Debit cards offer kids an opportunity to learn financial literacy through direct experience. Using a bank card wisely can help them practice budgeting and saving, while reaping the advantages of convenient payments.
Digital payments dominate commerce today -- many businesses have stopped accepting cash altogether. An allowance on a debit card gives your son or daughter more spending power than paper money will.
Debit cards do introduce risk. Banks and financial institutions could sell your child's private data to other companies. You'll also want to set up rules for when and where your youngster can use the card, in order to avoid lack of the card or fraudulent usage.
Keep reading to discover my top picks for debit cards for children and teens below. Also understand the risks and rewards of debit cards for kids and support for instilling positive money habits.
Best debit cards for children and teens
After assessing the field, I settled on GoHenry for my 6-year-old son. Noted for its personalized cards and customizable tasks like specific chores and savings goals, it's the ideal choice for parents who want to help younger kids take on more household responsibilities and pay them for a job well done. What I really like: the company's policy clearly states that they don't sell your -- or your kids' -- personal information to third parties without your permission. To date, my kiddo is halfway to earning the newest Lego Super Mario set and he's never been happier to fold laundry.
As probably the most affordable paid option on our list, the BusyKid Visa Prepaid Debit Card is an excellent resource for folks interested in teaching their kids how to cultivate their savings. Kids have the option of keeping profit a savings account, investing it in individual stocks or donating it to charitable causes. BusyKid acknowledges that it collects user information to a target ads inside the app, and the business may share parents' data with partners for marketing purposes. However, it clarifies its position by stating that practice applies to parents only, and "the non-public information we collect about children is not made publicly available or elsewhere shared, except as otherwise described in this Privacy Policy."
For more details kindly visit credit card for kids.
No comments:
Post a Comment