Aura Youth Card Coming Soon

 
September 1, 2021

The Aura™ Youth Card is a pre-paid Mastercard® for teenagers, with intelligent money management tools that improve financial literacy.

The Aura™ Youth Card is a pre-paid Mastercard® for teenagers, with intelligent money management tools that improve financial literacy.

 

Celero is pleased to announce that the Aura Youth Card will be available soon! The Youth Card enhancement enables youth under the legal age of majority based on your province (13-18 or 13-19) to sign up for an Aura card. The Youth Card will be associated with the parent or guardian’s Aura registered account for the youth member to sign up.

 

Not only is the Aura Youth Card beneficial to teenagers, but it also provides a competitive advantage for credit unions by enabling them to offer a reloadable Mastercard® to a demographic that typically cannot access traditional credit card options. This enhancement is the latest example of Celero’s commitment to continually innovating and enhancing the Aura platform in close consultation with our credit union clients. 

 

“This unique offering delivers a highly personalized and connected experience that is being sought after by Gen Z or the Zoomers. From access to a globally accepted payment option to an innovative rewards platform and financial wellness tools, the Aura youth enhancement is a game-changer for Canadian credit unions,” says Ali Bukhari, Senior Product Manager, Cards & Payments, Celero.  

The importance of financial literacy in youth

Financial literacy involves the understanding of basic financial concepts, the difference between needs and wants and the ability to use that information to make wise personal and financial decisions. Financial literacy isn’t a skill just for adults; it is a skill that all youth should have.

 

While teens might not need to worry about mortgages, rent or student loans just yet, they’re still making financial decisions that could not only affect their financial situation today but also for years to come. From cell phone bills and part-time jobs, how they see and understand money can make all the difference.

 

By the time they are 19 years old, about half of all teens in Canada have already joined the labour force, often working part-time while in school, according to Prosper Canada. Ensuring that youth are informed about money through socialization (listening to their caregivers, influential adults and peers) and money management tools is essential to their long-term financial health.

Aura money management tools

Aura comes with built-in money management tools that allows for the flexibility of online and in-store purchases and teaches financial best practices. Learn more about Aura’s money management tools below.

Saving tools

The round up saving option in the Aura app teaches youth the importance of saving and reaching a savings goal. Youth can round up purchases to the nearest $1, $2, $5 or $10 to save money automatically. The savings go towards a goal that you can define and monitor within the app to check their progress.

Tracking tools

To ensure you can see how easy it can be to spend money without realizing, the Aura app has a trends section to track spending on a weekly and monthly basis while keeping tabs on where money goes and helps pinpoint where to save.

P2P Transfer

In the digital age and with a movement towards a cashless society, Aura allows parents to transfer money to their kids digitally. With Aura’s peer to peer transfer capabilities, parents can transfer money to their kids for completing chores, allowance, public transit fares, movie theatre tickets and much more.

Security

Another important part of financial literacy is the ability to recognize fraud and ensure your money is secure. The Aura app has built in security features like the ability to freeze your card if you lose it, PIN or fingerprint credentials for secure login and push notifications for purchases so there are no surprise transactions. Aura is also backed by Mastercard’s Zero Liability Protection on all purchases and ATM transactions, so users would not be held accountable for unauthorized transactions.

Rewards

Savings money wherever possible is another skill that is important to teach young people. With Aura, you have access to instant cashback offers and promotions on everyday purchases. Aura has a curated list of offers for youth that will continue to provide value to this demographic. These offers will allow the younger ones to get an understanding of how financial products can drive savings and this should be a factor when deciding which product to avail. That means teens can start saving on the things they want now, while saving for later, too.

 

Want to offer youth at your credit union a digital payment option and financial wellness tool? Please contact us or talk to your Celero Account Executive to get started or to test out the Aura card products.

 

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Aura Youth Card Coming Soon