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Wondering if your kid is ready for a debit card? As a parent, you may think cash is the best way to hone your kids’ spending skills. Debit cards are also a smart option, as they have several unique features and advantages that cash can’t offer.
Even if cards are a great financial learning tool for kids, some key questions remain unanswered. What makes a debit card good for kids? At what age can you get a debit card for them?
Age requirements of debit cards
In most states, you need to be at least 18 to open a checking account and get a debit card. But, options exist for younger people to have access to spending accounts and debit cards, particularly if they’re interested in learning how to spend wisely.
Some banks offer special debit cards for kids and teens as long as a parent or guardian co-signs. In this case, both the teen and the adult have their own debit cards linked to the same account. It’s a great opportunity for your kids to get hands-on financial education with a trusted grown-up’s guidance.
The age requirements vary from institution to institution. Many places require kids to be 13 for their cards and accounts.¹
Benefits of debit cards for kids
Debit cards are an excellent way for your kids to take their first step toward financial literacy, but they have advantages and disadvantages. The table below summarizes the pros and cons of debit cards for kids.
| Pros | Cons |
|---|---|
| They require PIN to access the funds even when the card is lost. | Possible age limit restrictions. |
| Debit cards are an excellent way for your kids to take their first step toward financial literacy, but they have advantages and disadvantages. The table below summarizes the pros and cons of debit cards for kids. | Kids may overspend because of how easy debit cards are to use. |
| Immediate access to funds in case of an emergency. | Kids may become targets of online scams and other forms of fraud. |
How to tell if your kid is ready for a debit card
Here are a few signs you can use to help you decide whether your child is mature and capable enough to start handling their finances:
- They show initiative by saving their spare money over a considerable period of time.
- They carry their own wallet and keep it safe when they’re out.
- They don’t ask for additional allowance money due to overspending.
- They have developed other life skills (helping with groceries, household chores).
- They are more open to discussions about spending wisely and have shown the motivation to save.
- They set financial goals and have saved enough to achieve them at least once.
Your kid doesn’t need to hit every one of these items to prove they’re ready for their first debit card. No one knows your kid better than you, so what matters is that you trust them to use the debit card wisely and not as a way to show off to their friends.
If you decide they’re ready, the next step is choosing a good debit card for beginners.
Important features of kids' debit cards
When choosing a debit card for your kid or teen, you may think that any card will do, like a prepaid card. However, some cards have features that make them better for kids than others.
Debit cards for kids vary in features depending on the company that provides them. Still, they all function like a conventional debit card – the money your child withdraws or uses to make purchases is deducted from their cash account. Other features explicitly found in kids’ debit cards include:
- Parental control to monitor and decide how much money to deposit in the account.
- Notifications to both parents and children whenever purchases are made to track and regulate transactions.
- Reduced monthly fees and child-friendly access to other investment opportunities such as stocks and bonds.
- Dashboards that contain a report and snapshots of your kid’s total spending.
- Financial literacy resources for kids to help them become thoughtful spenders.
These features can help your kid grow into a more financially responsible adult and provide them with valuable insights into how the world works.
Best debit cards for teens and kids
The best debit card for your kid is the one that empowers your child and provides the financial education necessary to help them adjust to managing their own finances. Here are some options to get you started.
Greenlight
Greenlight is a debit card targeted at starters. It allows parents to monitor and control their child’s spending while offering an app you and your child can use to manage their money.
Parents have control over the amount of money being transferred and what stores and locations that money can be used in. You can even see the specific items your child is spending money on.
Their plans include chores, allowance, and investing features, and they offer financial literacy options.²
The card gamefies financial literacy, including how to invest. Your kids can learn skills to save for a car, college, or other training and later, for a house, and retirement.
The app even has financial literacy tools you can suggest to your kids’ teachers to help them in the classroom.
Fidelity Youth® Account Debit Card
Another option is the Fidelity Youth® Account, a dedicated account for children with a no-fee debit card for teens ages 13-17. There are no monthly account fees or account minimums.
Fidelity also offers a Youth Learning Center, which provides additional support for children to help jumpstart their financial lives, including an investing option.³
Your teen can also open a brokerage account with as little as $1 and get the tools and education to manage it while you supervise.
Both these cards can help your kids learn the ins and outs of using a debit card.
Managing money is part of growing up
Teaching your kids to manage their finances is an important step in preparing them for their adult life. Starting with debit cards can propel them toward financial literacy. However, getting a debit card for your kid requires frequent guidance and support, as it’s different from cash.
Education is key to becoming financially literate. If you need additional resources to help your child learn about how debit cards work, check out our full debit card guide.
FAQs
What debit card is free for kids?
Many debit cards offer fee-free transactions for kids. Each card has unique features that can help your kid acclimate to the benefits of using debit cards, but choosing the best card for them comes down to their behavior and the specific financial areas where they need support.
Can I give my 12-year-old a debit card?
This depends on how ready your child is to take on this responsibility and the bank in question. Giving your 12-year-old a debit card is fine if they demonstrate the maturity and ability to handle money responsibly. However, most banks require kids to be at least 13¹ to open a teen checking account, through which they can get their own debit card. If you want to start their debit card journey at 12, you may be limited to prepaid debit cards.
Can I get a debit card for my child?
Many banks today provide the option for parents to apply for debit cards for their kids. It’s often easier to apply for a debit card for a child because the parent can just open a joint checking account to get started. However, parents should also be mindful of the age limits and other specific requirements that may hold them back from getting a debit card for their kid. In most cases, the minimum age for a debit card is 13.¹
Is a kids' debit card a good idea?
Introducing debit cards to kids can be helpful because it teaches them about spending habits and helps them become more mindful spenders in the future. On the flip side, debit cards may enable overspending and blur kids’ internal lines between their needs and wants. You can avoid this with guidance and transaction monitoring while your child learns how to use their debit card.