Prepaid cards allow you to load funds on your card and spend money in the same way you would on a debit card. With no identity or credit checks required to get one and a prepaid balance rather than a line of credit, prepaid credit cards can be used to shop in-store, online and for ATM withdrawals. This guide looks at everything you need to know about prepaid cards, other options and key factors to consider when choosing a card for a teenager.
The best debit or prepaid cards for teens will charge minimal feesoffer flexibility in reloading funds and allow parents access to the card especially important for kids on the younger end of the teenage spectrum. Older teens with a part-time job and responsibility for their own cell phone bill or other charges may also benefit from features such as bill pay and direct deposit. The best debit cards for teens offer these services for free.
A prepaid debit card can serve as a budgeting tool or an all-out replacement for a bank account — and the best prepaid cards offer convenience while charging few fees. Prepaid cards are easy to get. Unlike with a credit card, you load funds onto prepaid cards before use.
Compare credit cards now. You might think your teen is far too young to use a credit card. After adding your teen as an authorized user, you have control over their account and can see how they use their card.
This article was originally published on October 30,and has been updated. It's important to set up good financial and credit habits at an early age. If teenagers learn the right way to manage credit, they will pick up habits that will serve them well for many years.
Choosing the right card for a tween or teenager depends on the child's age, maturity, and financial skill. If your child doesn't have a bank account, now is the time to open one. Being able to access a debit or a prepaid card connected to their own bank account is a step in learning how to manage money.
Student credit cards and young credit Advertiser Disclosure. The content on this page is accurate as of the posting date. Nearly 1 in 5 American teenagers ages 13 to 17 now has a credit card, and the majority of them use their card at least once a week, according to a survey by credit reporting agency TransUnion.
Here are all the details, including the features, fees, and limits important to parents and teens. For teens, prepaid debit cards can provide an easy way to track and manage their money. And they offer the convenience and security of a credit card or checking account debit card.
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Yes, some prepaid cards accept teenagers. Children as young as six years old can get some prepaid cards, but they need an adult to manage the account. Some providers set a minimum age of 18 or 21, but all the prepaid cards in this comparison accept under 18s.
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