Updated October 02, 2022 – Debit cards are perfect for kids because they’re easy to use and don’t require a bank account. Plus, they can earn rewards that can be used anywhere.
Teenage debit cards function just like debit cards for other people and allow teens the option of managing their own money and account management, all of which are for parents or guardians. Teens can grasp the basics of budgeting as well as saving funds while parents keep an eye on them and prevent them from getting into financial difficulties.
The top debit cards generally are compatible with mobile apps that come with integrated financial education and the ability to track savings and spending over time. Some also have limits on spending and accounts which help protect youngsters from spending too much while being able to make financial choices. Also, while they may not have the same brand fame or image, smaller banks might offer features that are more appropriate for teens than larger banks.
A debit card specifically designed to be used by teens will be linked to a parent’s guardian’s account, or be a prepaid debit card. It’s typically an opportunity to teach money-management skills to your teenager and give them an understanding of financial freedom.
The most reliable credit cards designed for teenagers offer the convenience of buying cashless and also include parental controls as well as tools that help teenagers learn the importance of financial responsibility. The most reliable cards come with financial literacy tools as well as an app that allows for quick access from anywhere.
Teenage debit cards are just like other debit cards. They allow teens the ability to buy things with no cash. They also have parents’ controls to stop them from making huge mistakes, and educational tools that help them learn about financial literacy.
The most reliable teenage debit cards are free of charge, with parental oversight, and mobile apps that allow simple account access. They also can guide young adults on how to budget, save and invest with prudence through automated tutorials built into the card and integrated.
Digital technology has a profound impact on our children their lives, and money is now more and more an aspect of their digital lives.
Since the beginning of the pandemic, children have been spending more and more time on the internet, watching movies as well as gaming with videos. Additionally, they’re using technology to earn allowances and to save money. With more and more kids seeking digital access to cash and bank accounts, this 535 million fintech for kids market is providing youth-focused debit cards that are prepaid or bank accounts.
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Many parents can attest that enrolling their child in everything online is difficult to do. While technology offers new possibilities for learning and ideas but there are also pitfalls. Sharing information about your child’s identity could expose them to being a victim of identity theft as well as a myriad of other dangers. Bank apps for children can also offer your child’s personal information to other organizations as a typical and legal method of business.
When selecting the right program to teach your kids about financial responsibility, you must be crucial to secure your family’s financial and personal information. Learn more about how you can select the right debit card that will keep your kids content and secure. Here are the best debit cards for kids:
Best Debit Card for Kids and Teen Agers of October 2022
|Best Overall||Greenlight Kid’s Debit Card|
|Best for No Fees||Axos Bank First Checking Account and Debit Card|
|Best for Spending Controls||BusyKid Visa Prepaid Spend Card|
|Best Teen Checking Account||Chase First Banking|
|Best for High Spending Limits||American Express Serve|
1. Greenlight Kid’s Debit Card
Official Website: [https://greenlight.com/]
Greenlight is targeted towards teenagers to aid them in developing their financial knowledge early. The company offers the MasterCard debit card to teens linked to an account parents control. The account is jointly owned between the parent and the child and lets parents monitor their child’s spending on the mobile application.
It is possible to store your funds in a “parent’s wallet” which is used to allocate the funds to each child, disable your debit account, receive real-time alerts about spending and even establish spending control based on store names. Greenlight also has an app to help teens keep track of their balances, look over chore lists, mark off chores they’ve completed, and teach the basics of financial literacy and much more.
Greenlight costs just $4.99 each month to get a family plan with the ability to use debit cards for up to five children as well as access to a mobile application. Its Greenlight + Invest plan costs $7.98 per month and allows teens to become investors by providing access to an investment platform within their app, and it’s the Greenlight Max plan costs $9.98 per month. It includes the investing app, a unique version card with priority customer service, security monitoring alerts and restoration protection for mobile phones for damaged or lost devices, and protection against purchases.
