Can I Get My Child A Debit Card?
Teaching kids to spend and save money responsibly can certainly prove challenging. Having the time and tools to do so is an important part of the equation.
But teaching your kiddos to spend and save money responsibly does not have to be difficult. Especially in the digital world we live in. This is why so many parents ask, can I get my child a debit card?
The answer is yes. A debit card can be a valuable tool when it comes to financial education for kids. And it is also safe.
Can I get my child a debit card?
When looking for the right debit card for your child, you definitely want to pair it with tech. Why? Kids today are all about technology. It is their whole world in many respects.
If your kiddo has a smartphone, then a financial educational app paired with a prepaid debit card is a must. The Treasure Card and mobile app, available for Android and iPhone, is an excellent option.
How can getting your child a debit card be beneficial? A debit card and financial education app for kids serves as a pathway into “money smart” decisions and financial responsibility.
You may also be wondering how old a child should be to have his or her own debit card. Let’s take a closer look.
Children can’t open their own debit bank accounts
This is an important one. Since your kiddo can’t walk into a bank and get his or her own bank account, you will need to be active in the process.
Does this mean your bank should be the first option? It definitely can be.
However, there can still be overdraft fees and other issues that arise when a child has their own traditional bank account and debit card.
With a prepaid debit card, the risk is pretty much zero. You decide how much your kiddo can spend, without worry of overdraft fees and other traditional banking issues.
But why not give my child my debit card or credit card? This is a common question we get at Treasure all the time. With no limits, a child can freely rack up charges without parents even knowing.
And these charges can be destructive to the entire family’s financial wellness. For instance, a child racked up nearly $20,000 in less than 20 days on popular gaming platform Fortnite.
Imagine if this happened to your family finances. Not good. With a prepaid debit card, kids can only spend what they have,
Prepaid debit cards and financial education apps teach kids the value of money
Another positive behind getting your kid his or her own prepaid debit card is that the kiddo is spending their own money. Money they most likely worked hard for via a financial education app’s tasks.
Spending mom and dad’s money is definitely easier. But what if the money was actually the child’s hard earned mula? This creates a need versus want scenario.
Prepaid debit cards and financial education apps for kids have a ton of features that allow kids to see tasks that earn money. They also have saving features, and some even investing features.
This makes spending money real to a child. And it sets him or her up for financial responsibility at a higher level.
What is the best prepaid debit card for kids?
If you ask us here at Treasure Financial, we will undoubtedly say the Treasure Card is the best. And we do truly believe it.
However, there are a ton of factors that go into choosing the best debit card for your kiddos. Treasure may not be the best for your family and child’s financial learning. And that’s cool with us.
We want children to learn great saving and spending habits, regardless of where or who it is with.
The Mydoh money app and smart card is a great choice. And so is the Greenlight card and app. These are both great options for parents and kids in Canada and the United States.
The question should not be, can I get my child a debit card? It should be, how can I get the most out of the debit card experience for my child?
We encourage parents to check us out and feel free to email or call us with any questions. Give your child the best financial future by beginning with smart money education today.