Wealthy Living

Debit Cards  for Kids

Giving your child a debit card can be an excellent way to teach them about money and budgeting early in life.

With consumer debt in the US growing to over $14 trillion, according to CNBC and the Fed, any step you can take to help promote financial literacy early can go a long way.

However, not all debit cards for kids are created equal.

Some have higher monthly fees. Others are free but have ATM and card reload fees.

It’s important to understand your options before choosing which debit card to get your kid, especially when it comes to cost.

What Debit Cards Can Teach Kids About Money

There are a lot of money lessons that kids can learn when using a debit card. Though, the one skill that they will likely pick up above everything else is budgeting.

What Defines a Kid Debit Card

Before diving into the list of the best kids’ debit cards, I wanted to define what a kid’s debit card is to me. Generally, I think it must comply with three rules:

1. A kid (under the age of 18) must be able to use the card on their own 2. The card must be accepted at most retailers and online 3. There must be spending controls and parental controls, including transferring preset amounts to the card from a checking account

The 6 Best Kids Prepaid Debit Cards

1. Akimbo Prepaid Mastercard

Monthly Fee: $0 – Card Purchase Fee: $0 (first sub card free, after that $4.95) – Reload Fee: $5.95 – ATM Fee: $1.98

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