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If you were wondering how old your child has to be to get this type of card, it depends on the various providers. Age is one of the things that differentiates the offer that currently exists on the children’s card market. So, how old do you have to be to get a debit card?
What is the minimum age limit?
For some service providers, the minimum age limit is 6, 12, or 13 years.
Whichever bank or service provider you choose, one thing is for sure, these financial skills will come in handy in their stages in life.
Children whose parents did not teach them self-control when it comes to money won’t be able to establish a balance between saving and spending in adulthood, which is why psychologists believe they will most likely end up in debt.If you were wondering how old your child has to be to get this type of card, it depends on the various providers. Age is one of the things that differentiates the offer that currently exists on the children's card market.Click To Tweet
What the experts saying
Experts believe that it is better to introduce children to the financial world as soon as possible. Because children are extremely enterprising, creative, and imaginative at an early age and are well aware of the existence of money.
Encourage children to be entrepreneurial
Some children from a young age paint and make various objects, bracelets, and necklaces and sell them in front of their building.
You must have seen in the neighborhood how children work together and make various items that they later sell. Children are very good when it comes to teamwork, they can cooperate, understand each other, and are much more honest and creative than adults.
Therefore, why not introduce them to the financial world, so kids can have a carefree future later?
By introducing them to the world of finance and slowly explaining it through various games and interesting things, they will acquire valuable skills for the future.
Explain to them where the money comes from
You must explain to the children that money is not to be thrown away, that it is earned by hard and diligent work, and it must be treated with respect.
Especially to explain to them that money doesn’t grow on trees, although sometimes it can seem to children that ATMs throw out money whenever you approach them, that’s not the case in real life.
We suggest you take them with you when paying your bills so that they can get an impression of what it looks like to pay the bills. Children need to know that there are things that are priorities to pay and they learn best from your personal experience.
What is a children’s Debit Card?
- Children’s cards are accounts that parents open in the name of their children.
- When choosing a bank and service provider, carefully research which option is financially acceptable for you.
- Only a parent or guardian can open an account for a child.
- Parents connect the child’s card with their bank account and transfer funds to it.
- With this type of card, a child can save, buy, donate, invest and borrow capital (from you).
- Mobile apps have lists for household duties, extracurricular and curricular activities, and hobbies.
- Adults can monitor the spending habits of their children
- Rewarding completed jobs but also punishing unfinished jobs
- Parents can block transactions they consider inappropriate for their kids.
Best type of these cards on the market today
In the last few years, this was a taboo topic, many thought that it was better to let the children enjoy their childhood carefreely.
But many parents now are deciding to open debit accounts for their children because they can monitor what they do with money through mobile applications.
Also, numerous mobile applications have various lists of chores, curricular and extracurricular responsibilities, hobbies, charity choirs, and many others that children must complete.
We will single out some cards that have delighted parents around the world, such as award-winning BusyKid, GoHenry, FamZoo, and many more.
What sets Busykid apart from the rest of the cards is that they developed a mobile app that suits parents and children.
Parents can monitor how the child spends, invests, donates, and saves money, as well as whether he fulfills all the obligations foreseen for that day/week/month.
Whichever option you choose, you will not make a mistake, but you will teach your children a skill that will be of great importance to them in the future.