With prepaid debit cards on the rise, getting one for your child can help teach them about money management. There are debit cards for minors, although these are different from conventional prepaid credit cards. Here are the top debit cards for minors:
This debit card for children has features that teach kids about money management and gives parents an easily managed account to pay allowances and assign chores. In addition, the app allows children to invest in fractional shares to create wealth, and the parent will get instant notifications.
The card features ATM and Google/Apple Pay to eliminate the need for cash. The card is backed with a zero liability policy; if misplaced, it can be locked temporarily. In addition, BusyPay offers a way for family and friends can send one instantly to the kid’s BusyKid account.
The card is ideal for families that want to store money on multiple linked prepaid cards. It allows one to separate funds into several multi-purpose drive accounts, and there is no risk of overdraft, debt or hidden fees. In addition, this is among the best-prepaid debit cards since it enables minors to be involved in financial literacy.
With this card, payment is quicker relative to a paper check, and there is no interest or late fees since it is not a credit card. In addition, there are no overdraft fees on purchases using the card. You don’t need a minimum balance, activation fee or credit check to get the cards, making it perfect for children between 13 and 17 years. It is a reloadable card, and reloading fees are between $0 and $3.95.
You can transfer money from your PayPal account to fund your prepaid card account. Since there is direct payment, you will get paid quickly compared to pare check, and you can earn cash back for using the card. In addition, the card allows you to add children between 13 and 17 years. The Bancorp Bank issues the card, which can be used anywhere MasterCard is accepted.