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Best Debit Cards for Kids
Debit cards are popular for college students, but did you know some minors have their needs for these cards too?
Before the electronic age the need to give a child a debit card was not that big. However, the digital space keeps growing and in order to pay online your child may need a debit card.
Most banks don’t issue debit cards for persons under 16 years of age.
But, alternative financial institutions have created debit cards specially for kids.
These accounts can be managed by the parents and they include Greenlight, Chase debit cards for kids and GoHenry.
Debit cards for kids are useful if you don’t want to use your own credit card for their online purchases.
They are like electronic checks, not like credit cards. Debit cards do not affect your credit score.
If you’re looking for a debit card for 11 years old or anyone under 18, this list helps you start your kid in the world of Banking.
Most of these debit card services provide money management hands-on experience for kids.
Here are some of the reasons for using a debit card by kids 11 years olds and by Teens
- Debit card to pay for games like Roblox
- Debit card to pay for Gamestop purchases
- To support their friends selling stuff online
- Prepaid cards are generally safer than cash because they can be locked if lost
- They are more educational. Most of the dedit cards Apps offer resources to learn money management
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Type of Debit Cards for 11 years Old and Teens
Reloadable vs non reloadable debit cards
A reloadable card allows you to place initial funds and to add additional funds or reload it. A non reloadable debit card is only good for the initial amount of money you fund it with. You can’t add funds to a non-reload card.
Debit Card vs Prepaid Card
Both of these type of cards are tools to help you manage your money differently. In general, these cards do not affect your credit score.
The main difference between these two cards is that a debit card is connected to a checking account. A prepaid card requires deposits or loading of funds into it before use.
The use of debit and prepaid cards allows you to make purchases and pay bills pretty much anywhere.
If you’re only interested in having your kids pay for stuff online, a Prepaid card may be a good choice. However, if you want the Banking experience to be more educational and involve, a Debit card may be the bet tool.
Debit cards for kids may carry processing and other fees that are charged against the account.
Some of these costs may include; PIN based fees, processing and ATM usage fees or maintenance fees.
Best Debit Cards for 11 Years Old and Teens
The Greenlight debit card allows kids to earn money via chores, set savings goals, spend smartly and invest. Parents set the controls and get real-time notifications every time their kids spend money.
The Greenlight debit card offers three different fees-based accounts. The basic account costs $4.99 a month for the family.
The basic Greenlight account provides core tools to earn, save, spend and give. The debit card is FDIC-insured up to $250,000.
The other two account services cost $7.98 and $9.98 a month. These accounts offer additional tools like an Investment Platform just for kids.
Kids any age and adults can sign up for an account at Greenlight and obtain a debit card.
Chase First Banking
This service by Chase bank offer a debit card for children between 6 and 12 years old. This service is available only to Chase Checking customers to help their kids manage money.
Chase First Banking helps parents teach their young kids and teenagers about money thru hands-on learning. It helps the kid manage his earnings (allowances), spending and savings.
It’s basically a banking account for the parent and the kids that comes with a debit card.
This is an App for kids financial education and it also offers a debit card to manage their money. The cost is $3.99 for a basic account.
GoHenry allows you can set up a Parent account to control up to 4 kids accounts. This account is also used to fund the debit cards.
As the Parent account holder you can also;
- Set spending limits
- Choose where the card is used
- Block and unblock cards from the account
- Receive spending notifications
Current offers a debit card and banking App for Teens. The Teen account is designed to teach teens how to manage money. It allows you as the parent control of your child’s spending and monitoring functions.
You can make instant fund transfers to your Current teen’s account. You can also set limits and block specific merchants.
Copper Banking offers a free debit card for teens with its checking account. The App provides money management and financial education for kids.
Your teen can buy online, in person or anywhere Master Card is accepted.
This free debit cards for kids has no minimum balance or overdraft fees.
Cash deposits with Copper are insured by the FDIC.
Verizon FamilyMoney – Debit Cards for Kids
Verizon just started this new Banking service, it’s a prepaid debit card to replace the family’s Piggy bank.
The debit card is for kids 8 to 16 years old.
The Verizon prepaid debit card can be used online and anywhere that Visa is accepted. However, you can’t withdraw from ATMs with this card.
After the free trial, the debit card service cost $5.99 per month.
FamZoo provides financial education and prepaid cards for the entire family. You set up a Primary account and fund debit cards for each member of the family.
The prepaid cards from FamZoo are accepted everywhere Mastercard is accepted.
The cost is prepaid annually and it works out to be around $2.50 to $4.33 per month.
You can start your pre-teens and teens on the path to financial education by learning how to use and manage a kids debit card.
These accounts provide free financial education along with a fee based debit card (most of them). Your child can shop online and in person with his/her own personal card. Some cards allow for ATM withdrawals.
Another plus of using a kids debit card is that you don’t have to worry about giving your child your own credit or debit card to make online purchases.
7 Debit Cards for Minors
- Chase First Banking
- Verizon Family Money