Signing your child or teenager up for a debit card is more than just a way to give them easy access to cash. It is possible to teach them the basics of budgeting, financial planning and money management. It’s also a great way to teach them how to save and spend responsibly.
The best cards for kids and teens give their parents ultimate control over their spending. You can limit where your kids spend their money with some cards. You can set up the card to only be used for purchases at certain stores or online merchants.
Where should you start considering all the options? It is possible to narrow down your choices by thoroughly researching each option. You can learn more about how to get the best card for your kids. To find the best card for your children’s needs, you can compare different cards online.
- Greenlight Debit Card: Best overall
- Chase First Banking : Best mobile experience
- FamZoo Prepaid Debit : Best for customizable features
- Current : Best for families with teens
- Capital One Kids Savings : Best return on investment
- gohenry : Best for paying allowance
- BusyKid Spend Card : Best for chore lists
- Mango Prepaid Card : Best for working teens
- Jassby Virtual Debit Card : Best for contactless payments
- American Express Serve : Best for college kids
- Step Banking : Best for credit building
Best Debit Cards for Kids and Teens
1. Greenlight Debit Card: Best overall
Greenlight is one of the most popular kid-friendly debit card services — and for good reason. This card has a great combination of parental control and financial literacy education. It is a great way to teach young people how to manage their money. You can choose to receive a full suite of personal finance services. If you benefit from personalized advice and exclusive discounts, you can reach your financial goals faster and more efficiently.
Those of us with teenagers are rejoicing. Only approved stores and sites are where your kids can use the Greenlight Mastercard. It’s important to keep an eye on your children’s spending. Every time your kid makes a purchase, you will receive an alert. You can set limits on how much money your child can spend each month. You can approve or deny requests for extra money with the app.
The Greenlight card pays cash back. Setting up weekly allowances and spending limits can help children learn about budgeting. If you have a Your kids will get 1 percent back on every purchase with the Greenlight Max account. Greenlight allows your kids to set up savings goals that can pay up to 2 percent per year in rewards. This is a great way to teach your children the importance of saving money.
The app has an additional service that lets kids buy fractional shares of their favorite companies. The service helps kids learn the basics of investing while giving them a small amount of capital to invest. Kids can start investing with as little as $1 without having to pay a trading fee. Every trade is approved by parents. It’s important for parents to know the value of the items being traded.
Kids and parents share an app with a different interface with Greenlight. Greenlight gives kids the freedom to explore and learn while making it easy to keep them safe online. The app allows parents to set spending limits. Parents can receive notifications when their children leave a designated area with the app. Kids can use the app to monitor their balances and learn how money works. The app helps kids develop healthy money habits that will last a lifetime.
Greenlight has three plans. The plans are designed to fit the needs of businesses of all sizes. The basic plan costs $4.99 per month and includes free cards for up to five kids, access to the Greenlight educational app, parental controls and tools, and a 1 percent annual reward on savings. You can upgrade to Greenlight Plus for more advanced features, such as unlimited pre-paid cards and access to exclusive discounts, if you choose.
The next level, Greenlight + Invest costs $7.98 per month and includes everything the basic service does. It also includes access to exclusive financial advice from experienced professionals, making it a great option for those looking to grow their wealth. If you sign your family up for Greenlight Max, you can get the whole enchilada. Greenlight Max gives you unrestricted access to all of Greenlight’s features, so you can be sure that your family is protected online. 2 percent back on savings, 1 percent cash back on purchases, and a black card will make your kids feel like a million bucks.
Hopefully, they will be able to save that much. They have a long way to go, but with hard work and dedication, they can reach their goal.
2. Chase First Banking: Best mobile experience
If you’re looking for a bank account that will teach your kids good money habits while letting you manage their cash from an app, check out Chase First Banking. If you’re an existing Chase checking customer, you can open this account online for your kids aged six to seventeen.
