Want to get your teen their own debit card? Here are 7 of the best

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From Greenlight to Akimbo, we put in the time and research to bring you the top seven best debit cards for kids in 2021 to help you find a card that works for you and your kids.

Let’s start off answering some frequently-asked questions…

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Are there any free debit cards for kids?

Want to get your teen their own debit card? Here are 7 of the best

Yes, Akimbo and Chase First Banking are two debit cards for kids that don’t require a monthly fee. With Akimbo, you won’t pay a monthly fee, but there is a one-time fee of $4.95 when you purchase the card.

Chase First Banking is a good option for those who like Greenlight but want a free alternative. The account is powered by Greenlight, so it has all the same features. But it’s only available to parents with existing Chase accounts.

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How do I choose the best debit card for my kid?

Want to get your teen their own debit card? Here are 7 of the best

Compare the following features when shopping around for a debit card for your child:

  • Check the fees. The costs can vary between cards and banks. Most prepaid cards will have either a monthly or yearly fee.
  • Spending limits. Look for cards that let you cap daily spending and set limits for ATM withdrawals or at specific stores.
  • Shopping online. Consider whether being able to buy online is a benefit or a downside, and opt for a kids’ debit card that can restrict or block online spending if needed.

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What are some common features of a kids’ debit card?

Want to get your teen their own debit card? Here are 7 of the best

There are six common features to consider when looking for a debit card for your kid:

  • Chores and allowances. Many debit cards for kids offer a way to track and pay your kids for chores that they complete. You also have the option to pay allowances.
  • Like a regular debit card. Your kid can use their prepaid debit card to make purchases online and in person, generally anywhere Mastercard or Visa is accepted.
  • Spending controls. Many children’s debit cards come with spending control limits that parents can set within their mobile banking app to restrict how much their child can spend.
  • Card lock. Parents can also lock the debit card online or via an app.
  • Choose how your child can spend. Parents can choose if the card can be used at ATMS, online or for in-store purchases.
  • Spending tracking tools. Many mobile banking apps offer spending tracking tools and features to help your child learn how to manage their money.

Here’s how each debit card for kids stacks up:

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How do debit cards for kids work?

Want to get your teen their own debit card? Here are 7 of the best

Most debit cards for kids are prepaid cards. You can load money onto them from an app using your checking account. Then, your kid can use them to shop online and in-store just as they would a normal debit card. The major difference is that your kid typically can’t overdraft with a prepaid debit card as they could a regular debit card.

A lot of these cards come with extra features, like the ability to see how your child spends their money or pay them for doing chores.

At what age can my child get a debit card?

Prepaid cards are available for kids as young as five. But debit cards linked to traditional checking accounts usually require your child to be at least 13.

You can help your child transition to a prepaid debit card for teens once they turn 13, or you can help them open a checking account for teens if they’ve outgrown the prepaid card.

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Are debit cards for kids safe?

Want to get your teen their own debit card? Here are 7 of the best

Yes, debit cards for kids are generally safe because of two main features. First, they’re FDIC-insured so you’re guaranteed to get your money back if the bank fails. Secondly, most debit cards for kids are COPPA-compliant, meaning they never sell or collect your child’s personal information, including their name, address, Social Security numbers, and even their geolocation and images.

Is my child ready for a debit card for kids?

Your child may be ready for a kids debit card if they often ask to borrow cash or have started earning money on their own — whether through an allowance or a paid job. A debit card like Greenlight can help them master the art of spending, saving and investing wisely.

If your child isn’t ready to handle real money just yet, consider a simulated bank account like Bankaroo or RoosterMoney. These apps use virtual money to help young children learn how to spend and save until they’re ready to upgrade to a real debit card for kids.

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How can I get a kids debit card?

Want to get your teen their own debit card? Here are 7 of the best

You can open most debit cards for kids online. But keep in mind that if you decide to open a kids checking account as opposed to a prepaid card, you’ll need to open it as a joint account between a minor and an adult.

What are the pros and cons of a debit card for kids?

