Best Debit Cards for Kids and Teens Under 13
In today’s virtual age, teaching monetary literacy from an early age is critical. A debit card for kids under 13 is not only a payment tool, it’s far a gateway for young inexperienced persons to expand cash control skills, recognize budgeting, and construct a basis for future financial independence. This article explores the pinnacle debit playing cards designed in particular for children and young adults under 13, explains how youngster and teenager banking apps paintings, and mentions the blessings of the usage of a debit card for kids below thirteen as part of a guided studying procedure.
Best debit cards for kids and teens under 13
This section introduces a variety of debit card solutions specifically designed for kids and teens under 13. These debit cards for kids under 13 options not only provide practical money management experiences but also include features like parental controls, educational modules, and goal-setting tools that young users learn to spend, save, and plan responsibly.
GoHenry Debit Card
The GoHenry Debit Card is designed to help kids find out about money management with the steerage of their dad and mom. It is a popular debit card for kids below 13 that gives numerous key features:
- Parents control: Parents can determine the expenses limit, monitor transactions, and get real-time information about their child’s expenses.
- Educational equipment: The card includes lessons on budget, savings and basic investments to teach interactive quiz and financial literacy.
- Savings target: Children can determine savings goals and make their progress track, which can help them learn the importance of savings.
- Chore-based earning system: Parents can assign tasks with financial awards, strengthening the link between work and financial awards.
Pros
- Easy-to-use interface for both parents and kids.
- Real-time notifications for parents to monitor spending.
- Customizable spending controls to suit individual needs.
- Educational tools that make learning about money fun and engaging.
Cons
- Monthly fee for using the service.
- Limited investment options compared to some competitors.
- Fees for certain transactions, along with ATM withdrawals and international purchases.
More details:
- Fee: GoHenry operates on a subscription model, charging $4.99 per child per month. Families with multiple children can choose a $ 9.98 family plan, covering four children.
- ATM withdrawal: This fee is $1.50. In addition, the maximum daily cash withdrawal limit is $120.
- Card replacement fee: Replacement cards cost $4.99. However, replacing a lost, stolen or damaged card with the same design is free.
- Age requirements: GoHenry accounts can be set up for children and adolescents between the ages of 6 to 18.
- Card type: The GoHenry card is a customized Visa prepaid Debit card.
- Card network: GoHenry cards work on a visa network.
Greenlight Debit Card
This one integrates investment resources by presenting children into the concept of investing early. This debit card for children under 13 includes parental controls, spending alerts, and task management tools. Greenlight Savings and Greenlight Invest features the economy and investment, making it an excellent choice for financial education.
Pros
- Comprehensive financial tools, including savings goals and investing options.
- Robust parental controls to monitor and guide spending.
- Educational resources that make learning about money fun and engaging.
- Customizable spending limits to suit individual needs.
Cons
- Monthly fee, which can be higher compared to some competitors.
- Investment platforms may be too advanced for younger kids.
- Fees for certain transactions, such as ATM withdrawals and international purchases.
More details:
- Fee: Greenlight schemes start at $5.99 per month for the whole family, including five children’s cards. The Greenlight Max Plan is priced at $9.98/month, the Greenlight Infinite Plan costs $14.98/month.
- ATM withdrawal: There is no fee for ATM withdrawal from the Greenlight, but parents may be charged the ATM operator fee. The maximum daily cash withdrawal limit is $100.
- Card replacement fee: Greenlight offers a free replacement card per child. Any subsequent replacement cards cost $3.50.
- Age requirements: The Greenlight Debit Card does not require the least age, until the parent or guardian signs up and will add the child as an authorized user.
- Card type: Greenlight card is a prepaid debit card.
- Card network: The Greenlight card works on the MasterCard network.
BusyKid Visa Prepaid Spend Card
This cars specializes in chore management and investment funding. It offers a debit card for kids under 13 that allows kids to control their cash through a prepaid Visa card. This card encourages financial obligation via chore-based income and hands-on saving and investing stories.
Pros
- Encourages financial responsibility through chore-based earnings.
- Provides hands-on experience with saving and investing.
- Robust parental controls for monitoring and guiding spending.
