What Are The Best Kids Debit Cards in 2022 - YouTube

What Are the BEST Kid Debit Cards in 2021 ________________

When it comes to money lessons for kids, Edmund Burke once said “If we command our wealth,

we shall be rich and free.

If our wealth commands us, we are poor indeed.”

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Introduction: Are you looking for the best Kid Debit Cards

in 2021?

This video (article) is for parents seeking to purchase Debit Cards to teach their kids

about personal finance.

Investopedia tells us that personal finance refers to money management, saving, and investment.

It also includes budgeting, insurance, banking, mortgage, retirement planning, and taxation

planning.

Understanding personal finance is essential for everyone regardless of age.

As I mentioned in my last video there is currently a discussion concerning teaching money lessons

for kids in schools as part of the National Curriculum.

CNBC contributor Sharon Epperson notes that in the US “forty-five states now include

personal finance education in their curriculum standards for kindergarten through 12 grades”.

To start we need to understand that there is a difference between personal finance and

financial literacy.

Financial literacy is the ability to understand and effectively use various financial skills,

including personal financial management, investing, and budgeting.

When one doesn’t have these skills, they are considered to be financially illiterate.

When discussing the subject of money lessons for kids, financial literacy allows children

to make informed and effective decisions with their financial resources.

For better or worse, kids develop either good or bad habits by observing what is happening

around them.

Teaching money lessons to your children at an early age is essential to create a sense

of responsibility and decision making in the future.

One way to instill proper money lessons for kids is to give them real world experience

in using money by giving them a debit card of their own.

Buying your kid a debit card is a perfect way to teach personal finance so they can

make sales & purchases by themselves and learn from their own mistakes in a relatively safe

and low consequence environment.

In this video, you will know about the best Kid Debit Cards in 2021.

We’re also going to talk about the selection criteria for what I determined to be the best

debit cards for kids & how debit cards help the children learn vital money lessons.

But before we get into it, many hours of research went into making this video.

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Criteria.

There were four considerations I took into account when creating this list of the best

Kid debit cards.

1.

The best Kid debit cards charge minimal fees and offer flexibility in reloading the funds

from anywhere.

2.

The best Kid debit cards give parents access to limit the spending on specific purchases.

Parents can also lock the debit card online or via an app.

3.

The debit card offers features to monitor all transactions on the account, automatic

allowance payment, and chores management.

4.

The best kid debit cards must have features of automatic bill payment, funds withdrawal,

and transfer at any time.

With these criteria explained and understood, let’s get into the top 5 best kid debit

cards in 2021.

Be sure to stay tuned to the end to discover the #1 debit card for kids!

5 Best Kid Debit Cards in 2021.

5.

FamZoo Prepaid Debit Card.

The FamZoo Prepaid card is one of the best debit cards that parents can use to teach

their children money lessons.

This debit card has many great administrative control features on Android & iPhone that

works best to teach kids financial literacy.

It allows parents to access their children’s accounts so they can monitor their spending.

The FamZoo mobile app offers chore lists, purpose-driven accounts, savings goals, instant

transfers, real-time alerts, and more.

It is a popular card that focuses on teaching kids good money habits and develops a sense

of responsibility by earning money through completing chores.

FamZoo stands out with a number of features to promote financial literacy through allowance,

completing chores, parent-paid interest, savings goals, family billing, and more.

Some of you might be wondering what is parent-paid interest?

Parent-Paid Interest is a percentage yield rate that you set for your child's savings

account that is paid from the parent’s account.

FamZoo allows the parent paid interest to be paid as often as weekly.

The FamZoo prepaid card costs you $5.99 per month and up to $6 for reloads.

The reload fees make it less appealing than some of its competitors.

For more thorough money lessons for kids and to deepen their understanding of personal

finance, you can set up mock stocks so that your child can practice investing.

But like with savings, the payment comes out of your pocket.

4.

BusyKid Visa Prepaid Spend Card.

BusyKid Debit Card is similar to the FamZoo debit card that helps you to teach your kids

about personal finance, investment, savings, and earning an allowance.

This card is designed for young children between the age of 5 to 16 years old to motivate them

to earn their allowance.

BusyKid uses a chores-based system to allocate money for your kids so that they can see where

their money is coming from and where it is going.

It allows you to set up a list of chores with a different monetary value.

Parents can control spending, sharing, and also set up spending limits.

Most notably, BusyKid allows parents to automatically set a certain percentage of the child’s

earnings to be donated to charity.

The money in the BusyKid card is divided into three sections: spending, charity, and savings.

