Today many adults want to get a children’s bank card so that the youngest family member always has funds in a virtual wallet. This will not only protect, but also teach the young one the basic rules of financial literacy. Why else do you need a children’s debit card. Recommendations for the design of this “plastic” were provided by experts from the WestStein service.
Note that our financial institution provides the most favorable conditions for opening a free online account. This can be done at any convenient time, you just need to have access to the network and a a bit of free time. We also highly value the security and confidentiality of our clients, so their funds and personal data are protected no worse than in reputable banking structures.
Children’s bank card
Children today are progressive and very curious. They do not just want to adopt all the habits of adults, they freely adapt in a new environment and absorb a large amount of information – this is what helps them to understand gadgets in a short time, as well as master new endeavors.
Zoomers, as people born between 1997 and 2016 are called, were born and live in times of complete globalization and postmodernism. They cannot imagine their life without digital services and technologies. This suggests the conclusion that they do not part with smartphones, which today are the carriers of virtual cards.
Often, a bank card for a child is just an additional “plastic” tied to a parent account. Cash payments are gradually being replaced by non-cash payments, so a payment card for teenagers is extremely beneficial, on which the parent simply throws off the right amount of money.
What you need to know before ordering a children’s debit card online
Despite the fear of the older generation, a children’s bank card is a fairly safe and reliable tool. But before you start designing it, do some explanatory work with your child. Focus on the following aspects:
- The card is a personal item and should not be shared. The child must understand that if he gives it to someome else, then there is a risk of being deceived, as well as losing pocket money.
- It is better to remember the PIN code. It is recommended not to store the code in a written form and not to carry it with you – this will protect the child from intruders.
- Be carefully entering the code at the ATM, cover it with your hand. Explain to the youngest family member that they should be extremely careful when withdrawing cash and paying for purchases.
- Do not disclose confidential information: CVC / CVV code, as well as the data that comes in SMS.
- In case of loss of the card, immediately contact your parents for help. The kid should understand that in any problem situation they can turn to you for help, and not be afraid to get scolded.
Bank card for children: advantages and disadvantages
A debit card for children has the following advantages:
- This is a more convenient tool, which, according to statistics, is lost less often than coins and banknotes, as kids carelessly carry them in their pockets.
- Good protection against school and street bullies – they are often interested in cash.
- If the card is lost, just block it, then the funds will definitely not be lost from the account.
- Minimal risk of frauds with change.
- The ability to receive transfers at any time – through an ATM, mobile application and other services.
It is also important that a debit card for children teaches its holders financial literacy. Many parents are familiar with the situation when a child asks for a toy or gadget at a fairly expensive price. It is difficult to explain to a child without an example why it is irrational to buy this particular product. If the child has his own budget and he makes purchases himself, then he will be able to understand in practice that 10 is not enough, and 1000 is a lot.
A convenient option for parents is also to limit the budget of the kid. If you explain that they will receive a certain amount in a certain period (day, week, month), the child will be able to visualize his expenses and even start saving for something.
Adults should be careful and understand that the child may be disorganised at first and spend more. The main thing to remember is that if you trust him and teach him, then in the future there will be much less problems in the financial aspect.
WestStein prepaid card: your reliable assistant at any time
We emphasize that WestStein service customers receive three additional cards that can be linked to one account, that is, they are considered “family cards”. Thanks to a convenient application, customers can not only make any financial transactions, but also track expenses, conduct cost analytics and optimize them. Our clients also has access to regular support from qualified experts.