Giving teens hands-on money experience can be a great way to increase his or her financial literacy. The basics of personal finance, budgeting, and saving money can be easily put into practice as a teen.
And starting early is essential to adult financial wellness. Your teen may already be earning cash, but are teens tracking spending and actually putting money away for future expenses?
In fact, 40 percent of teens have a debit card. However, having a debit card and having a debit card account with financial support tools are two different things.
To help, we compiled the best debit cards for teens. Let’s dive a bit deeper, hopefully helping parents and teens find the perfect teen debit card fit.
Can a 13-Year-Old Have A Debit Card?
This is a very common question our financial experts at Treasure Card get often. Can a 13-year-old have a debit card? Absolutely!
Teens with a debit card can create new financial learning opportunities, such as budgeting earnings, money savings goals, spending tracking, and more. There are also a handful of excellent debit cards for teens options.
From Treasure Card, the financial education app for kids, to Greenlight and FamZoo, the available debit card accounts and platforms for teens is definitely encouraging. Especially for teens that want to understand financial literacy early.
How Do Debit Cards For Teens Help Financial Literacy?
Having a debit card as a teen is a great way to give teens hands-on experience managing money. It is real life practice that has no substitute. And when done right, a debit card and debit card platform for teens can facilitate a safe environment.
The basics of money management can be achieved with very little risk, especially when parents are active in the process. And many debit cards and debit card account platforms for teens can have no overdraft impact.
Giving your teen the ability to practice with a new debit card may prove beneficial when it comes to money management at an early age, set up great spending habits, and allow him or her to start saving money.
All good things for parents and teens down the financial wellness road. Let’s take a closer look at our top picks, the 4 best debit cards for teens.
5 Best Debit Cards For Teens Worth Checking Out
Debit Cards for Teens In Canada
1. Treasure Card And Mobile App
Treasure prepaid card and mobile app is a premiere prepaid card for teens that can add serious value to a teen’s financial literacy and overall future financial wellness. Treasure Card is an educational financial app for kids of all ages.
Check this Treasure Card video out: https://youtu.be/PXuOmWYL16M
The app features include chore management, spending tracking, money saving goals, and more. The Treasure Card financial education app for kids is also easy to use. It was developed with ease of use for kids of all ages in mind, giving them money saving power.
2. Mydoh Money App And Smart Card
Another smart card for teens worth considering for families in Canada is mydoh. This money app for kids and teens can give your kiddos a money savvy way to make learning about finances fun.
Mydoh also brings parents and kids together when it comes to financial wellness. The mydoh money app lets kids and teens earn money, track tasks, and more while parents get oversight into their kids’ earning and spending. The smart card is also secured by the Royal Bank of Canada.
Debit Cards for Teens In U.S.
3. Greenlight App For Teens
Greenlight app for teens is an excellent choice for your teen’s first debit card experience. It serves up a ton of features and value for teens and parents alike. There is a single month free trial for iPhone and Android users.
Features of Greenlight app includes spending limits and controls, chore management, transfers, and saving money tips. After the free trial, you can get the app for up to five kids for under five dollars a month.
The downsides of Greenlight are low spending limits, limited funding options, and there have been customer service issues. However, the pros do outweigh the cons for this teen debit card option.
4. Teen gohenry Debit Card App
The gohenry debit card app for teens is all about teaching financial literacy and excellent customer service. The top pros for this teen debit card include easy to use features, international use, and 24/7 customer service.
There are a few downsides, like higher pricing and ATM fees, but this debit card app for teens is still a viable option for teens to learn more about financial literacy. There is also a family banking tool that lets parents and teens share accounts, making tracking easier for parents. Gohenry is also available for teens in the UK.
5. FamZoo Mobile Financial App
FamZoo mobile financial app is another financial education app for kids. The financial literacy it provides teens makes it a top debit card choice. The app is available for iPhone and Android users with a free trial option to take it for a test drive as a family.
The paid mobile app option can start out at as little as $2.50 per family. There is also an option to pay two years in advance for only $59. The pros include a ton of features for financial education, minimal fees, and per month payments for up to four cards.
Another unique feature of FamZoo is the prepaid and IOU accounts. The prepaid cards give teens the hands-on financial literacy experience needed to set up long-term, future, financial wellness.
Is Your Teen Ready For A Debit Card?
This is definitely a common question for parents. Setting up financial literacy learning as soon as possible for your teens is paramount to future money management success. And the above debit cards for teens can definitely get you and your teen on the right track.