New Web Site Allows Children To Spend Online

Just in case you don’t have enough ways for your children to empty your bank account, there’s a new online shopping site designed specifically to enable online spending by those too young to own credit cards.

Attempting to tap into the market for kids and teens who typically can’t apply for their own credit card until age 18, iCanBuy.com is promising a safe online shopping area where younger shoppers can utilize their parents’ credit. The free service lets parents use a credit card to create an online debit account for their children, set spending limits and decide which retailers are available for shopping.

iCanBuy.com, which will go live on March 1, has already partnered with such retailers as Outpost.com, Beyond.com, Fashionmall.com, American Eagle Outfitters, Sports Superstore Online, TheHut.com, FogDog Sports, Designer Outlet.com, Justballs!, Underneath.com, and Kesmai’s Gamestorm.

ICanBuy.com has also forged a partnership with Security First Network Bank to provide youngsters with the opportunity to have interest-bearing savings accounts online. In addition, teens and kids can chat about money management and other related topics through a partnership with chat site Talk City. According to iCanBuy.com, a patent is pending on the site’s technology and processes.

Data clearing house InterRep Research reports that young people ages 4-18 spend approximately $130 billion a year. But to date, the credit card issue has kept many youngsters from spending their money online. Research from Cyber Dialogue estimates that there are over 16 million children and teenagers getting online on a regular basis.

With iCanBuy.com, parents contribute to their kid’s account by setting up an electronic allowance or depositing a lump-sum deposit by credit card.

After choosing the sites available for shopping and determining their child’s spending limits, users get to shop at the actual Web site of partner retailers, use the online bank, chat about money management, and even make donations to charity. Parents can review their children’s account activity at any time and revise permissions accordingly.

Users can also add items to a virtual wish list, a cross-vendor record of products they would like to receive, much like a wedding registry. Friends and relatives can then see what the young person would like for a birthday or holiday, and purchase it on the spot.

When the site goes live it will be located at http://www.icanbuy.com.