- Supports charitable donations, teaching kids about philanthropy.
Cons
- Monthly fee for using the service.
- Fees for certain transactions, such as ATM withdrawals and international purchases.
- Limited educational content compared to some competitors.
More details:
- Fee: BusyKid fees a subscription price of $4 per month, billed annually at $48, which covers up to five cards.
- ATM withdrawal: There is a $1.50 fee in keeping with ATM withdrawal, plus any additional expenses charged by using the ATM operator.
- Card replacement fee: Replacing a lost or stolen card costs $5.
- Age requirements: The BusyKid Visa Prepaid Spend Card is designed for kids and teens aged 5 to 17.
- Card type: The BusyKid card is a prepaid debit card.
FamZoo Prepaid Card
This is a virtual family banking system that simulates real -class financial landscapes in a safe environment. As a debit card for children under the age of 13, FamZoo provides a broad platform for money management teaching, including task tracking, subsidy management, interest payment, loan resources and expenditure categories.
Pros
- FamZoo provides a platform for practical financial education for kids and teens.
- It offers a wide range of customizable features to suit different family needs.
- Parents have robust tools to monitor and manage their children’s spending and saving habits.
- FamZoo cards are safer than cash and prevent overdraft fees and debt.
- Subscription plans are available at different price points, making it accessible for most families, especially with longer-term plans.
- FamZoo is known for its responsive and helpful customer support.
Cons
- FamZoo is a subscription-based service with monthly or prepaid plans.
- FamZoo does not charge ATMs but ATM owners can impose their own fees.
- Some users may find the initial setup process being complex due to extended features.
- FamZoo is focused on costs and savings, and does not offer investment options.
- Parents cannot control where children buy, just how much they cost.
More details:
- Fee:
- A FamZoo subscription costs $5.99 per month and is automatically billed each month.
- Alternatively, families can prepay $59.90 for 12 months, which equals $4.99 per month and saves $11.98.
- The pay-in-advance plan does not automatically renew, so families will need to select a new payment plan at the end of the term.
- ATM withdrawal: There is no fee for ATM withdrawals from FamZoo, but the ATM operator may charge a fee.
- Card replacement fee:
- FamZoo offers three free replacement cards per family. Any subsequent replacement cards cost $3 each.
- Additional fees can apply to over four cards, to speed up card delivery, or order more than three replacement cards.
- Age requirements: FamZoo prepaid card is not required, as long as a parent or guardians sign up and add the child as an authorized user.
- Card type: The FamZoo card is a prepaid debit card.
- Card network: The FamZoo card operates on the Mastercard network.
Current Debit Card For Kids
The Current debit card for kids is a debit card for kids under 13 designed to help them learn financial responsibility in a controlled way. If you are a parent, you should monitor and manage their child’s spending through a user-friendly app, allowing for instant transfers and real-time transaction tracking.
Pros
- Helps teach financial responsibility early
- Parental controls for safe spending
- Real-time notifications on transactions
- No credit check required
Cons
- Monthly subscription fee
- Limited ATM access compared to traditional bank cards
- Some fees for card replacement
More details:
- Fee: The Current Debit Card for Kids has no monthly fee, making it an affordable option for families.
- ATM withdrawal: There is no fee for ATM withdrawals from Current, but the ATM operator may charge a fee. The maximum daily cash withdrawal limit is $100.
- Card replacement fee: Replacing a lost or stolen card costs $5.
- Age requirements: The Current Debit Card for Kids is designed for children and teens aged 13 to 17.
- Card type: The Current card is a prepaid debit card.
- Card network: The Current card operates on the Visa network.
How kid and teen banking apps work
In this part of the article, we delve into the inner workings of kid and teen banking apps. Paired with a debit card for kids under 13, these platforms combine digital banking with interactive learning. They offer features such as spending limits, purchase approvals, and gamified financial lessons that empower both children and their parents to manage money safely and efficiently.
Parental controls
Spending limits:
- This facility is beyond determining the maximum amount only. This allows granular control, allowing the parents to determine the limit to day, week or month. Some apps also allow for category-specific boundaries (e.g., limiting spending on entertainment).
