Kids’ Bank Cards: How Do They Work?
Managing money is a very important aspect of every period of life, and every being must understand how to manage cash properly.
It is the responsibility of adults to teach kids basic things in life such as managing cash. So if you were wondering which kids bank card should you get, you came to the right place.
Don’t think that children can’t understand some things, they understand how to use phones and how to find something online.
They are intelligent and creative, although sometimes they can get bored with some things, a good option is to intrigue and entertain them to encourage them to continue learning.
What is a kids bank card?
They are an ideal method for teaching kids the aforementioned lessons properly. By getting them one you can start teaching them many important things that will make life easier down the line
Bank cards as a tool for learning
They are about as usable as the adult version, being usable at cash registers, and other points of sale.
The person authorized to create one for their kids is the parent. By providing required info, they make an account and tie it to their own.
Once you’ve opened one you can transfer the funds to the child’s card. A lot of control is given to adults over children’s transactions, they can also prohibit transactions with companies and brands that parents consider inappropriate for their children.
Along with the credit card comes mobile applications for monitoring children’s accounts. The application contains lists of jobs and obligations, curricular and extracurricular activities, hobbies, charity work, and many others.
How do kids’ credit cards work?
It offers many possibilities without endangering them in any way.
- Investing
A novelty within the offers on the market is the possibility of investing, allowing them to do so within the application itself.
- Saving
One of the primary options why parents decide to go for one of these is the ability to create a quality habit that will help them later on in life.
- Earning
Earnings are an option through the application, payment, various bonuses, and prizes that children agree with their parents in advance. Some parents decide to give pocket money in this way so that they can have control over spending money.
- Donating
With some applications, you donate at least 1% of your earnings in advance, or more if you wish and the parents allow you. Hopefully encouraging social sensitivity and of course to always help those who need help.
Among our offers, we can single out Busykid, GoHenry, and Greenlight among others.
BusyKid – Chores and Allowance app
It is the winner of prestigious awards. It allows the option of monitoring and saving everything your child does with it.
Creating healthy ideas with the choices of parents. The age limit is from 6 to 18 years. The price is a $4 monthly fee, while the annual fee is $39 and you get 5 cards.
GoHenry – Kids debit card
It’s an educational application, costs $4 each month for every user. It fulfils its purpose of teaching young people how to manage and take care of their cash properly and healthily.
You can control a great deal that can be done with it. However, the only drawback is that the price is too high for several children in one family.
Greenlight – The Investing app and prepaid card for kids
Through this you can choose exactly which stores they can shop at. And it sends the actual transaction info to parents.
It is an learning tool and seriously cannot be understated, do not underestimate how good it is at teaching good habits. The price of this service is $5 to $9 for up to five children.
Now that you know the basics, it’s time to see which of these ones is the best.
You need to teach them the right values and characteristics, that they value money, that they don’t brag about it, and in the end, it’s not all about the money.
We hope that your endeavors will go well in the future adventure of teaching your kids and all the wonderful memories and skills that one day they will be eternally grateful to you.
