Top 10 Debit Cards for Kids and Teenagers
A debit card can be used to provide cash access for your teenager or child. This is a great way for them to learn how to save money and manage their spending responsibly.
Teens and parents can have complete control over their spending with the best debit cards. You can limit the amount your children spend on certain cards.
There are so many options available, how do you choose the right debit card for kids? Continue reading to find out how to get the best debit card for your children.
Best Debit Cards For Kids And Teens
1. Greenlight Debit Card
Greenlight is a popular debit card for kids. The prepaid card offers both parental control and financial literacy education. You can even choose to receive an entire suite of personal financial services, including investing and saving.
You can rejoice if you have sneaky teens! The Greenlight Mastercard can only be used by your children at authorized stores and sites. An alert will be sent to you every time your child makes a purchase. You can also use the app for approval or denial of requests for additional money.
The Greenlight card pays cash back, unlike most children’s debit cards. Your children will receive 1 percent back every time they buy from a Greenlight Max account. Greenlight allows your children to set savings goals which can pay up to 2 percent annually in rewards.
The app offers a great additional feature that allows kids to buy fractional shares in their favorite companies. You can invest as little as $1 and not have to pay any trading fees. Every trade is approved by parents.
Greenlight allows parents and kids to share one app, but they have their own interface. The app can be used by parents to control spending and set limits. The app can also be used by children to track their balances and learn about money.
Greenlight offers three plans. The basic plan is $4.99 per month. It includes five free prepaid cards, access to Greenlight’s educational app, parental controls, tools, and a 1 % annual reward for savings.
Greenlight + Invest costs $7.98 per month and provides all the basic services plus investing. Greenlight Max is available for $9.98 per month. This will give your whole family access to Greenlight Max. This includes 2 percent off savings and 1 percent cash back on purchases. You can also get a black card to make your children feel like millionaires.
2. Chase First Banking
Chase First Banking is a bank account that will teach money skills to your children and let you manage your cash via an app. You can open an online account for your children aged 6–17 if you are a Chase checking customer.
Chase Mobile app lets you select where your teens and children can shop. Children can also use their debit cards for online and in-person shopping. To withdraw cash from any one of Chase’s 16,000 ATMs, there is no fee. This card does not have a monthly fee.
The app can be used to assign chores once and reward children with deposits after they have completed them. You can also create a recurring allowance via direct deposit.
Chase First Banking accounts have a great savings goal tool that children can use. This is a great way for kids to save money. The app is mobile-friendly and kids will love being able to track their progress.
Chase also gives parents and guardians the ability to set spending limits. You can also use the app to request money from your children, which you can approve or deny.
It works a little like a debit card with training wheels. The card is a great way to learn and provides some security.
Originally Published on The Tech Trend
