The Best Debit Cards for Kids & Teens to Teach Them About Money
Giving your child a debit card can be an excellent way to teach them about money and budgeting early in life. With consumer debt in the US growing to over $14 trillion–according to CNBC and the Fed–any step you can take to help promote financial literacy early can go a long way.
It’s important to understand your options before choosing which debit card to get your kid, especially when it comes to cost. So we compiled a list of some of the best debit cards for kids, including a couple of free options you should consider.
With a kids’ debit card, you can put limits on how much they can spend. So you can essentially make it impossible for them to overspend, and they might start to learn those boundaries. By allotting them a predefined amount of money, you put the power in their hands to decide how they want to spend their cash.
Starting off the list is Greenlight, a debit card specifically designed for kids. Their tagline is “the debit card for kids, managed by parents.” The pricing is similar to FamZoo, where you pay $4.99 per month but can have multiple kids on the account. It also offers countless great features to promote financial responsibility for kids.
Greenlight Kids Debit Card
The Movo card, too, has no reload fee if you opt for direct deposit or other approved methods. This is a big improvement over some cards. Movo is free, which is a massive advantage if you plan to load small increments of money onto the card frequently. If your kid is a good saver and doesn’t use their card often, you may face this fee from Movo.
Movo Digital Prepaid Visa Card
The current card is not free, but it does offer transparent pricing and a one-month free trial. Then, for only $36 a month, you add money to your card as many times as you’d like, worry-free. Plus, Current offers more than just a debit card. They offer a mobile app with a whole suite of products, including teen banking. It’s one of the most technology-forward options on this list.
Current Visa Debit Card
The FamZoo card is probably the most popular kids' debit card option on this list. That’s because it was designed to be a kid's debit card, whereas some other options on the list are just prepaid debit cards that happen to be good for kids.
FamZoo Mastercard Reloadable Prepaid Card
SWIPE UP TO READ MORE ABOUT THE BEST DEBIT CARDS FOR KIDS