Estimated reading time: 2 mins
Debit cards are a popular way for teens to manage their money. Deposit money into the card, and then use it like a regular debit card to make purchases. It can be a great way for teens to learn how to budget and track their spending. There are a few things parents should keep in mind when choosing a debit card for their teen.
No Hidden Fees
Make sure the card has a low or no monthly fee. Many cards have a monthly maintenance fee, which can quickly add up. Second, make sure the card has low or no ATM fees. Teens will probably need to use the ATM occasionally, so it’s important that there are no extra fees.
Good Customer Service
Choose a card issuer with excellent customer service. If something goes wrong with the card, you want to get help fast. Look for a servicer with 24/7 availability. This is especially important if your teen is away from home and needs to resolve a problem with the card.
Wide ATM Network
Look for a card that has a wide ATM network. This will ensure that your teen can access cash whenever they need it. A good network will have ATMs located at many stores and locations.
Consider Current debit card for teens that offers more for teens, such as automated allowance payments and deposit access for multiple family members. These features can make it easier for teens to get money for work done around the home and as a gift from relatives for birthdays, holidays, and special occasions.
It should also have features for parents, such as the option to block specific merchants, set limits, and get notifications when they make a transaction.
More Secure Than Cash
Debit cards are more secure than cash. If your teen loses cash, it’s gone for good. But if they lose their debit card, the card issuer may refund the money that was stolen. These often offer more security measures, such as fingerprint and facial recognition, to ensure only authorized users can access the card. Also, with a digital world, it’s more practical. Your teen can use a debit card to make online purchases.
When choosing a debit card for your teen, it’s important to find one that has no hidden fees, excellent customer service, a wide ATM network, and extra features. This will help your teen learn how to use a debit card responsibly and help them manage their money.