Parents can control their child’s spending online with SMS messages and via Internet Banking. In addition, you can set daily or monthly limits on transactions using the card. On children’s cards the bank can accrue interest on the positive balance, and return to the card account a portion of the amount spent. As a rule, you can use the additional card only to pay for purchases in stores and on the Global Network; you cannot withdraw cash with it. Thus, using a child’s card allows you to teach your child sensible money management skills, teach them to plan expenses, and take their finances seriously. Does it sound interesting? Then let’s talk about credit cards for kids today!
Why Your Child Needs His or Her Own Card
Want your child to learn financial literacy from childhood? A bank card is a great solution.
- It’s safer to transfer money for out-of-pocket expenses to a card. You can’t get cash back if you lose it. But if you lose your card, you can quickly block it with a call to the bank and your money will be safe.
- You are always aware of where and how much money your child spent, how much was withdrawn from ATMs, and how much is left on the account. You can also set limits on spending and shopping online.
- And if your child makes purchases online, there is an opportunity to find out about it: his debit card can be linked to your cell phone number.
- Many banks offer young customers bonus terms. A cashback of 5% is available for a child over the age of 14.
- A child will like it if their card has a personalized design, and they will get used to cashless payment methods, including Apple Pay, faster.
If you are still wondering what are your parents thinking about your card, then you definitely need to find out how to persuade them to get you one. That’s why read all about this important info here.
Debit Card from Ages 6 To 14
Children of this age can’t yet use the bank’s services on their own. While the child does not have a passport, only parents or guardians can issue him a card. In addition, until the person is 14 years old, you can not open an account in his name. That is why banks issue an additional card for children, linked to the parent’s account. A children’s card is opened as an additional card to the parent’s card. The child can shop independently (the card has the child’s first and last name on it). And parents will be able to control the child’s expenditures through their Bank-Online by setting limits on cash withdrawals, purchases (including online purchases), and replenish the child’s card at any time.
It’s Convenient!
A children’s debit card is very convenient. Parents don’t have to look for petty cash to send their son or daughter to the store. The child has the opportunity to pay for transport and school cafeteria on their own. And moms and dads always have information about their child’s spending. For children aged 6-14 years old, you can order an additional card to the parent’s payment card. To get it, you just need your passport and birth certificate of the child. From the age of 14 the bank card for teenagers can have its own account.
Advantages of Debit Cards for Kids
- Parents have the opportunity to control their child’s spending with SMS-notifications, via mobile and Internet banking.
- You can set limits on plastic card transactions.
- Using a debit card for children allows you to receive income in the form of accruals on the balance and return a portion of the spent funds to the account as a cashback.
- In most cases, you can use the additional card to pay for purchases in stores and on the Internet, but you cannot withdraw cash from it. As a result, if a teenager under the age of 18 is allowed to use the plastic on his or her own, it teaches him or her to be sensible with their finances, plan their spending, and take money seriously.
The terms of use in this case are not much different from standard situations. The bank product allows you to spend only your own money without the use of credit. The main point is to be able to control your transactions.
How to Make a Child a Bank Card
- Debit card for a child under the age of 14 and after is issued on the same principle: the application form is submitted by the father, mother or his legal representative.
- Offers on the market now enough, so to submit it, you must first choose a bank. Once you decide, you can go to its website and fill out an online application. At a specified time, you need to come to the office, submit documents and get the issued plastic.
Depending on the conditions of the particular institution, the product can be issued instantly or in a few working days. Even if a minor applicant has a passport, but a parent is not present at the registration, the application cannot be granted. And if you still have questions about your card and account, then figure out how to check your balance here and read about Chime Mobile Check Deposit.
That’s it!
The selection of special offers for children and teens of all ages is quite wide. When deciding on the best one, pay attention to the cost of service, additional services and bonus programs. And we hope you enjoyed the article!