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.
Also read: The Best Digital Wallet Apps in 2023 That Will Save You Money
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.
3. FamZoo Prepaid Debit
FamZoo is a financial service provider that offers an online family banking system to children from preschool through college. To help children learn good money habits, and financial literacy, the company offers an IOU account as well as a prepaid debit card.
Both you and your children can get a Mastercard with the FamZoo Prepaid Card. Your card acts as the parent funding card. It can be loaded with funds from your checking or savings account by direct deposit or transfer. It can be used to transfer money between your children’s cards. Transferring money between linked accounts is free.
FamZoo’s prepaid debit account allows you to create your own family bank.
By giving your kids an interest rate you set, you can encourage saving and good savings habits. You can also charge interest to your children if you lend money to them.
This all adds up in a prepaid debit card that offers many learning opportunities. FamZoo’s family bank account can be customized so you can start small and then add more features and rules as your children grow.
FamZoo charges a monthly subscription fee to use their prepaid debit card. You have the option to pay a $5.99 monthly fee or opt for a prepaid plan for $39.99 for 12 months or $59.99 over two years. The company also offers a free one-month trial. You can test this card with no risk to see if it is right for you and your family.
4. Current
Current is a debit card solution that allows families with multiple teenagers to keep track of them all with one app is ideal. Get Current.
A Current account does not require you to be at least 18 years old. This financial app is designed for teenagers.
Your children will get a Visa debit card when you sign up for Current. As a parent, you can monitor and limit the spending of your teenagers. You can also block certain merchants. You can even block specific merchants.
The app allows parents to set up chores and make money transfers instantly from their checking accounts. Notifications will be sent to you every time your children use their cards.
Teens can also use their Current accounts for saving money and donating to charity. The Current app will teach teens financial literacy in a hip way.
5. Capital One
Many cards don’t offer high annual percentage yields (APY) and some offer low-interest rates. Some cards actually cost more than they give you in return each month.
Capital One offers a very good 0.30 percent annual percentage yield, which is higher than standard savings or checking accounts. You don’t have to pay an opening or maintenance fee.
Other features include an automatic saving app, a savings goal tool, and the ability to link multiple accounts or create accounts for specific savings goals.
Transfer money six times per calendar month from any linked account. You can also make mobile deposits by uploading check images. This allows you maximum flexibility and reduces trips to the bank.
6. gohenry
The gohenry card is a kid-friendly debit card that includes an app to teach your teens and children money management, is available. This prepaid debit card can be loaded by direct depositing a weekly allowance. You can have your kids do chores to earn extra money.
You can limit your child’s spending and manage their use of the card with gohenry. If your child fails a test or doesn’t complete their chores, you can stop them from purchasing video games with their card.
There are two accounts for parents and children, just like most apps. It has strong safety features such as state-of-the-art chip security, PIN-protected transactions, and spending limits. FDIC-insured, the app also features 256-bit encryption.
Gohenry charges $3.99 per month after a 30-day free trial.
7. BusyKid Spend Card
Do you find yourself pulling your hair trying to get your children to do their chores? Perhaps they need some financial motivation to get motivated.
BusyKid, a debit card and app service that helps kids get on track is one option. This app helps children learn about money management and budgeting, which will help them develop financial responsibility.
The app features a chore chart as well as a section with a pre-set allowance that is adjusted by age. It also includes an investment app that allows kids to invest their allowance in stocks at companies they love, such as Netflix, Apple, or Disney.
It can be linked with the BusyKid Visa Prepaid Shop Card and is one of the most affordable debit cards. The app costs $19.99 per annum to use and one Spend Card is available. Each additional card costs $7.99
Also read: How To Find The Best Credit Card
8. Mango Prepaid Card
Your kids’ money needs will change once they turn 18. This is especially true for those who start side hustles to bring in steady income.
A card like Mango can help. Mango provides a prepaid debit account that your children can use anywhere Mastercard is accepted. You can also link the card to a high-yield savings account to earn up 6 percent APY for balances below $2,500
You must spend $1,500 each month and keep a minimum balance of $25 per month to qualify for the 6% APY. It’s an excellent option for teens with monthly expenses.
Parents can access an app that supports mobile management and add funds to their accounts using a linked checking account.
9. Jassby Virtual Debit Card
Let’s face facts: Debit cards can be a pain. They can be lost or stolen. It is important to not swipe unnecessarily, touch germ-infested pin pads, or have our cards handled by others in this era of COVID. Contactless payments are a great option, especially for teens and children.
Jassby is a great option for this type of service that offers a virtual debit card to kids. Parents can also use the Jassby app on their mobile devices to track payments and send money.
Your children can shop online at the Jassby Store, which has thousands of brand-name products. They can also use their card at brick-and-mortar retailers that accept Apple Pay.
Jassby charges $2.99 per month. However, if your children make only one monthly virtual debit card purchase, the company will waive that fee. This is a great way for kids to have some freedom in spending.
10. American Express Serve
Some cards have spending restrictions. American Express Serve allows you to spend up to $100,000 annually, so there’s no need to worry. You can also reload your card for free and have a higher spending limit than other cards.
To open an American Express Serve Prepaid Debit Account, you must be at least eighteen. This account is a great option for seniors who are graduating and students in their first year of college who still need parental support.
You may offer to spend money on your children’s college expenses, but not write them a check. The card is a great way to ensure that the money goes towards books and supplies, not a party.
Last Line — Top debit card for kids
Your kids’ lives will be easier if they have the right debit card. You can give your kids access to ATM withdrawals and can also make direct deposits through part-time jobs. You can also transfer money to your card and earn cashback rewards.
A great kids’ debit card will allow you to monitor your children’s bank transactions and send them real-time notifications when they spend money. You don’t need to worry about your children spending all their hard earned money on junk food.
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