Best Debit Cards for Kids and Teens in September 2022: Greenlight, BusyKid and More
Debit cards offer kids to be able to learn financial literacy through direct experience. Utilizing a debit card wisely can help them practice budgeting and saving, while reaping the benefits of convenient payments.
Digital payments dominate commerce these days -- many businesses have stopped accepting cash altogether. An allowance on a bank card will give your youngster more spending power than paper money will.
Debit cards do introduce risk. Banks and financial institutions could sell your child's personal information to other companies. You'll also want to create rules for when and where your child can utilize the card, in order to avoid loss in the card or fraudulent usage.
Continue reading to find out my top picks for debit cards for children and teens below. Also learn about the risks and rewards of debit cards for children and support for instilling positive money habits.
Best debit cards for children and teens
After assessing the field, I settled on GoHenry for my 6-year-old son. Known for its personalized cards and customizable tasks like specific chores and savings goals, it's a great choice for folks who would like to help younger kids accept more household responsibilities and pay them for employment well done. What I really like: the company's policy clearly states that they don't sell your -- or your kids' -- personal information to third parties without your permission. To date, my kiddo is halfway to earning the most recent Lego Super Mario set and he's never been happier to fold laundry.
As the absolute most affordable paid option on our list, the BusyKid Visa Prepaid Debit Card is an excellent resource for folks thinking about teaching their kids how to develop their savings. Kids have the option of keeping profit a savings account, investing it in individual stocks or donating it to charitable causes. BusyKid acknowledges that it collects user information to focus on ads inside the app, and the company may share parents' data with partners for marketing purposes. However, it clarifies its position by stating this practice pertains to parents only, and "the private information we collect about children is not made publicly available or otherwise shared, except as otherwise described in this Privacy Policy."