Before choosing a debit card for your child, consider the following factors:
Parents’ control
All the above apps offer a number of parents’ control, including the ability to automatically pay the allowance, lock the debit card or check the balance of your child. Some features allow you to choose what kind of purchase your children can buy, set the cost limit and set rewards to complete some tasks.
Different apps provide different degree controls, but most will allow you to keep tabs on your child’s expenses and savings, and help them manage their money as needed.
Academic resources
Most of the cards here include access to educational resources for you and your child. Your children can learn important skills such as budget, savings, costs and even investment. Some cards offer resources based on age and financial literacy category – such as expenses, savings, credit and more.
Age
Some debit cards made for children have a minimum limit, but mostly allow you to sign up for a child by the age of 17. They can open an account for 18 years themselves. You have to confirm the minimum or maximum age and decide whether the right time for your child to get a debit card.
Capability
Many debit cards designed for children need personal information and a shared bank account. Parents have to provide information and download the app to handle their child’s account and transfer money.
Generally, this information includes simple identification such as email, phone number, address and date of birth. This may include parents and children’s social security numbers.
Spending expectations
Some debit cards for children are highlighted with costs and withdrawal limits that parents can set. You would like to make sure that your child’s expenses will not exceed the debit card limits.
Bank acquaintance
Don’t forget to check whether your preferred bank offers children’s debit cards. If you have a already established relationship with the financial institution, it is usually easy to get new products or good terms.
