The captivating design of children’s debit cards has sparked the interest of both adults and children, offering a simplified way to learn about financial literacy. Consequently, the enthusiasm surrounding this educational financial tool is understandable, given its ability to make the process more accessible.
If you’ve Googled terms such as “the best children’s card”, “the best kids debit cards”, but you’ve been confused by the amount of information, don’t worry, we got you covered.
What Debit Cards for Kids Offer
Because this option imitates the real world of finance and fully adapts it to children to prepare them in the best possible way for the future, at least when it comes to finances. It is important to mention that many experts advise introducing children to the world of finance as early as possible so that they will eventually acquire the habit of proper handling of money, which will eventually turn into a commendable skill. Numerous studies have shown that children who have this option when learning financial literacy later become financially independent, debt-free adults.
Children’s Debit Cards
The most comprehensive, fastest, and easiest way to learn all aspects of finance is through the children’s debit card option. Since many adults do not know how to manage money well, this option is perfect to teach children everything they need to know about finances and best prepare them for the future. This is an improved version of Piggy Bank for kids, only it has been turned into a full-fledged application with all kinds of finances from earning, spending, creating a savings plan, donating, and investing money.
Additionally, the creators of this option decided to add tables of activities and obligations that are easily adaptable to any age of the child. In this way, children are taught responsibility and fulfillment of obligations within the household, curricular and extracurricular activities.
Process of Opening an Account
The process of opening an account is fast and very simple. The parent or guardian opens an account on behalf of the children, providing all the necessary personal information of the child, including name, surname, place of residence, and year of birth. After filling in all the necessary information, the account is activated by depositing money in it and is ready for immediate use.
Best Debit Cards Option for Kids
There are various versions and offers when it comes to debit cards for children and you want to choose the option that is best for your children. It is important to mention that you must research which options are completely safe for your children, and where your child’s private data will not be misused. Some of the best on the market right now are BusyKid and Greenlight.
BusyKid
One of the first choices of parents and winner of many awards for teaching children financial literacy, as well as duties and obligations. The annual subscription you have to pay is $4, there is an age limit from 5 to 17 years. Children with this card can earn money with the fact that a third person can pay them money by having a QR code.
This option is called BusyPay, where friends and grandparents can send money directly to the account. This option is only available with BusyKid, which makes it much easier even for those children who have a part-time job to have money immediately deposited into their account by payment via QR code.
In addition, children learn about finances by doing chores found on activity tables that are easily adaptable to each child. Children can withdraw money from an ATM without paying fees. Children with this card can donate money to the needy (over 60 charities) within the application, invest in 4,000 verified and safe companies, earn, spend, and create a detailed savings plan.
Greenlight
One of the more popular options is certainly the Greenlight debit card. There is no age limit for this option and it can be intended for smaller children and teenagers. However, the monthly fee is from $4.99 to $14.98. This option is also intended to teach children all aspects of finance from saving, spending, earning, and investing money in various companies. Here, parents have full control over the activities their children perform on the account, and they receive notifications via text message. This option also has chore tables and activities that children must complete within a given time limit. The more expensive version of Greenlight Infinity enables a 5% increase in Greenlight savings rewards.
It is of crucial importance to teach your children about finances so that they will at least be stress-free later in the future, at least as far as finances are concerned.
Photo by Julia M. Cameron