You can choose where your kids and teens can shop with the Chase Mobile app. Kids can use their debit cards to make purchases. Since debit cards are often linked to a checking account, parents can monitor their kids’ spending and have better control over their budget. Chase has 16,000 ATMs that you can use to make a no-fee ATM withdrawal. You can use the Chase app to find the closest ATM. There is no monthly fee associated with this card. You don’t have to worry about extra costs with this card.
You can reward kids with deposits when they do one-time chores with the app. This is a great way to teach your children how to work hard. You can create a recurring allowance direct deposit. Your children will have the money they need to cover expenses without you having to remind them.
The savings goal tool is one of the best features of the Chase First Banking account. Teaching children the importance of saving money is a great way to teach them good financial habits for the rest of their lives. It’s a good way to make a habit of saving. Saving can help you reach your financial goals in the future. The mobile app will allow kids to watch their progress. The app gives parents real-time updates on their child’s learning progress, so they can monitor their development easily.
Chase gives parents and guardians the option to set spending limits. Kids can use the app to send money and you can approve or deny it. The app makes it easy to keep track of money requests.
It is similar to a debit card with training wheels. Children are taught the basics of budgeting and money management. This card can provide protection and peace of mind. By teaching children the importance of keeping track of their belongings, this card can help them instill healthy money habits for years to come.
3. FamZoo Prepaid Debit: Best for customizable features
FamZoo is a financial provider that offers an online family “banking” system for kids from preschool through college. Your children can learn financial literacy and develop good money habits with an IOU account and a pre-paid card from the company. Children learn the value of money, budgeting and saving with the help of the IOU account and pre-paid card.
With the FamZoo prepaid card, both you and your kids get a Mastercard. The parent funding card is on your card. It can be used to pay for a variety of educational costs. It can be loaded with funds from your checking account. Cash or check deposits can be used to add funds to the card. You can use it to give money to your kids. You can make sure that your kids enjoy their money in a responsible way. There is no fee to transfer money. It’s easy to move money around without having to worry about additional costs.
The FamZoo prepaid debit account offers plenty of options to customize your own “family bank.” Setting up a regular allowance, paying kids for completing chores, or billing teens for their share of the cellphone bill are examples of money rules you can establish. Rules about how to use technology, like limiting screen time or setting parameters for online activity, can be created.
Paying kids an interest rate that you define can encourage good saving habits. You can give your children the tools to buildhealthy money habits by setting up a fun saving device. If you lend money to your kids, you can use the FamZoo account to charge them interest. You can teach your kids how to manage their finances.
There are plenty of learning opportunities with a pre-paid card. Learning opportunities can help young people understand the concept of budgeting. As your kids grow, you can add features and rules to the family bank account.
A subscription fee is charged to use the card. The fee helps cover the cost of providing the service as well as maintaining a secure environment for users. You can either make a monthly payment of $5.99 or choose a pre-paid plan for twelve months or two years. A one-month free trial is offered by the company. You can always test out the services before making a purchase if you’re not sure about committing to a plan. You can see if this card is right for you and your family. It’s a great way to manage your family’s finances.
4. Current: Best for families with teens
Families with several teenagers may want a solution that allows them to track multiple family members with one app. A family tracking app can provide peace of mind for parents who want to stay connected with their children and be aware of their location at all times. Enter Current.
There’s no minimum age requirement for a Current account. The financial app is for teenagers. It helps teenagers learn how to create and manage a budget, as well as give tips on how to save money.
When you sign up for Current, your kids will receive a Visa debit card. You will be able to limit your teens’ spending as a parent. You can teach them how to manage their money. Specific merchants can be blocked. You can stay in control of your spending if you use this method. (So definitely no GameStop unless their grades improve!)
Parents can make instant money transfers from their checking account with this app. The app allows parents to track their children’s progress and give them rewards for completing tasks. Every time your kids use their cards, you will receive a notification. It will give you peace of mind that your kids are using their cards in a responsible manner.
