Banking is so immense and vast that it is difficult to understand its features. We usually prefer banks to keep our money secure. However, many other aspects make banking very essential for all of us. A debit card is an example of the advanced motive of banks. Debit cards are meant to keep the bank deposit in a rectangle-shaped plastic card with a unique code bound to you. Now the question arises how old do you have to be to get a debit card?
Whenever parents or lawful caregiver creates a joint adolescent bank account in their place, a kid may normally acquire a debit card at thirteen years. Teen checking accounts are usually accessible till the youngster reaches the age of eighteen.
Debit cards have many features and have proven to be very useful. Some of its uses are;
- With the help of a debit card, you can make a purchase whenever you need it.
- Debit cards do not offer unnecessary perks to keep you safe from fraud.
- You can even withdraw cash from A.T.M.s using the debit card P.I.N.
- A debit card is straightforward to get; you can get these cards from banks as soon as you own an account. There is no annual fee on debit cards.
- You can get incredible cashback using debit cards.
- Some debit card rewards up to 1 per purchase.
So, these were some critical features of Debit cards. Today along with explaining features to look for in a credit card, we will solve how old you have to get a debit card?
Learn More: What happens if I Don’t Use My Credit Card
Right Age for Childs to get Debit Card
Children of today are more innovative and aware than the children of the recent past. The parents of today are also very concerned about their children. Every parent wishes to make their children’s future secure.
They want them to be mature before time. Knowing how to save for the future is an important life skill. Still, it’s one that many Americans lack 28% of U.S.A. adults have no savings at all. In that regard, they enquire whether their children are eligible for debit cards or not because they want them to learn how to save money.
- If your child is 18 years old, then he is eligible for a debit card.
- On Their Own, Those between 18 & 21 years old can open a credit card account in their name if they have evidence of individual income, according to rules set by the Credit Card Accountability and Responsibility Act of 2009
- If your child is not yet 18 years old, he cannot personally own a debit card. However, if you wish to have a debit card for kids before 18 years, then you will have to open a bank account as a guardian; it is called a teen checking account.
- Banks in the U.S.A., like capital one and chase, allow no age requirement; you need to open a checking account for your child.
Importance of Debit Card for Child
Family planning is becoming a trend now. Other than regular family planning, parents now try their best to secure their kids’ futures. Having a debit card for the child has many benefits.
- If your child is doing a part-time job and saving time, then it is the best time for them to own a debit card to save money with time.
- If your child has a money-saving habit or has a good income, or even if he loses his money frequently, you need to get a debit card for them.
- If you observe your teenage child that he is mature enough to have some independence, start with a debit card. This will make sense of responsibility in them.
- On either hand, if you assist them to create the saving behavior by recording savings levels and statistics, the behavior is much more prone to override the inclination to “consume 100 percent of their income.”
- If your child is not 16 to 18 years old, but you think that he needs to have a debit card, then open a teen checking account for them. In this way, they will learn new things and will save money in upcoming times.
- The debit card also helps in critical situations like if your child is somewhere out and needs to buy something or needs cash.
- The credit card also has a 2.5% rewards rate on eating and on traveling (2 x $0.0125) and a 1.25% reward on all other essentials (1 x $0.0125)
Features to Look in a Debit Card
The debit cards offer a variety of essential features for a child. Childs alone cannot have a checking account. However, he can have a prepaid Debit card for shopping or any other purpose. Through this prepaid Debit card, you can keep an eye on your child. But, to avail of all the features of your Debit card need to have the following availabilities;
- The most vital aspect of the debit card is that it should be available nationwide.
- The fee structure of the debt needs to be simple and understood able.
- Feature of parental control is a must for debit cards for Childs.
- Other than that, the debit card also has unique and catchy features.
- The debit card also has a robust tool to help Childs understand how to save, earn and spend money.
- Visa prepaid feature in debit cards is yet another catchy aspect for kids.
