Is It Okay Kids can have Debit Cards? How do We Implement it Safely
A debit card for children can be an excellent way to teach them financial responsibility and budgeting. However, with so many options on the market, selecting the right card can be a daunting task. In this article, we'll look at what factors to consider when choosing a debit card for children, as well as some of the best options available.
What to Look for When Choosing a Debit Card for Children
There are several factors to consider before selecting a debit card for children. Here are a few of the most important:
Similar posts you may like..
1. Some debit cards for kids have age restrictions, which means they are only available to children of a certain age. Before selecting a card, make sure to check the age restrictions.
2. Parental controls: Many debit cards for children include parental controls, which enable parents to monitor and limit their child's spending. Setting spending limits, tracking transactions, and blocking specific merchants or categories are some parental control features to look for.
3. Fees: Some debit cards for kids charge monthly maintenance fees, ATM withdrawal fees, or transaction fees for certain features. Before choosing a credit card, make sure to review the fee structure.
4. When it comes to financial transactions, security is always a concern. To protect your child's money, look for debit cards that include fraud protection, encryption, and other security features.
5. Ease of use: A debit card for kids should be simple and intuitive to use, with an interface that even young children can understand. Look for cards with features such as mobile apps, text alerts, and online account management to help parents and children monitor and manage their finances.
Best Debit Cards for Children
Now that we've discussed what factors to consider when selecting a debit card for children, let's look at some of the best options available.
Greenlight
For good reason, Greenlight is one of the most popular debit cards for kids on the market. The card includes a number of parental controls that enable parents to monitor and manage their child's spending. Parents can create automatic allowances, spending limits for specific categories, and even block specific merchants entirely. The card also includes a mobile app that allows parents to track their child's spending in real time and instantly send money to their child's card. Greenlight charges a $4.99 monthly subscription fee.
Current
Current is another popular kids' debit card with a variety of parental controls. Parents can set up automatic allowances for their children, monitor their spending, and even block specific merchants or categories entirely. The card also includes a number of extra features, including savings goals, chore tracking, and the ability to earn cash back on purchases. Current has two pricing plans: a free plan with basic features and a $4.99 per month premium plan with additional features.
When it comes to financial transactions, security is always a concern. To protect your child's money, look for debit cards that include fraud protection, encryption, and other security features.
Ease of use:
A debit card for kids should be simple and intuitive to use, with an interface that even young children can understand. Look for cards with features such as mobile apps, text alerts, and online account management to help parents and children monitor and manage their finances.
FamZoo
FamZoo is a debit card for children that includes a variety of parental controls and financial education tools. Parents can set up automatic allowances for their children, monitor their spending, and even create custom rewards for good behavior. To help children learn about money management, the card also includes a variety of financial education tools, such as budgeting and saving tools. FamZoo charges $5.99 per month for up to four cards, with additional cards available for an additional fee.
Gohenry
Ggohenry is a debit card for children that includes a number of parental controls and financial education tools. Parents can set up automatic allowances for their children, monitor their spending, and even block specific merchants or categories entirely.