Before you get a debit card for your kid, consider these features and drawbacks:

Pros

  • Control. Keep track of your child’s spending online and cap the daily limit as you see fit.
  • Security. You can monitor your child’s spending in the mobile banking app to see where they’re going.
  • Safety. Because you can quickly and easily lock the debit card if it’s misplaced, debit cards are often safer than carrying cash.
  • Good practice. Using a debit card will teach your child how money works digitally.

Cons

  • Not a checking account. The majority of debit cards for kids are prepaid cards, and not actual checking accounts.
  • Not good for large purchases. Accounts for children generally have much lower debit card spending limits than adult accounts.
  • Other fees. They may rack up fees for using out-of-network ATMs or overdrawing their account.
  • No interest. These types of accounts usually don’t pay interest.
  • Age limits. Each card or bank can set its own age limit.

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1. Greenlight

Want to get your teen their own debit card? Here are 7 of the best

Greenlight is the prepaid debit card for kids that parents manage from their phones with flexible parental controls.

Read the review.

Annual or monthly fee: $4.99/month

ATM withdrawal: $0

  • Allowance payouts
  • Usage notifications
  • Flexible parental control
  • Parent-paid interest
  • Educational investment option

Image Credit: Greenlight.

2. BusyKid

Want to get your teen their own debit card? Here are 7 of the best

The BusyKid Visa Prepaid Spend Card gives your kids the freedom to spend anywhere Visa is accepted, and parents see every transaction made.

Read the review.

Annual or monthly fee: $1.67 per month ($19.99 annually) includes free card; $0.67 per month ($7.99 annually) for additional cards

ATM withdrawal: $0

  • Competitive fee
  • Flexible paydays
  • Savings match feature
  • Investment and donation options

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3. FamZoo

Want to get your teen their own debit card? Here are 7 of the best

Teach your children good money habits with this comprehensive prepaid card and account.

Read the review.

Annual or monthly fee: $5.99/month

ATM withdrawal: $0

  • Free trial
  • Real-time requests
  • Parent-paid interest

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4. Gohenry

Want to get your teen their own debit card? Here are 7 of the best

Teach your kids to save with a reloadable card you control, but you pay $3.99 a month.

Read the review.

Annual or monthly fee: $3.99/month.

ATM withdrawal: $1.50

  • Free trial
  • Custom tasks
  • Spending limits

Image Credit: GoHenry.

5. Akimbo

Want to get your teen their own debit card? Here are 7 of the best

Get up to five debit cards that you control from your main account — but it will come at a cost.

Read the review

Annual or monthly fee: $0/month

ATM withdrawal: $1.98

  • Automatic reloads
  • Send money instantly
  • Create up to five subcards

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6. Mazoola

Want to get your teen their own debit card? Here are 7 of the best

Mazoola is a free finance app and virtual debit card for kids. It has typical features, like the ability to assign chores and track allowances, help your child reach savings goals and control how they spend their money. But it can also be used online and anywhere Mastercard contactless payments are accepted.

Read the review.

Annual or monthly fee: $0/month

ATM withdrawal: N/A

  • No fees. Unlike most debit cards for kids, Mazoola is 100% free to use. Plus, your kid can’t overdraft as any purchases that would put their balance in the red are declined.
  • Savings tools. Your child can set up savings goals in the app and fund them as they complete chores and earn money.
  • P2P payments. Your kid can send money to other friends and family in the Mazoola app using peer-to-peer payments.

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7. Jassby

Want to get your teen their own debit card? Here are 7 of the best

Jassby is a free money management app and virtual debit card for kids. It only works with Apple Pay and iPhones, but it’s one of the cheapest debit cards for kids on the market; there are no purchase fees and Jassby waives the $2.99 monthly fee when you make one debit card purchase a month.

Read the review.

Annual or monthly fee: $2.99/month

ATM withdrawal: N/A

  • Six-month free trial. Find out if Jassby is right for you with a free six-month free trial. After that, avoid the $2.99 monthly fee by making one virtual debit card purchase a month.
  • Parental features. The adult on the account can award one-time bonuses, freeze their kid’s debit card and set spending limits in the mobile app.
  • Jassby Mall. The app has a built-in Jassby Mall where your kid can buy products from popular retailers like Starbucks, Apple and Nintendo.

This article originally appeared on Finder.com and was syndicated by MediaFeed.org.

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