- It promotes budget skills by forcing children to spend and make conscious decisions within their allocated funds.
Purchase approvals:
- This is a vital safeguard, especially for younger children. It allows parents to receive notifications and approve or deny transactions before they are completed.
- This feature can be used to teach children about the value of purchases, the importance of asking permission, and the consequences of impulsive spending.
Merchant restrictions:
- This feature allows parents to block specific merchants, or merchant categories. This allows for control over where a child can spend their money. This can be very useful for parents who want to prevent their children from spending money on age restricted items.
Educational tools
Financial lessons:
- This lesson is usually delivered by interactive modules, videos and articles, covering topics such as budgets, savings, investments and credit.
- Providing the best applications corresponds to different age groups, ensuring that the information is relevant and understandable.
- The aim of this lesson is to create a strong foundation of financial literacy, preparing children for future financial decisions.
Quizzes and games:
- Gamification is a powerful tool for engaging children and reinforced education. Quiz and games make financial education fun and interactive.
- These tools can test children’s knowledge, where they can identify areas that they need improvement and motivate them to learn more.
Real world simulations:
- The ability to create virtual loans, or interest payments, allows parents to give children hands-on experience with financial tools. This allows for safe learning, without real world risk.
Savings and goal-setting features
Automated allowance transfers:
- This feature not only simplifies allowance distribution but also teaches children about the concept of regular income.
- It helps them understand the importance of budgeting and planning for expenses, as they can rely on a consistent flow of funds.
Savings jars or buckets:
- These virtual savings containers allow children to visually separate their funds for different purposes.
- This promotes goal-oriented saving, as children can see their progress towards specific objectives.
Goal tracking:
- Visual goal-tracking tools provide a sense of accomplishment and motivation.
- They help children stay focused on their savings goals and understand the importance of long-term financial planning.
Benefits of debit cards for kids
Here, we discuss the comprehensive benefits of using a debit card for kids under 13. Beyond simply providing a cashless alternative, these cards help build financial literacy, promote spending awareness, and facilitate real-time parental guidance. This section explains how early exposure to responsible financial management can set the stage for smarter money decisions later in life.
Financial literacy
Learning about budgeting:
- By managing their own funds, children learn to choose how to allocate their financial resources.
- They develop an understanding of the relationship between income and expenses and the importance of living in their senses.
Understanding money management:
- Debit cards provide a hand experience to manage money, allow children to save, spend and study their financial matters.
- This practical experience is invaluable in developing sound financial habits.
Spending awareness
Tracking expenses:
- Transaction records provide a detailed overview of cost habits, allowing children to identify patterns and areas where they can improve.
- This helps them develop a sense of responsibility and responsibility for their expenses.
Making informed purchase decisions:
- By evaluating their needs versus wants, children learn to make conscious and responsible purchase decisions.
- They develop the ability to resist impulsive spending and prioritize their financial goals.
Parental guidance
Real-time monitoring:
- Debit cards facilitate open communication and collaboration between parents and children about financial matters, providing opportunities for timely guidance and discussion.
- Real-time monitoring allows parents to be aware of their children’s expenses, habits, potential issues or areas for discussion.
Opportunities for discussion:
- Transaction records serve as a valuable conversation, teaching financial concepts and turning into opportunities to teach daily transactions, providing real life examples to promote a collaborative approach to financial education.
Security
Reduced reliance on cash:
- Debit cards provide a safe option to protect from cash and fraud, reduce damage or the risk of theft and reduce the greed of impulse.
- Additionally, the debit card often includes fraud monitoring, alert and dispute solutions mechanisms, providing a sense of protection for both parents and children.
Fraud protection:
- By reducing reliance on cash and providing robust fraud protection, debit cards create a secure environment for children to learn about money management, giving parents peace of mind and fostering a sense of financial security.
Further reading:
FAQ
Can kids under 13 have debit cards?
Yes, children under 13 may have debit cards, but usually require parents' involvement to set up and manage the account. Financial institutions offer debit cards designed specifically for children, who come with robust parenting controls and educational resources to help young users learn about money management from an early age.