Teens can use their Current accounts to round up savings and give money to charity. This is a great way to make an impact with the money they are already spending, while teaching them the importance of budgeting and saving. The Current app will teach them financial literacy in a way that is hip and not dumb.
The cost is only $36 per teen per year.
5. Capital One Kids Savings: Best return on investment
Many cards don’t offer competitive interest rates, and not all cards offer a great annual percentage yield. To ensure you’re getting the best deal, be sure to compare the features on your credit card. Some cards cost you money each month, while others give you a return. These cards are not the best choice for most people as they can quickly lead to debt if not managed well.
That said, Capital One stands out by offering a pretty decent 0.30 percent APY, which is more than most standard checking or savings accounts. There is no opening fee or maintenance fee. It’s an attractive option for people who want to save money on their banking needs.
Additional features include a savings goal tool, automatic savings, and the ability to link multiple accounts or create accounts for specific savings goals. Automatic transfers can be set up to meet savings goals on a regular basis.
You can move money six times per month from any linked account and even make mobile deposits by uploading checks for maximum flexibility and fewer trips to the bank. You can easily access your accounts through the online banking portal.
6. gohenry: Best for paying allowance
The gohenry card is a kid-friendly debit card with an app that teaches your children and teens money management. If you make a weekly allowance by direct deposit, you can load this card. You can load the card with cash at retail locations. Children can complete chores for money. The value of hard work and responsibility will be taught by this.
You can control where your kids use their cards with gohenry. If your child does poorly on a test or doesn’t complete their chores, you can prevent them from buying video games with their card. You could set up an alert to let you know when your child makes a purchase.
There are two accounts, one for the parent and one for the kids. The parent account allows parents to keep an eye on their child. State-of-the-art chip security, PIN-protected transactions, and spending limits are some of the safety features of the account. It has online banking options for added convenience and peace of mind. The app is insured by the Federal Deposit Insurance Corporation. Your money is protected by the highest industry standards.
Gohenry charges a monthly fee of only $3.99 after a free thirty-day trial. Gohenry is a way for your children to learn financial responsibility.
7. BusyKid Spend Card: Best for chore lists
Are you trying to get your kids to do chores? Thankfully, there are some tips you can use to make it easier to get kids to do their chores. They might need a little financial incentive to get motivated. They may need additional help to stay on track.
BusyKid is one app and debit card service that can help get your kids into gear. The app teaches children about budgeting and money management. Making learning about money more enjoyable is one of the things it includes.
Key features include a chore chart and a preset allowance section. The app allows parents to see their children’s progress in real-time, as well as set up reminders for tasks. The investing tool in the app gives kids the ability to invest their allowance in stocks in companies they love, like Apple and Disney.
The BusyKid Visa Prepaid Spend Card is one of the cheapest debit card options. Users can easily budget and track their spending with the link to the BusyKid Visa Prepaid Spend Card. It costs only $19.99 per year to use the app. The Spend Card gives you access to exclusive savings and rewards. The cost is $7.99 for each additional card. If you need multiple copies of the same card, this is an excellent deal.
8. Mango Prepaid Card: Best for working teens
Your children’s money needs to change once they become teenagers. Financial responsibility can be discussed with them, such as budgeting, saving, and investing. That’s especially true if they start working side hustles and bringing in steady cash.
This is where a card like Mango comes in handy. Your kids can use the Mango card wherever Mastercard is accepted. The card also links to a high-yield savings account to earn up to a whopping 6 percent APY on balances under $2,500.
A minimum balance of $25 per month is required to qualify for the 6 percent APY. The benefits of a high-interest savings account can be enjoyed with these qualifications. It is a good option for a teen with monthly expenses. It is a great way to learn about money.
A linked checking account can be used to add funds to the account. The app helps parents keep track of their child’s spending.
9. Jassby Virtual Debit Card: Best for contactless payments
Debit cards are a hassle. When you’re in a rush to make a purchase, using a debit card can be inconvenient. They can be lost or stolen. Ensuring that these items are kept in a safe place is important. It makes sense to avoid touching PIN pads and having others handle our cards in the era of COVID. It’s best to use payment methods that have a low risk of contracting or spreading the virus. It’s a great option for kids and teens. It helps parents keep track of their spending.
