8 Best teen debit cards
- Best Overal: Greenlight Debit Card for Kids
- Best for Financial Planning: Current Debit Card for Teens
- Best for Financial Education: FamZoo Prepaid Debit Card
- Best for Teach Budgeting: Tilt Visa Debit Card
- Best for Credit Building: Extra Debit Mastercard
- Best for Customer Support: GoHenry Kids Debit Mastercard
- Best for Spend Controls: BusyKid Teen’s Debit Card
- Best Free Teens Checking: Axos Checking Visa Card
What are teen debit cards?
A teen debit card is the same as any other debit card. One essential difference is that these debit cards are specifically designed for teenagers. Since teenagers can’t have bank accounts on their own, they can’t get debit cards. They enable them to get and use debit cards typically linked to parents’ or legal guardians’ checking accounts. Something more defines and makes teen debit cards different than your regular debit card – they come with essential education and financial literacy features. What does it mean? Parents can supervise their kids as they learn and practice money management skills. At the same time, teenagers don’t have access to features that can result in unexpected fees or debt. If you are interested in teen debit cards, the following information should prove helpful.
Does it cost to use teen cards?
Every bank or credit union charges fees on debit cards for teen use. Knowing all the potential costs associated with teen debit cards is great as it puts you in a position to compare offers better and find the best debit card for your kid when card shopping. Generally speaking, you should expect to see the following costs:
- ATM withdrawal fees;
- Monthly fees;
- Annual fees;
- Replacement card fees;
- Declined card fees;
- Reload fees for prepaid cards.
When can a teen have their first debit card?
Every bank and debit card issuer out there has unique terms and conditions. Generally speaking, you will find that most of the banks have a minimum age limit of 13. It means that a teenager needs to be 13 years old before they can qualify for a debit card in their name. Some banks enable 16-year-olds to open a checking account and get a debit or prepaid card. Nevertheless, if we are talking about people younger than 18, most banks will require a guardian to be on the account. The guardian must be at least 18 years old.
Does your teen need a debit card?
Teen debit cards are still debit cards. Your kid will be able to use it to make purchases both offline and online or get cash from ATMs. You should never get a debit card for your kid before discussing it with them, even if making all their financial transactions is overwhelming. The easiest way to check whether your kid needs a debit card for teens is to ask them. If your teen directly asks you for a card, it might indicate that they are ready for it. With your guidance and a bit of education, they will be able to learn how to manage money and prepare for what awaits them in adulthood.
What are the benefits of teen debit cards?
Teen debit cards offer many benefits. First of all, they provide means for teenagers to take their first steps toward financial responsibility. If your teenager is earning an income, ensuring that they have a debit card can help you teach them how to budget that money instead of spending it all at once. While teen debit cards enable parents to teach kids to make real-life money decisions and become responsible spenders, they also offer several safety measures. A parent or guardian who is the account holder with an issued debit card for teens has complete insight into their spending habits. Most banks offer smartphone apps that enable parents to oversee their kids’ spending habits. Plus, they can freeze the card if they notice it’s missing.