6 Best Free Debit Cards for Kids to Teach Them About Money
Free Debit Cards for Kids
It’s important to understand your options before choosing which debit card to get your kid, especially when it comes to cost. So below, we compiled a list of some of the best debit cards for kids, including a couple of free options you should consider.
What Debit Cards Can Teach Kids About Money
Building financial literacy is important at a young age so that kids get off on the right foot and start building their financial foundation. 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
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 The Akimbo prepaid debit card is technically free. However, even though there is no monthly or annual fee, there is a litany of other costs. On top of the hefty $5.95 cash reload fee, there is also a $4.95 card replacement fee and a $5.95 inactivity fee (if your card is unused for 12 months).
2. Movo Digital Prepaid Visa Card
The Movo card outshines Akimbo as a free debit card for kids in a few ways. For one, there is no reload fee if you opt for direct deposit or other approved methods, which is head and shoulders above the Akimbo card. Imagine reloading $20 onto a card for a kid’s monthly allowance and having to pay $5.95. That’s over a 25% fee!
3. Current Visa Debit Card
The Current card is not free, but it does offer transparent pricing and a one-month free trial. For only $36 a month, you add money to your card as many times as you’d like, worry-free. Plus, Current offers more than just a debit card. They offer a mobile app with a whole suite of products, including teen banking. It’s one of the most technology-forward options on this list.
4. FamZoo Mastercard Reloadable Prepaid Card
The FamZoo card is probably the most popular kids’ debit card option on this list. That’s because it was designed to be a kid’s debit card, whereas some other options on the list are just prepaid debit cards that happen to be good for kids. Because the card is designed for kids, it offers a lot of neat features.
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