(MONEY Magazine) – Most parents flinch at the notion of handing over a credit card to their free-spending teens. But the alternatives--trailing your kids through the mall as they compare baggy jeans and Backstreet Boys CDs, or fending off their gripes about not getting to the mall--are, well, kind of a drag. You may be tempted by a new option: signing up your kids for a teen-friendly shopping website, where they can make purchases without a credit card and spend no more than you allow. We put these chaperoned sites to the test by asking six money staffers and their 10- to 17-year-old kids to try out the major contenders: RocketCash, iCanBuy and DoughNet. Their reviews were, like, mixed.

First, here's how the sites work. These online malls let parents set up electronic credit or bank accounts for their kids (minimum balances range from $1 to $50). The kids can spend the money at a select group of online stores, such as CDNow, Amazon and dELiA's. You can monitor your children's shopping and even restrict access to specific retailers. For worthy teens, you can arrange to deposit a regular allowance. All three websites promise to keep your child's financial information secure from marketers.

Whether you'll want to consider these websites depends in part on your family's spending policies, your child's maturity and your comfort with the Net. After viewing the online malls, one staffer with preteen daughters chose to pass. "I'm trying to teach my kids that recreational shopping can lead to bad spending habits," she said. And as you might expect with fledgling sites, both adults and kids found registration difficult and navigation occasionally frustrating. Most kids were unimpressed by the offerings, though some liked the graphics and selections. "There were a lot of my favorite stores," said Sarah Potter, 15. Here's our panel's scoop on the pros and cons of the sites, starting with the most restricted one.

ICANBUY (www.icanbuy.com) This online mall is the equivalent of Internet shopping with training wheels. Unlike the other two online stores, which link kids directly to retailers' websites, iCanBuy provides child-safe, limited-merchandise versions of 25 e-stores, such as designeroutlet.com and eToys. Parents can also arrange to pre-approve all items before the child buys them. To its credit, the site offers links to charities where kids can make donations and to savings and checking accounts (at Security First Network Bank) that pay 2.6% and 5.8% interest, respectively (the 5.8% rate expires in April 2000). What's cool: Kids can post wish lists for parents, friends and relatives seeking gift ideas. You can also find celebrity wish lists--Britney Spears reveals which pair of butterfly slides she prefers (they're blue suede). Not so cool: Inventory is limited, complained Chris Ignatiou, 16, who was puzzled to find only 20 CDs listed on the CDNow page. Noted Chris: "The information for some items was a lot sketchier than you can find on the store's home page." Parents may be annoyed by the lack of an 800 number for technical support or questions. Best for: Preteens and older kids who need close monitoring.

DOUGHNET (www.doughnet.com) This site's goal is to be a comprehensive teen financial center, offering online banking, charitable giving and investing, as well as shopping. DoughNet falls short in most areas, however; the investing links, for example, are mostly articles and games at other websites. What's cool: With direct links to 31 merchants, the site offers a broad range of choices that include 800.com's electronics, egghead.com's software and Urban Decay clothes. Kids can get a $20 credit for opening a DoughNet savings account at USAccess Bank, which pays 3.2% interest. You can choose to be notified by e-mail of your kids' purchases. Not so cool: Poor navigation. "I couldn't access the sites I wanted, even after trying several times," said Alexis Tucker, 13, who instead received messages that retailers were "temporarily unavailable." Best for: Independent shoppers and teens interested in money management.

ROCKETCASH (www.rocketcash.com) With its hypercool graphics and no-grown-ups attitude, this website seems aimed at sophisticated teens. But clearly, younger siblings are sharing the mouse--the best-selling item on RocketCash's top 10 list was a package of Pokemon trading cards. What's cool: The best selection, with links to 46 merchants that include clothing retailer PacSun, the music download site mp3.com and online drugstore Planet Rx. Parents can restrict account access to particular times of day. Not cool: Difficult registration and lack of support. One MONEY parent was unable to sign up even after trying to reach the company. "Customer service was a toll call," she reported. "And all you got was a voice mail." Best for: Older teens who need little supervision. Still, don't be surprised if your teen's cybershopping inspires even more trips to the mall.