Debit Cards for Kids

Credit cards, debit cards and other forms of plastic money systems are required to function in today’s society. Credit cards and debit cards are typically used by adults, those being ages 18 and over. However, there are certain types of debit cards that are now being designed for those who are under age 18. It shouldn’t be surprising that kids are using debit cards more and more every day. In fact, kids adapt to new technology and new systems faster than adults do. However, this isn’t the only reason why debt cards for kids are becoming increasingly popular.

Debit cards are accepted basically everywhere when the debit card has either the Visa or Master Card logo. Carrying cash in today’s society is considered riskier than carrying debit cards for a number of reasons. First off, if a kid loses their debit card, the parents are able to cancel the debit card and receive a new one. Moreover, anyone who finds the debit card will not be able to use the debit card, unless they have the pin number. On the other hand, if a kid losses cash, the cash will not be recovered. Anyone who finds cash is able to spend it without any difficulties.

Adults are not the only ones that travel to foreign countries. Kids travel to foreign countries as well. Kids either travel for a school trip or with their parents, depending on the situation. Carrying cash while traveling to other countries will require the cash to be converted into the country’s form of currency. However, using a debit card that has the Master Card or Visa logo is accepted everywhere all over the world. This means currency will not need to be converted into the country’s form of currency. Instead, the financial institution automatically converts the money for those who are using a debit card while traveling.

Debit cards for kids are a better option than credit cards because kids will not be able to get in debt. Credit cards present a number of issues that parents will have a tough time dealing with if they give their kids a credit card instead of a debit card. On top of not getting in debt, parents can keep track of their kid's spending habits as well as adding funds. Debit cards can be opened up easily online, and parents can fund the account online as well.

Once a new account is opened online, the parent simply funds the account. The debit card will be sent out by mail after the application is complete. There are plenty of options online that parents can choose from when shopping for debit cards for kids. Kids can also make online purchases with the debit card as well. Without the debit card, kids are forced into asking their parents to make purchases online for them. There are a few disadvantages as well that parents and their children should know about debit cards for kids. First off, there are fees associated with having a reloadable debit card.

Fees can add up and catch the parents by surprise. There are activation fees and in some cases, fees for loading the debit card with cash. Having a prepaid debit card for kids also does nothing for credit history. Regardless of the few disadvantages associated with debit cards for kids, they make the perfect solution to get kids familiar with how debit cards work. They can teach kids how to be financially responsible. It’s important to teach kids financial responsibility at an early age, instead of letting them find out the hard way how credit cards can be destructive.