Best Debit Cards & Prepaid Cards for Teens in 2019
It is always interesting to have a proper financial for our kids and get them the necessary financial tools they might need. You need to let your teens/kids have nice experience on financial management and that is why it is important to get them debit cards and prepaid cards. This article shall talk about debit cards and prepaid cards that are very genuine and making standard in this year.
If possible, teens should be able to have adequate teaching about personal finance even from their school routine and the benefit is that they will be able to have insight about debts financing and other processes. Another great benefit of it is that teens will be able to know the importance of saving money along different options that can help them generate extra income. That knowledge is pivotal for the kids because it is easy to know something by practicing rather than reading from sidelines. Meanwhile, if you are willing to let your kids know about how to use checking accounts and credit cards, keep reading this article as it will unveil best debit cards and prepaid cards are that are genuine for teens. These cards usually come with different features that will enable teens control and manage finances whereby they can use it to check account balances, make deposits and in fact perform other financial transfers.
Using Prepaid Credit Cards to Teach
When you are able to get a prepaid card and debit card, it will be easy for you to have more understanding about view of money because you can clearly make use of the prepaid card for larger purchases and debit cards for everyday shopping even as a teen. Even when they are into debt, they will be able to handle it responsibly such as learning how to pay off debt and even how to avoid paying by cash and in a case whereby they have accumulated debt, they can easily get it paid off quickly. When they make purchase with the use of prepaid card rather than using credit cards, they will be able to have financial dealings without accumulating actual debt. This will in return give them insights on how they can prepare themselves in the future on how to make use of credit card offers.
In this regards, it is important to note that some financial institutions have made it easy for teens and kids to get debit cards and prepaid cards and the benefit therein is that kids/teens can now be able to learn about how to handle money even when they are under their parents or custodians. They can make use of these cards in such a way that they will be prepared for financial temptations and money management skills they will likely experience in the future. In fact most parents usually appreciate this concept because it will enable their kids to be on their own and handle money without their parent’s supervision. In order to make the quest easier, this article has come up with list of genuine prepaid cards and debit cards that offer kids to apply and make use of it. The parent will typically be a joint owner of the account on the cards and it can give the kids a good experience of being a prepaid card or debit card owner.
1. Pockit: Pockit is a very genuine prepaid card for teens and kids. Its mode of operation is very easy and they can make payment without wasting time. With this card, you don’t really need to sign any contract or pay any monthly fee and it is very appropriate for kids that can make decision on their own. However, this card usually do not offer parental controls and restriction and that is the major reason why it is usually advised that kids that are older and can make personal decision should make use of it.
2. FamZoo Prepaid Mastercard: This prepaid card is very good for kids that are ready to learn financial skills because it is designed with features that will assist in have good money management experience. This card can be opened for any age kid but every account must have at least one parent as a cardholder. It will allow the parents to track and monitor where and how their kids are spending money. The parents can access the cardholder at any time and all activities on the card can be tracked digitally. Also, the card enables parents to take out money in form of punishment from the account or add money in form of reward to the account.
3. Akimbo Prepaid Debit Card: This prepaid debit card is typically used in order to let kids get financial discipline in such a way that a parent that has multiple kids can easily connect and manage multiple accounts which will be linked to a master account they posses. It will enable kids to take control of their finances and the debit card usually comes with minimal fees and you don’t need any fee on signature purchase.
4. American Express Serve: American Express Serve consists of three card options and you will only need to choose the one that is best appropriate for your kids spending and usage habits. The three options include American Express Serve Basic, American Express Serve Free Reloads and American Express Serve Cash Back. Let us now outline their features individually.
– American Express Serve Basic: This is unarguably Amex’s most well known prepaid debit card and it has free early direct deposit where you will be able to receive direct deposit funds up to two full days earlier. You can also make online bill payment and free ATM withdraws and it has a monthly fee of $1.
– American Express Serve Free Reloads: This card is most appropriate for those that always add reloads to their cards. You will also be able to make free online bill payment with this card and free reloads. You can also have free ATM withdraws and it has a monthly fee of $4.95
– American Express Serve Cash Back: People that spend a lot can find this card useful as it has unlimited cash back of 1% on all purchases and free online bill payment too. You can also have free ATM withdraws with this card but it has a monthly fee of $5.95.
Therefore, you can choose any of the three card options depending on your kid’s usage and spending habits.
5. Visa Buxx Card: This is another well known prepaid card for teens and kids. It enables you to add photos to your card and make use of it. This card is reloadable and teens can use it to make purchases from in-store, online and even every other shopping outlet that accept the use of visa debit cards. The card also allows parents to track and monitor how their kids are spending money, making purchases and reloads.
6. Capital One MONEY Card: This card is very appropriate for teens as it enable them to learn how to live within a budget. The parent also has access to the card and can track the financial transactions on it. This card doesn’t require any monthly fee and minimum requirement. Also, it has free ATM withdrawals and 0.25% interest will be paid on all checking account balances.
Factors to consider before choosing debit cards or credit cards for kids:
– Always ensure that the cards have a fraud protection system so that in case it is stolen, it can’t be used without permission.
– Know that the card allows parent to track what their kids are spending online with proper monitoring.
– The card should possess features that enable flexibility when in use.