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Although there is an increasing push for financial education in schools, most children still develop their money management skills at home. Studies indicate that children can grasp basic personal finance concepts as early as seven, meaning you can start teaching them at a young age. A great way to do this is by letting them make purchases under your guidance with a kid-friendly debit card. Here are the top options to consider.
Greenlight Prepaid Debit Card
Greenlight provides Mastercard debit cards for families, offering an extensive range of features.
Features: Free 1-month trial; manage household tasks; instant transfers; set spending limits by store; receive real-time transaction notifications; educational app; free first-time card replacements; supports Apple Pay and Google Pay.
Fees: $4.99 monthly subscription per family (covers five cards); no purchase fees.
ATM Access: Greenlight does not charge ATM withdrawal fees, although most ATMs may impose a fee.
How to Reload: Fund through bank transfer, debit card transfer, or direct deposit.
Cons: No option for cash or check deposits; daily spending limit per account is lower than average ($1,000 per day).
Find more information about Greenlight’s debit card here.
FamZoo Prepaid Debit Card
FamZoo provides prepaid Mastercards for families, including children under 13.
Features: Load the main card and distribute allowances to your children; track activities through a mobile app or website; budgeting tools; receive alerts via text or email.
Fees: $2.50 to $5.99 monthly subscription for each family (four cards); no fees for making purchases.
ATM Access: Skip ATM fees by using the MoneyPass network, which provides access to 32,000 ATMs across the country.
How to Reload: Bank transfer; direct deposit; PayPal transfer; MoneyPak and Mastercard rePower (with a fee); retail locations with Reload @ the Register (for a fee).
Cons: Monthly fees are higher than some competing services; no mobile check deposit option.
Discover more about how the FamZoo prepaid debit card functions here.
GoHenry Debit Card
GoHenry provides a Mastercard debit card equipped with parental controls for children ages 6 to 18.
Features: Enjoy a free one-month trial; set spending limits for individual transactions or weekly; assign chores; restrict spending by store; receive notifications of real-time spending; access through the mobile app.
Fees: $3.99 per month for each child; $1.50 fee for ATM withdrawals; no charges for making purchases.
ATM Access: GoHenry imposes a $1.50 fee for ATM withdrawals, with additional fees from most ATMs.
How to Reload: Top up using your debit card.
Cons: Higher monthly fees compared to some alternatives; limited reloading options; ATM withdrawal fee; age restrictions.
Find out more about GoHenry’s debit cards here.
Are debit cards for kids worth it?
Debit cards for kids provide a valuable opportunity to practice basic budgeting skills, but there’s a cost involved. Before committing, consider how to maximize the benefits of these tools. Plan a discussion about bank accounts, monthly budgets, and earning interest before giving a child a debit card. It's also important to cover the differences between debit and credit cards. These concepts might not be fully understood immediately, but they could open the door for more financial discussions in the future.