Drawbacks of Having a Debit Card for Child
With all these sustaining features of a Debit card, there are also some risks of having a debit card for your child. These risks can be short-term or long-term, but the thing is that they exist.
- The first risk of the child having a debit card is that it is possible that your child is not ready to take responsibility, leading to misuse of the debit card.
- A careless child can waste a debit card, and even this kind of child can get fraud through a debit card.
- Other than that, your child friend can also evacuate your kind heated child account if he feels shame to say no to them.
- Long term complication of debit cards is the negative belief in wealth with the aversion to maintaining financial crisis in the future.
- Overuse of money can also lead to many problems; in fact, it can disturb the purpose of having a Debit card for your child, and in the long term, it can play a part in ruining your child’s life.
Frequently Asked Questions
At what age can a child get a debit card?
Children at the age of 18 can officially have their debit cards. However, underage children have to open a checking account under their guardian to get a debit card. Those cards will be prepaid debit cards. These cards are primarily parental control debit cards.
How can a debit card for minors teach money management?
Debit cards can help in money management for teens. You can set a limit on earning, spending, and transferring money. Without getting stuck into credit card debts, you can quickly learn about money management.
All the limits on a debit card can be set using the mobile phone App. Therefore it is easy for a child to learn money management from a debit card.
When Is It Appropriate to Get Your Teenagers a Debit Card?
The right time to get a debit card varies from child to child. Suppose you want to know if, as a parent, it is the right time to get a Debit card for your child. The right time is only when your child gets mature enough and the age factor, which needs 18 above.
If your child is ready to take responsibility, you can get a debit card at any age for him through a teen checking account. Through a checking account, your kid will get a prepaid debit card.
Is it possible for a 12-year-old to have a bank card?
Yes, a 12-year-old child can have a debit card through its parent’s check account. It will be a prepaid debit card with parental control. Otherwise, a 12-year-old child can’t have a debit card according to policies.
What is the age requirement to own a debit card?
The age requirement varies but the average age to own a debit card is 18 above. Under this age, the child will need a guardian check account for having a debit card. The underage debit cards are usually prepaid with parental control.
Should I let my 12 years old get a debit card?
Every child is different; you need to observe your child’s habits, and observe whether your child is careless or very naughty. The main thing to focus on is whether your 12-year-old kid is responsible enough to handle outcomes; otherwise, he can misuse the debit card, and instead of learning money management, he will end up learning nothing.
What is the best debit card for a 14-year-old?
The best debit card for a kid is the Jassby debit card and Mazoola credit card. Unlike most debit cards for kids, Mazoola is 100% free to use.
Jassby is a virtual kid credit card. Jassby is itself a money management app and also a virtual credit card for kids. It’s a great option if any kid does not want to own a physical card. Both cards are also inexpensive, with all the desirable features of parental control, the money earned, transfer limit, and other critical aspects that make this debit card best for a 14-year-old kid.
How should a 17-year-old go about getting a debit card?
IN the U.S.A., you need to be 18 to open a bank account, but you can open it under your parent’s custodial. Nowadays, everything has changed in my time. It takes hundreds of dollars in banking practices, and debit transactions cause an overdraft, after which you came to know that all of your money is gone in fees with a bank of America and First Convenience Bank.
Debit cards for the child are only preferred for money management. Learning how to earn, save, and transfer money and money tracking is vital to keep the future of a child secure. Parental control on debit cards and many other efficiency features can help parents manage their child’s security.
But, make sure that your child is ready to take responsibility; otherwise, the situation can reverse. A child above the age of 18 can easily get a debit card. However, the child below this age needs to concern about their parents for checking account to get a debit card.
I am Lavinia by name and a financial expert with having a degree in finance from the University of Chicago. In my blog, I help people to educate by making wise choices regarding personal investment, basic banking, credit and debit card, business education, real estate, insurance, expenditures, etc.