If you want your kid to know more about finances, there are a few approaches to take. Besides talking about how finances work and how to manage money, getting them a debit card could be a good idea. Still, how old do you have to be to get a debit card, and can your child have one?
The good news is that your kid can get a debit card, and there are a few options to consider. For example, your child could use a prepaid card to pay for the things they like without tying the card to your bank account. Here’s what you should know.
Debit Card Age Eligibility Most Common Questions
- At what age can you get PayPal debit cards for kids?
- At what age can you get a prepaid debit card?
- Is it possible for an 11-year-old to have a debit card?
- Is it possible for a 16-year-old to get a debit card?
- Can a 16-year-old get a debit card without parents?
- How can I get a debit card for my kid?
- Is it possible to open a debit card for a minor?
At What Age Can You Get a Debit Card?
If you want to get a debit card for your child, know that different banks have different policies when it comes to debit cards and the kid’s age. Overall, you should be able to open an account and sign up your child for a debit card when they are 16.
Still, some banks may issue debit cards to younger children, sometimes even around the age of seven. What’s more, that debit card and the account will likely be linked to your account, or you’ll have to open a joint account to start.
How Old Do You Have to Be to Get a Paypal Debit Card?
According to PayPal, no individual, regardless of their location, can open an account if they’re younger than 18. Additionally, PayPal Debit Cards, also called PayPal Cash Cards, aren’t available to customers outside the US.
The PayPal Debit card is actually a prepaid MasterCard linked to a PayPal Balance account. A PayPal Balance account is required to get the card; thus, a person must be at least 18 years old to get their Cash Card active.
How Old Do You Have to Be to Get a Prepaid Debit Card?
The latest data shows that even kids as young as six can get a prepaid debit card, while some institutions have no age requirements. One example is the Chase First Bank, where kids aged six can get a debit card through the parent’s account.
Once a child gets a prepaid debit card, parents can load the money onto it and let their kid learn how to manage finances and expenses.
Can an 11 Year Old Have a Debit Card?
Depending on the state you live in and current regulations, some banks, credit unions, and financial agencies offer savings and checking accounts for children. These accounts could be jointly owned, owned only by a child, or require that a parent acts as a guardian.
Children under 12 are often limited to savings accounts and ATM cards. Moreover, teens aged 13 to 17 can use a card linked to their checking account. Finally, prepaid debit cards are available to kids and teens and can be given to kids at a very young age.
Can a 16 Year Old Get a Debit Card?
Typically, a child becomes eligible for a debit card at the age of 13. However, depending on the financial institution, the numbers could move up or down. Make sure to read the fine print and, if you still can’t find how old your child must be, directly contact the organization.
Keep in mind that your teen can easily obtain a debit card. However, you’ll have to open a joint teen checking account so that you have a legal account that passes compliance requirements.
(Young And The Invested)
How to Get a Debit Card at 16 Without Parents?
As soon as you reach 18, you can easily open a bank account. However, if you’re younger, you’ll likely need your parents to start. Still, sometimes it’s enough to bring an older sibling or another relative and get a debit card without your parents.
Keep in mind that if you already have a joint account with your parents, you won’t be able to get them off that account. Additionally, if you open a separate bank account with another relative, your parents might notice the financial activity in the joint account.
Can I Get a Debit Card for My Child?
According to some investment advisors, you should consider opening a bank account for your child as soon as they can start saving money. Kids are naturally curious, and getting them interested in banking is easy.
What’s more, getting a debit card for your child can teach them how to be responsible with their allowance. You can definitely get a debit card, sometimes at a very young age. You might also have the option of transferring allowance to your kid’s debit card.
How to Open a Debit Card for a Minor?
Opening a bank account for a minor could be challenging. The main issue is with the regulations that make it complicated for a minor to sign a contract. This is why most financial organizations won’t open an account for people under 18 unless there’s an adult on the account as well.
Still, parents and legal guardians can help their children by opening an account for debit cards for teens, either as a joint account or a custodial one. Almost any bank will provide these services. Parents could also get a prepaid debit card for their children. Still, prepaid debit cards are expensive and don’t provide the benefits of a checking account.
Getting a debit card for your child is a smart choice. With it, they can learn more about how finances work and get into banking at a very young age.
What’s more, sometimes there’s no age limit to get a debit card, especially when it comes to prepaid debit cards.
However, a joint or a custodial account is often necessary to cover the legal side of things. Make sure to contact the bank and read the fine print to get to know all the details of getting a debit card for your child.