BBVA Compass has launched SafeSpend Card, an open loop, reloadable, prepaid VISA debit card that offers customers a low cost, full service alternative to checking accounts.

Sunbelt-based BBVA said there is no credit approval required to apply for the SafeSpend Card and funds can be direct deposited onto the card, transferred from an existing BBVA Compass checking account or reloaded at any VISA ReadyLink location.

The new card provides customers with multiple free features such as: direct deposit, bill payment service, domestic ATM balance inquiry, online banking, Email and text message alerts, electronic statements and unlimited PIN and signature transaction access.

BBVA Compass director of consumer segment group Jon Mulkin said the SafeSpend Card is a great money management tool for parents who aren’t ready to give their kids credit or debit cards. They also expect the card to be popular among people who want to designate their spending money for special purchases like vacations.