Greenlight does not permit parents to make payments to their wallets using PayPal and credit cards. restricting their use to checking accounts and debit cards instead. Greenlight also has an annual limit of $1,000 on every child’s account which is less than other debit cards for teens. Parents are able to use the app to schedule assignments for their kids. They can also give them money in return and also automate the payment of allowances.
Pros and Cons
|Complete parental control and monitoring of teens’ spending||Limit of $1,500 per day for spending|
|Built-in financial education||Only be able to fund accounts through a debit or bank account|
|Chore management and payment|
|Can you limit spending on certain stores?|
>Minimum Age None.
>Monthly fee $5-$10 per month, up to 5 children
>Free trial 1 month
>ATM fee None
>Purchase fees None
2. Axos Bank First Checking Account and Debit Card
Official Website: [https://www.axosbank.com/]
Axos Bank provides the First Checking account for teens between the ages of 13 and 17 as joint owners of a checking account that comes with a debit card. This is a typical checking account that comes with bill pay online, peer-to-peer payments, as well as FDIC insurance. The most appealing aspect is that it has no maintenance charges and no fees for overdrafts or ATM fees are reimbursed up to $12 per month.
Although Axos Bank’s mobile app Axos Bank mobile app does not come with many of the features that are found on other debit cards for teens it’s a cost-effective option to help your child get familiar with managing their finances independently. Axos requires the parent or guardian of the account to become a joint account owner along with their child, giving the teen the same rights to the account. Parents are able to remove (or activate) the debit card of their child directly from their banking dashboard and also set up automatic alerts to monitor any activity on their account.
In a regular checking account, teenagers can directly deposit their earnings in the checking account. You can also earn interest from this checking account, but it’s below 1 percent, which doesn’t make a huge difference so parents may decide to open an account to save money for their children instead.
Pros and Cons
|No fees of any kind||Only available to teens from age 13 to 17|
|ATM reimbursements||Limited parental controls via the mobile app|
|Joint checking account with teen|
>Minimum Age 13 Years
>Monthly fee None
>Free trial None
>ATM fee None
>Purchase fees None
3. BusyKid Visa Prepaid Spend Card
Official Website: [https://busykid.com/]
BusyKid has a chores-based debit card that allows you to give the money you have to your kid so that they can track the whereabouts of their money and understand how to manage it more effectively.
When your child has earned their earnings from their chores, they are able to decide whether to save, spend and invest the money. The investment options include actual companies such as Netflix and Nintendo through Stockpile or Stockpile, and teenagers can even donate a portion of their earnings to the charity they prefer. Children can freely move funds between their invest and save categories, however, all money placed in the spend category is vetted by parents prior to going through.
Alongside helping you assign chores BusyKid offers suggestions for appropriate chores based upon the teen’s age. It is also possible to give your teenager “bonuses” for their outstanding performance, for example, getting high marks or working harder at home. BusyKid offers a comprehensive record of all chores such as paydays, transactions, and bonus payments so that parents can have a live view of the amount their teenager is spending.
BusyKid costs $3.99 per year and includes one card. There’s a $7.99 cost for replacement cards, and there is a $0.50 fee every time there’s an event that requires a PIN or results in a declined transaction. You are only able to keep an amount of $2,000 on your debit card and BusyKid restricts one-time purchases to $2,000 and a maximum of 20 transactions each day.
Pros and Cons
|Savings locks and account alerts||Fee on declined purchases after 4 attempts|
|User-friendly mobile app||$5 cost for the replacement card|
|Budgeting features included||$1.50 ATM fees|
|Fund cards through debit card, credit card, or checking account|
>Minimum age None
>Monthly fee $1.67 per month, unlimited children
>Free trial 1 month
>ATM fee None
>Purchase fees None
4. Chase First Banking Debit Card
Official Website: [https://account.chase.com/banking/first-banking]
For parents who have parents who have a Chase checking account, Chase First Banking offers teenagers a debit card as well as a greater degree that parental oversight than checking accounts. With the mobile application, teens can set goals for saving and can request funds that their parents can accept to transfer funds immediately.
