Introducing Citi Cash Card.. it is a pre-paid, reloadable card that can be used anywhere MasterCard is accepted. You can load money to the Citi Cash Card account by using Visa or MasterCard credit cards (and you will be earning miles if you use a mileage credit card). You can load any amount between $10 and $1,000.

You can withdraw the cash from your Citi Cash Card account using ATM. Remember, using Citibank ATMs or tellers is free of the cash withdrawal fee. ATM withdrawal is limited to $112 per day and $338 per 7-day period.

You can apply for a student (or anyone at least 13 years of age), you will be the Master Accountholder and will supervise and legally control the account. The Citi Cash Card is issued in the name of the Student who is the authorized user of the card. To apply, all you'll need are the Student's birthday, email address (if different from yours) and Social Security Number.

You can also apply for yourself, you are the Master Accountholder and the card will be issued in your name.

As the Master Accountholder, you will be able to monitor how much money was spent and where by reviewing the current transaction history online. Also, if the card is lost, report it immediately and you won't be responsible for any unauthorized transactions.

The Citi Cash Card is clearly a better alternative than giving your children cash. It gives you control and help teach your children how to budget and spend wisely. More importantly, you will be earning miles if you use a mileage credit card to load money to the Citi Cash Card.

There is an annual fee of $25

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