Debit cards represent the first pathway into financial responsibility because they start to give teens control over their spending and provide them an early glimpse into what it’s like to manage money on their own.
What is a Debit Card for Teens?
These cards also effectively function as a prepaid debit card because you can establish parental controls. Traditional banks or prepaid debit cards might not allow you to do this beyond keeping the account balance at a certain level.
Teach your kids to spend, save and earn — all from the Chase Mobile® app. Chase First BankingSM helps parents teach teens and kids about money by giving parents the control they want and kids the freedom they need to learn.
The First Checking account from Axos Bank gives teens their first taste of financial independence by giving them their own checking account (which pays interest!) and debit card that has daily cash withdrawals limits of $100 and purchase limits of $500.
Greenlight provides parents control over where their kids can spend money by limiting the stores where their cards work. Parents can get alerts when money is spent on the Greenlight prepaid debit card for teens and for how much.