Parents can use the application to create ATM withdrawal limits as well as spending limits (including limitations for specific spending categories) as well as account alerts to keep an eye on purchases made by their children. It is also possible to set up the allowance to be recurring or as a one-time chore.
There’s no fee for monthly usage and you’ll have access to greater than 16,000 Chase ATMs and no minimum deposits. The only costs comprise an out-of-network ATM fee and an international transaction fee. Reviews of customer service for Chase are generally average. To be eligible for a Chase account you’ll need to be 18 years old, have an active social security number that is valid for yourself and your child, have an account with a Chase bank account for checking, as well as possess an infant who’s at minimum six years old.
If your teenager requires Peer to peer payment capabilities, Chase also offers a Chase High School Checking Account with fewer limitations on usage but doesn’t have the same degree that parental oversight.
Pros and Cons
|No fees||Parents need a Chase checking account to open an account for their children.|
|Advanced parental controls||Can’t be used with digital wallets|
|Savings goals for teens||No P2P payments or direct or remote deposits|
5. American Express Serve Debit Card
Official Website: [https://www.serve.com/]
If you’re looking for a credit card that has a large daily spending limit to hand allowance to your child If so, the American Express Serve prepaid card could be a good choice. The $6.95 monthly cost is waived when you make an immediate deposit of $500 or more each month. In addition, you’ll receive free bill pay online and free direct deposit early and ATM withdrawals for free at more than thirty thousand Money Pass ATMs, no-cost transfers, and subaccounts that are free with up to four persons.
Parents can create subaccounts that limit the amount of money that teens can access by setting limits. They can also check the activity of transactions using the mobile application. It’s free to sign up for an account and then add funds to it via the web, however, there is a $3.95 cash reloading fee is applicable. It also comes with protection against fraud as well as 24/7 customer support, something that American Express is known for.
The applicant must be age 18 and live inside the U.S. with a valid social security number to be eligible. There is no minimum balance to be met.
Pros and Cons
|Unavoidable costs||$6.95 per month if do not direct deposit $500+ per month.|
|Subaccounts can be set up for as many as four teenagers||Foreign transaction fees.|
|Limit monthly spending|
Compare the Best Debit Card for Teens
|DEBIT CARD||FEES||REWARDS||AVAILABILITY||PARENTAL CONTROL VIA MOBILE APP|
|Greenlight Kid’s Debit Card||Low monthly fees||App with chore, allowance, and parental controls|
|Axos Bank First Checking Account and Debit Card||No fees||Limited parental controls via the mobile app|
|BusyKid Visa Prepaid Spend Card||Affordable annual fee||None||Yes|
|Chase First Banking||None||None||Everywhere||Yes|
|American Express Serve||$6.95/month||None||Wherever American Express is accepted||Yes|
Guide to Selecting the Best Debit Card for Your Teenage
Is a debit card the right choice for Your Teenage?
Deciding if a debit card is right for your teenager is a huge choice. Your child will benefit from the experience of financial freedom as well as learn certain money-management techniques which will help them later on in the course of their lives. It will also allow you to monitor your teen’s spending habits and establish limits on spending for your account.
However, before you purchase one, think about the character of your teenager and whether you believe that they’re financially responsible enough to warrant the use of a debit card. It is also important to be sure that you have the funds to pay for it in case they misuse (or overspend) a portion of the funds.
Compare Teenage Debit Cards
If you are looking for debit cards suitable for teens You should look at them all to select the one that is most suitable for the needs of your family. A few important things to think about include:
- Child protection: This is the most important factor to take into consideration. Be sure the account is accessible to your account and are able to set usage limits and track the spending.
- Charges Are aware of the charges before signing up. There could be monthly charges, ATM fees, foreign transaction fees, or even the cost of reloading. Be sure to have enough money to cover any charges your teenager could be liable for.
- Accessibility: You want to think about where the card could be used initially and the location where it’ll be accepted. It’s not ideal to buy a card that your child isn’t able to use at the majority of retail stores.
- Extra features does this card provide something extra? Tips and tools for financial literacy can be helpful to teens in learning how to manage their finances.