One of the best options for this type of service is Jassby, which offers a virtual debit card for kids. Parents can use the Jassby mobile app to send money.
The Jassby Shop offers thousands of name-brand items and your kids can use their accounts to shoponline. Jassby Shop is an ideal place to shop for families because of its free shipping on orders over $50. They can use the card at brick-and-mortar retailers that accept Apple Pay. Where Apple Pay is accepted as a payment method, it can be used to pay online or in mobile apps.
Jassby will waive the monthly fee if your kids make at least one virtual debit card purchase per month. Jassby has an optional physical card that can be used to make purchases in stores and online. It is a great way to give kids some freedom. It’s important to teach kids good financial habits from an early age so they can carry these skills into adulthood.
10. American Express Serve: Best for college kids
Spending restrictions are on some cards. You won’t have to worry about that with American Express Serve, which allows you to add up to $100,000 per year! It has a higher spending limit than most cards and you can reload for free. It’s a great choice for everyday purchases.
You must be at least eighteen years old to have an American Express Serve account. The account must be opened with proof of age and identity. For graduating seniors and first-year college students, it is a good solution. It’s a great way for parents to help their children transition from high school to college.
You may be willing to give your kids money for college, but not a blank check. You may want to set limits on how much you give and how often so that they can learn how to budget. You can use this card to make sure the money goes to books and supplies, not a toga party. It can be used to help your student budget, so they don’t have to worry about paying for textbooks.
11. Step Banking: Best for credit building
Credit history is one of the things that credit bureaus look at. If an individual is being paid on time they will be taken into account. The longer your credit history, the better your score is. Maintaining a healthy credit score is dependent on having a long credit history. It can be a problem for young people. The cost of living is increasing, but wages are not keeping up with inflation, which can lead to financial insecurity for those on low incomes or in precarious work situations.
One solution to help teens build credit is the Step Banking card, which acts as a combination credit card and debit card. Children can build their credit histories with an FDIC-protected card. This is a great way for parents to teach their children important financial skills while also giving them a safe and secure way to make purchases.
As a parent, you will load your kids’ Step Banking account. You can decide how much they can spend on each purchase. The linked Step credit cards can be used. The Step app allows users to easily manage their money, track spending, and set up automated savings goals. The credit balance will be paid by the Step account at the end of the billing cycle. It’s a sure-fire way to build credit since your Step account automatically pays balances in full. It’s a great way to stay organized and avoid late payments.
Frequently Asked Questions
Can a kid have a debit card?
Yes, with kid-friendly accounts. Setting up a bank account for children is something parents can do. Adult caregivers can open a bank account for their children. Parents can help their children learn how to manage their finances once the account is opened. Kids are allowed to use the debit cards in these accounts. Parents can monitor their child’s spending through the account’s online banking portal.
Minors can be authorized users for credit cards. The parent or legal guardian of the minor will usually be responsible for the credit card activity. Guardians will want to make sure their children know how credit cards work and the dangers of credit before allowing them to use credit cards.
Who can get a debit card for a child?
When opening a kid-friendly account, parents and legal guardians can get debit cards for their kids. The purpose of the debit cards is to teach children how to manage their money while also giving parents peace of mind. We have the best picks for debit cards for kids.
The Bottom Line
Everyone should be able to use the right debit card for their kids. It should protect your children from financial risks. Your kids can make ATM withdrawals when they need cash, and they can even initiate direct deposits through their part-time jobs. It’s easy to transfer money with some cards. It’s a great way to save money in the long run.
A good kids’ debit card will allow you to monitor your children’s bank activity and send real-time notifications whenever they spend money. It should allow you to set spending limits and alert you when your children reach them. They don’t have to worry about blowing their allowance on junk food. You can encourage them to save a portion of their allowance.
