Vicki,
Re: the advance limits - It depends on the card and what bank or financial institute is putting it out. We have hers set with daily limits with the USAA prepaid spending card.

We can also "freeze" the card at any time, or simply remove ATM usability. Say kiddo withdrawals the $20/max on the first day of the month, remove ATM access for the rest of the month so that all the money isn't pulled off of it as cash.

AND - "Giftgivers" (i.e. Grandparents) can be added to the account so that they can log on from their computers and transfer money from their debit cards or with an e-check to the prepaid card.

Also, at some point our kiddos have to begin building credit, which a prepaid card - MC logo or not - will not do help them do. However, I do think that "building credit" is not something most freshmen-juniors in college, not working a full-time job, getting a "free" Discover card on campus with a $500 - $1500 credit limit can handle.

Credit card companies target new to the market 18 - 20 year olds because the majority of people keep their "first" credit card for the rest of their life.