- rewards you can, select one that offers rewards such as interest earned on balances, or cashback on purchases.
Help Your Teenage Use Their Debit Card in a responsible manner
As parents, you can assist your child to make the most out of their debit cards, use responsibly, and establish solid financial habits that will benefit them as they grow older. It is important to explain the process of using the debit card and what fees are paid and when, and the ways your child can track their spending, deposit money, and check their balance at any time.
When you make use of the debit card designed for teenagers it serves as a tool to educate them on savings goals, budgeting, and wants vs. needs. desires, and other basic concepts of managing money.
What is a Debit Card for teens?
debit cards for children provide parents with the ability to watch their children’s progress as they begin to learn how to manage their money. They can be connected directly to your account at a bank account or other funding source. There are many companies operating that offer debit cards to teens, such as big banks, neobanks, and fintech startups.
The main distinction between a debit card for teenagers and a prepaid debit card lies in the educational and financial literacy features. Debit cards for teenagers let children learn the fundamentals of managing money without the danger of paying excessive overdraft charges or accumulating the debt of a credit card. You can set up payment plans to pay for chores, keep track of your spending, set limits on spending or transfer funds, and more with the convenience of a mobile application.
What are the costs associated with an account for teens with a debit card?
There are various costs associated with the majority of teens’ debit cards for example:
- Fees for annual or monthly subscriptions
- Reloading charges (for prepaid cards)
- ATM charges
- Decreased fees for credit cards
- Charges for replacement cards
- Custom card charges
Although some companies have higher fees than others, knowing the total costs of the teen’s debit card is essential prior to make a decision to sign up.
Can a debit card for teens help teach financial Responsibilities?
A debit card that has the right control of the parents could be among the most effective ways to expose your teenager to financial management, without the risk or anxiety of the credit card. Teens can earn an income from tasks and other activities and budget the money for the future and immediate needs as they learn how to prioritize savings, and make financial decisions that are real-world.
Teenagers are entrusted with the responsibility to spend money earned however, they must have parental supervision to ensure they stay out of financial difficulties.
Who Should Purchase a Teen Debit Card?
If your child would like to control their own finances but is struggling because the majority of financial transactions happen digitally, a debit card is the best step. It gives them the freedom to make their own financial decisions, yet with the safety of parental control and surveillance. It is a great way to start conversations about how to earn money, budgeting, and the necessity of saving. If you’re trying to teach your child about money management using real-world examples using a debit card for teens, then a card could be an ideal alternative.
What is the minimum age to get a debit card for teens?
Although most debit cards are accessible to teens 13 and older, a lot of kid-friendly debit cards are open to children who are as young as 6 years old. of age. Whatever the age limit for the child’s debit card within the U.S., a child less than 18 must have an adult or guardian to the card who’s at age 18.
Each bank and credit union has its own policy regarding the minimum age of account holders that can be issued a debit card. Some financial institutions require that a person be at least 16 to receive a debit card. However, parents who can show their child is responsible enough can convince others.
Teen debit cards can be a part of your child’s overall money education. It can also help to make them financially secure. You can help them have a deeper conversation about money, which can give them the tools they need to make wise decisions about saving and spending throughout their lives.
Online opening of teen bank accounts is possible. Some checking accounts for teens, like the Capital One MONEY, can only be opened online. Some accounts may be opened in a branch.
You will need to provide documentation in order to open a bank account on behalf of your children
Your driver’s license.
Your Social Security number.
Social security number of your child.
The birth certificate of your child.
Which debit cards are best suited for households with multiple kids or teens agers?
What are the fees of kids’ credit cards: monthly fees, ATM fees, reload fees, etc.?
Which debit card company provides the best educational experience: content, tools, and quizzes?
Which debit card provides the best security?
Which debit card provides the best parental controls and guardrails?
Which debit card comes with the best app and/or online experience?
Which debit do cards feature the best card for kids and teens?
Does the kid’s account pay interest on the balance?
Which accounts offer kids investment services?