TIM THOMAS

Debit Cards for Kids

Giving your child a debit card can be an excellent way to teach them about money and budgeting early in life.

What Debit Cards Can Teach Kids About Money

There are a lot of money lessons that kids can learn when using a debit card. Though, the one skill that they will likely pick up above everything else is budgeting.

What Defines a Kid Debit Card

1. A kid (under the age of 18) must be able to use the card on their own 2. The card must be accepted at most retailers and online 3. There must be spending controls and parental controls, including transferring preset amounts to the card from a checking account

The 6 Best Kids Prepaid Debit Cards

1. Akimbo Prepaid Mastercard

– Monthly Fee: $0 – Card Purchase Fee: $0 (first sub card free, after that $4.95) – Reload Fee: $5.95 – ATM Fee: $1.98

2. Movo Digital Prepaid Visa Card

– Monthly Fee: $0 – Card Purchase Fee: $0 – Reload Fee: $0 (in most cases). – ATM Fee: $2.00

3. Current Visa Debit Card

– Monthly Fee: $3 ($36 billed annually) – Card Purchase Fee: $0 – Reload Fee: $0 – ATM Fee: $0 (for in-network ATMs)

4. FamZoo Mastercard Reloadable Prepaid Card

– Monthly Fee: $5.99 – Card Purchase Fee: First four cards free, then $3 per card – Reload Fee: Free when using a qualified bank transfer or direct deposit. – ATM Fee: Varies by ATM

Swipe up now to read the full post!

READ MORE

Twenty-Six Best Investing Books

12 Best Investment Apps You Might Not Know About