mastercard transaction. They may credit your card, provide a cash refund, or store credit. If a credit is issued to your card, the credit may not be added to the available balance for up to seven (7) business days. During this process, you may see multiple transactions in your transaction history while the refund is still in progress. Once the return/refund is settled, your card balance will be updated and balanced out.
No need to worry! Pending transactions are not displayed; when the transaction is posted, it will be reflected in your card activity. This is standard processing and can take up to 3-5 business days. The available balance will always reflect the pre-authorized transaction.
There could be a few reasons that your Card is being declined. Below are the most common scenarios. For further assistance, call Cardholder Services at 1-833-403-7233.
- Your card has insufficient funds
- Wrong Security Code (CVV) and/or Expiry date entered: If either field is entered incorrectly, the transaction may be declined.
- Locked card status: If your card status is set to lock, no transactions can be conducted. Only the parent can unlock the Spendsafe card through the parent portal.
Yes, an expiry date is required on all prepaid Mastercard cards. The expiration date is printed on the back of your card and is shown as the “Expiration”. The card will expire at the end of the expiration month. Funds on the card will never expire. A new card will be automatically mailed to you before the expiration date.
No worries! As long as the Spendsafe card is used once within 12 months your card will be active! If the card isn’t used in one year it will be automatically deactivated and all child funds will be sent over to the Digital Parent Card. It will then be up to the parent to transfer the funds accordingly.
Parents can load funds from their payment method on file to their Digital Spendsafe account within the Spendsafe App.
Once the parent’s Digital account has funds loaded, the parent can send money to their child’s associated card using the Spendsafe app.
No, funds can only be loaded onto the Spendsafe Card when transferred from the Parent's account. Money cannot be deposited via an ATM or transferred by third parties.
To make a purchase in-store, insert the Spendsafe Card into the chip reader, enter the PIN, or tap the card on the contactless-enabled card reader when prompted. It's important to note that the child must select or tell the merchant to choose "credit" when making a purchase, as all prepaid transactions in Canada are processed as credit.
You should first dispute charges with the merchant. If your dispute is not resolved, please contact Cardholder Services at 1-833-403-7233.
Yes, online purchases can be made with the Spendsafe Card.
The child can request money from the linked parent’s account, and only the parent can accept the funds request.
No, the child can only request money from the associated parent account.
No, the parent account is not obligated to send funds when requested by the child, and they can deny the request and leave a message with the reasoning that the child will be able to view.
The Spendsafe App allows up to 3 kids on one $8.99 plan/month.
The only fee associated with the Spensafe Mastercard Reloadable Prepaid Card is the monthly subscription cost of $8.99 with a one time activation fee of $5.99 waived for the 1st child and charged separately for the 2nd and 3rd child. Please refer to the Cardholder Agreement for any additional fees and updates. Any applicable fees will be deducted from the card balance.
If a card is lost or stolen, the first replacement is free, and any additional replacements will cost $9.99 per card.
An OTP is a unique code for one-time use that helps protect your card while shopping online. Mastercard 3D Secure One Time Password service sends the OTP to your registered phone number or email each time you make an online purchase with a 3D Secure merchant. This helps reduce the risk of card misuse. The OTP expires every 3 minutes and is created per online transaction. Simply enter the OTP during the online checkout process, and your transaction or request will be complete.
All information collected by Spendsafe is protected as outlined in our privacy policy. As with anything money related, you need to be cautious and take care of your information too, don’t leave your phone unattended and don’t share your PIN with anyone. For more information, please visit our privacy policy page.
No. A child is not able to load a card. They can send a request to the parent to load the card via the Spendsafe App and the parent will initiate and complete the loading process.
In the event of a lost, stolen, or damaged card, parents should promptly lock their child's Spendsafe Card using the app and request a replacement card through the same platform. Please note that fees may apply for card replacements.
Please refer to the digital Cardholder Agreement for updated limits and fees.
Please refer to the digital Cardholder Agreement for updated limits and fees.
The Spendsafe Cardholder Agreement is always accessible from the spendsafe.ca website as well as the Spendsafe app.
Please refer to the digital Cardholder Agreement for updated limits and fees.
Please refer to the digital Cardholder Agreement for updated limits and fees.
To close a Spendsafe account, first, all associated child accounts must be closed, and any remaining funds must be transferred back to the parent account. Second, the parent must then withdraw the remaining funds to themselves via the payment method on file. Once all the remaining funds have been transferred out of the Spendsafe account, the parent account can be closed through the App.