How it works:
- Parental account ownership: Debit cards are usually connected to a parent or guardian account, allowing them to monitor all financial activities.
- Spending limits: Every day, a weekly or monthly cost limit can be set to control how much parents can spend their child.
- Transaction monitoring: Real-time notifications and transaction history enables parents to monitor their child's cost habits.
- Educational tools: Many cards provide educational resources such as budget lessons and financial games to teach children about responsible costs and economies.
- Chore and allowance management: Parents can assign work and automate the payment of subsidies, helping children understand the value of gains.
Considerations:
- Fees: Some children debit cards come with a monthly fee or fee for some transactions, so it is important to review the rate structure.
- Age requirements: There is no strict minimum age but the child needs at least 6 to 8 years based on the card provider.
- Card features: Different cards provide various features; Therefore, choose one that aligns with your family's financial needs and objectives.
Popular Options:
- GoHenry: Designed for children aged 6 to 18, and offers parental control and educational tools.
- Greenlight: No minimum age requirements, with functions such as customized expenditure limits and savings goals.
- FamZoo: Suitable for all ages, focusing on family banking and financial education.
- BusyKid: Ideal for learning the value of earning through tasks, for children aged 5 to 17 years.
- Current Debit Card for Kids: Available for teens aged 13 to 17, related to a parent's account.
Is there a debit card for kids that is free?
Yes, there are debit cards for children that are free or have minimal fees. These cards are designed to help children learn about financial responsibility without adding additional costs to families. Here are some options to consider:
Step Card
- Features: Step card is a free visa card designed especially for adolescents. It combines the ability of a debit card to create a positive credit history, as it reports to the credit bureau.
- Fees: No monthly fee, no overdraft fee and minimum balance requirements.
- Parental controls: Parents can monitor transactions, set automatic allowances, and give their child's expenses in insight by application.
- Age requirements: Available for children aged 13 and older, but young children can use it as a co-owner with parents or guardians.
- Card type: Secured spending card (functions like a debit card).
- Card network: Visa.
Copper Banking
- Features: Copper provides a debit card and banking app aimed at teaching teens essential financial skills. The app includes educational content on budgeting and saving.
- Fees: No monthly fees, no checkout fees and no minimum requirements.
- Parental controls: Parents can monitor expenses, transfer money immediately and set up recurring deposits for quotas.
- Age requirements: Designed for teenagers aged 13 to 17 years.
- Card type: Debit card.
- Card network: Mastercard.
Chase First Banking
- Features: Offered by Chase in collaboration with Greenlight, this account is tailored for children to learn money management.
- Fees: No monthly service fee. However, it's only available to Chase checking customers.
- Parental controls: Comprehensive checks including the setting of expenditure limits, assigning tasks with financial rewards and tracking account activity.
- Age requirements: Available for children aged 6 to 17 years.
- Card type: Debit card.
- Card network: Visa.
Additional Options
- FamZoo Prepaid Card (Pay-in-Advance Option): While FamZoo typically charges a fee, they offer an option for payment that significantly reduces the monthly cost. It is not completely free, but the costs can be minimized.
- Current Debit Card for Teens: The current offers a basic account without monthly fees, although some premium features may require a subscription.
What is the best debit card for a child?
The “best” debit card for a child varies depending on their individual needs and financial goals. Here are some recommendations based on different priorities:
- For comprehensive financial tools: Greenlight Debit Card offers extensive features, including investment options and robust parental checks.
- For younger children with emphasis on education: GoHenry Debit Card provides engaging educational content and is suitable for children as young as 6.
- For earning through chores and investing: BusyKid Visa Prepaid Spend Card teaches the value of serving and offering investment opportunities.
- For larger families seeking value: FamZoo Prepaid Card is cost-effective when managing more cards and focusing on family financial education.
- For teens looking to build credit: Step Cards help teenagers help build a positive credit story while maintaining their parents’ supervision.
- For a fee-free option: Current Debit Cards for Teens offer basic functionalities without monthly fees, with features suitable for both children and teens.
Before making a decision, your child is involved in the selection process to find a card that matches their interests and encourages commitment. Always go through the terms and consider starting a trial period if available to ensure that the card meets your expectations.
