What Is A Good Gift Card For A Teenager
What Is A Good Gift Card For A Teenager - Prepaid debit cards are a great way to teach your kids how to manage money. Children under 12 can get a card in their own name, funded by you - or with their own part-time job - and then spend within certain limits you set yourself.
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What Is A Good Gift Card For A Teenager
We've researched over 20 prepaid card options (available nationwide) to narrow down the best prepaid debit cards for teens that we'd recommend. American Express's Bluebird is a prepaid account that isn't specifically for teenagers, but it still works well for them. When you sign up for the Bluebird program, you can give up to four debit cards to anyone you choose.
Not only does the card teach your child how to spend money with a debit card, but you can also use a SetAside account so they can save money for future spending needs, like saving for an upcoming vacation or buying a car. The account ends with the Bluebird mobile app that accepts mobile check deposits.
You also have the usual AMEX benefits, like purchase protection, fraud protection, customer service, roadside assistance, emergency assistance and more. The TD Go Card is a Visa card that can be used anywhere Visa is accepted. As a parent, you have the ability to monitor your child's online spending and can even set up email or text alerts to follow activity on the fly.
How We Picked
The card can be easily reloaded at any time online or using your smartphone. It also comes with Apple Pay. The TD Go card charges $1 per reload, so you can keep that activity to a minimum. However, TD Bank ATMs do not have the ability to reload even after depositing money.
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Funding can only be provided by TD Bank Debit or Credit Card. FamZoo describes itself as a virtual family bank designed to teach kids good money habits. It provides private online family banking in which you are the banker and your children are the customers.
It works based on prepaid cards with each child having separate access to their own accounts. It is a debit MasterCard that can be accepted anywhere MasterCard is accepted. You can also set up installment payments or chore payments to compensate your kids for the work they assign around the house.
The idea is to teach your child about the value of work and the idea of earning money. You can also set penalty charges if specified tasks are not completed. There are no setup fees. A flat monthly fee – which can be reduced by prepayment – covers your full participation.
Td Go Card: Best For Big-Bank Familiarity
The fee covers your entire family up to four members. In today's economy, it has become more common to make everyday purchases with a debit or credit card instead of cash. A prepaid debit card can give your teen a taste of financial freedom and learn how to manage money better.
By helping them become comfortable with credit card usage and spending limits, you prepare them for future financial responsibility. You can also use prepaid cards for common tasks, such as paying your children's allowances or giving bonuses or other incentives for good work. These may include doing well in school, performing in sports, or completing special tasks at home for the family.
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Since a child is a minor, he or she cannot have a financial account in his or her own name in your state until he or she reaches the age of majority. But until that happens, they can issue a debit card in their own name but linked to an account you control.
You can decide how much money to keep on the card and also set spending limits. Second, it allows your child to start shopping using "plastic," the most common form of exchange today. The more comfortable they become with that process early in life, the better prepared they will be for the financial challenges of adulthood.
Famzoo: Best For Managing Allowances
The prepaid debit card reload process varies slightly from card to card. Issuing banks usually require you to reload the card with a transfer from a bank account held with the debit card issuing institution. One thing is common through direct investment. You can pay a portion of your own paycheck to prepaid debit cards for your teen.
Or, if your teen has a job, he or she can put their paycheck directly on the card. However, other cards allow you to make transfers from outside banks or person-to-person. When a teen or child first gets a prepaid debit card, they must quickly learn that it is not a magical source of money.
That is, you can set a spending limit within which they must work. Any card you choose will give you the ability to set these parameters as well as monitor activity. You should receive email or text notifications each time the card is used. This will show you how your child is spending the money you have allocated.
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You should also have the option to lock or unlock the card, either because the card is lost or stolen or because your teen is not using the card wisely. You'll also want to make sure the card has universal appeal. It should be eligible for use for online and point-of-sale purchases, as well as ATM machine withdrawals.
Why Get A Prepaid Card For Your Child?
It cannot be said that the fee must be reasonable. You certainly don't want to pay the equivalent of $10 per month in fees for about $100 in spending activity. For that, some prepaid debit cards charge a flat fee, while others work with multiple charges.
They may include reload charges and charges for certain transactions, such as cash withdrawals. If you haven't gotten a prepaid credit card for your teen, you're missing a great opportunity to teach him or her financial responsibility. Children don't learn finance in school, so it's up to parents to teach them.
And there is no better teacher than knowledge. You can give them this experience by giving them their own prepaid debit card. Consider one of the cards described above and choose one to sign up for today. This is best before they go to college.
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