BusyKid Visa Prepaid Spend Card may be the most cost-effective option on this list.

It costs $19.99 per year and the annual fee includes one prepaid card.

One of the downsides of BusyKid is that it requires you to pay $7.99 for each additional

card past the first.

Also, it does not allow parents to control how the money is spent once it's transferred

to their child’s account.

3.

GoHenry Debit Card.

GoHenry Debit Card is one of the best kid debit cards that parents can control from

an app.

It was designed for kids aged six to eighteen years old.

The app is extremely integral to what makes the GoHenry Debit Card great!

Parents can decide where the card can and cant be used.

The app has a friendly user interface and easy access to customer service.

The card is also customizable.

Your child can create a card with a look that is uniquely them.

Parents can set up chores & tasks for earning and limit spending at certain places.

The GoHenry Debit Card app lets you set up an automatic weekly allowance for your teens,

and you can also set prices for chores to allow your children to earn more.

Your kids can save, spend, or donate their money to Boys & Girls Clubs of America.

The GoHenry Debit Card allows a 30 day free trial, free reload for debit cards, and a

subscription fee of $3.99 per month.

The downside is that the monthly subscription fee is per child, and can add up quickly if

you have more than one child.

Additionally, card loading is limited to three times per day and $500/day in total, which

can require advance planning if you have multiple children.

2.

Akimbo Prepaid Mastercard.

It's funny that one of the best kid debit cards seems to have no intention of being

a kids debit card.

The Akimbo prepaid Mastercard is not actually marketed for kids or teens.

That being said, this card has some great features that make it an ideal choice for

kids who need a lesser degree of financial supervision.

Authorized users of the Akimbo prepaid Mastercard must be at least 13 years old.

Most card users are typically 17 or 18 years old and have already proven financially literate.

If all of these debit cards are for high school students, this card is for the Senior class.

Akimbo comes up with one main card, and up to five subcards.

Unlike other cards on this list, there are no assignments and chores feature to earn

money.

However, The Akimbo prepaid Mastercard allows parents to control, monitor, and lock the

card via the app.

One of the reasons that this is one of the best kid debit cards is that there’s no

monthly or annual fee to pay for using the card.

You can also add money from the app and get notifications showing you where and when your

kids spend their money.

That is not to say that Akimbo doesn’t have fees.

In fact, with it’s $0.99 fee for PIN based transactions, $5.95 fee for cash reloads,

and $1.98 fee for ATM withdrawals, it has the most fees on our list.

1.

Greenlight Kids’ Debit Card.

Greenlight Kids’ Debit Card is the best kid debit card on our list!

Greenlight has a robust set of features and value.

Like other cards on this list, Greenlight uses an app that allows parents to send children

a weekly allowance as well as bonus money for completing extra chores.

Like other cards on this list, Greenlight hosts a feature that allows parents to control

where their child can spend money.

What separates Greenlight from other kid debit cards is that it allows parents to decide

how much money can be spent in a given location.

For example, if your child is shopping with friends, you can stop them from overspending

at a specific store.

Another huge feature that separates Greenlight from much of the pack is parent-paid-interest.

CNBC sites Greenlight founder Tim Sheehan in saying that the average annual percentage

yield on a Greenlight Kids’ Debit Card is 18%, while the average interest rate in the

banks is currently 0.1%.

Greenlight is one of the most cost-effective kids debit cards available.

It has no card purchase fee, withdrawal fee, or card reload fee.

You can create a chore list in this card that your kids can work through to earn money and

other perks.

It also allows you to set automatic allowance deposits on a weekly or monthly basis or if

you prefer giving your children a fixed amount of money each week.

The Greenlight Kids Debit Card also has a notification feature that will notify you

when your child will use the card.

There is a link in the description that you can use to get your Greenlight Kids’ Debit

Card today.

If you use this link, I will be compensated, but at no extra cost to you.

Conclusion Debit cards are an excellent way of teaching

money lessons to your kids.

With a debit card in hand, kids can practice and experience money management by themselves.

They can practice the basics of finance without the risk of racking up credit card debt or

getting charged with high overdraft fees.

Your child will practice budgeting, saving, learning about interest, paying bills, sharing

expenses, giving to charity, and more.

Now that you know money lessons for kids, you might want to help them learn to invest.

Teach your kids about money by helping them invest effortlessly using Acorns.

With Acorns, even your spare change can grow into a mighty oak.

Explore the new Acorns Early feature and help your children save for their future while

you shop.

Use my link in the description and get your child started investing in under 3 minutes!

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