At What Age Should Your Child Get A Debit Card?

The attitude of parents is crucial when it comes to giving financial lessons to children, i.e. how to teach your children to appreciate money. You probably asked yourself at what age should your child get a debit card? The experts answer that the earlier age of the child the better. 

You can agree with your child that he will receive money based on completed tasks and obligations, such as keeping the room clean, good grades in school, or mowing the grass. 

In this way, children will know how to appreciate money more because they know that it is the result of their hard work.

Money doesn’t grow on trees

You need to explain to children that money does not grow on trees or fall from the sky, although it may seem that way to children when they watch you withdraw money from an ATM. 

So take them with you when you pay various bills, so they can see the whole process and give them an insight into the amount you need to pay (you can explain, for example, how many chocolates can be bought with that money).

At what age should your child get a Debit Card?

Many studies have shown that children already understand money from the age of 5. That is, they have a concept of what money is. 

You must have seen by now in your neighborhoods how little girls knit bracelets, and sell items and cakes and homemade lemonade in front of the building so that they can earn money for their favorite toy or dress. 

While the boys help with mowing the lawn, helping the adults as well as cleaning the snow in the winter months.

  • Some banks have age restrictions in which a child can have an account, with some at the age of 6, 12, or 13. While with some you can open much earlier, it all depends on which bank you choose.

Children are very innovative and fearless and can learn things very quickly and adapt to their environment. Therefore, it is ideal to start slowly introducing your children to the world of finance step by step, no matter how old they are.

What is a Debit Card for Children?

  •  Children’s debit cards can only be opened by a guardian or parent,
  •  When you have researched all the banks and found the one that suits you according to your income and possibilities, you are ready for the next step

How to set up an account

  •  You open a bank account in the name of your child, and you will provide personal information such as first and last name, date, and place of birth.
  •  When setting up an account, you can set restrictions for children for certain brands and companies.
  • You can set up a list of household chores and obligations, and extracurricular and teaching activities, which they must complete on a weekly/monthly basis.
  • Awarding prizes as well as penalty points if you do not complete all the tasks that your parents expect from you.
  • Through the mobile application, the child can invest, spend, save and donate money.
  • Parents have full control over the financial activity of their child at all times.
  • Teach children that they must donate part of their money to the needy because not everyone is as lucky as they are.

Best Debit cards for children?

When it comes to the best debit cards, you must also keep in mind that the choice of bank and debit card depends on your income and financial possibilities.

One of the best and most popular is the Busykid Debit Card, which is the first choice of thousands of parents. The prices are affordable, and the banking service, as well as the mobile applications, are perfect for parents and children. 

Also one of the better ones is the Copper Debit Card, which does not charge a fee but has an age limit of 13 to 19 years. 

Whichever option you choose, you won’t make a mistake. What is important is that you are thinking about the future of your children, and they will thank you one day.