Many parents today are wondering how to protect their child in financial matters and at the same time bring up the makings of financial literacy? This problem is relevant, so today every mother and every father should know which card is better to issue for a child. The experts of the financial institution WestStein are sure that with a card the youngest member of the family will not only learn how to make purchases on their own, but also rationalize their spending and learn the real weight of money.
Bank card for a child: what should every adult know about it?
There is an erroneous opinion that a child is unable to competently use such a payment instrument. Many parents who are afraid to issue a children’s bank card argue that their child will spend all the allocated funds at a time or lose the card, or much worse, tell confidential information to third parties. Of course, there is a place for such fear, but do not underestimate the adaptability and flexibility of the child’s mind. A payment card for teenagers is able to teach a child the basics of financial literacy, which cannot negatively affect his future. In addition, a children’s debit card is a guarantee of safety for a child, especially if there are hooligans who can take away pocket money.
Bank card for children: advice to parents
Before ordering a children’s debit card online, read the following recommendations from WestStein financial service experts:
1.When choosing plastic, start from the age of the youngest family member. If they have a passport, and also have received written consent from their parents, they can independently become an account holder. If there are no documents, parents can issue an additional family card linked to their bank account.
2.Give the kid the proper level of freedom. A children’s debit card is convenient because it is linked to the mother’s or father’s account. They, in turn, can track all transactions on it, set a spending limit, and also respond to uncharacteristic purchases and, in emergency cases, block the card. In this case, the child will be able to freely make purchases, as well as at any time ask the “guardians” to replenish the account.
- Check out the cost of maintaining an account, as well as additional features such as cashback. For example, the WestStein prepaid card is issued completely free of charge for a short time.
- Seriously talk to the child and explain what kind of tool a children’s bank card is. First of all, tell them about the rules for safe use, show by example how purchases are made in real stores and online, tell about the possible dangers that lie in wait on the Internet and on the street.
- Come up with a memorable, but not banal PIN code together with your child, write it down, but do not store it with the card.
- Find an individual approach to the child in financial matters. Try to explain that a debit card for children is a simple and comfortable way to make cashless payments. You should also talk about the basics of saving and show how to monitor your expenses, analyze them, save money, etc. Today, a large number of mobile applications have been created for these purposes – look for the right one for your child.
How to apply for a debit card tool for a teenager?
To receive such a payment aggregate, a parent needs to open a WestStein account. We provide our customers with several additional cards that are perfect for the role of “family”. Opening an account takes no more than ten minutes and requires authorization and verification. You do not need to enter data from personal documentation into the registration form, a physical and electronic address, phone number, full name and date of birth are enough. Immediately after confirming their data, the client has access to personal account and virtual card. Its physical counterpart arrives at the specified address in ten working days from the date of registration.
Advantages of the card from our service:
- safe shopping and 100% data privacy;
- bank level of security;
- convenient and understandable Internet banking and a corresponding mobile application;
- permanent customer support in a format convenient for you;
- the ability to control all transactions, as well as to implement transfers, international, including without visiting a physical branch;
- no credit part – you will not spend more than planned;
- Receive wages and other payments in foreign currency;
- Make and receive SEPA payments.