THE LATEST DEVELOPMENT IN TEENAGERS’ DEBIT CARD WITH DIGITAL BANKING IN 2022
A debit card for teenagers works in two ways, a prepaid account and a checking account connected with a debit card. Debit cards are linked with bank accounts that parents hold. Some debit cards offer money management through resources and parental control over the expenditure of their children.
You can also avail of prepaid debit cards for your children, and you do not need to link that debit card to your bank account. You have to load an apprehended amount to the prepaid card for spending. When the money runs out of limit, a teen can add another amount of money to it, but they can never purchase on credit and pay the amount later.
Debit Card For Teens Differs From Regular Debit Card
Adults carry a regular debit card for their different needs, and that amount is being debited from their checking accounts. Still, parents prefer teenagers debit card for their children due to monitoring clear-offs. So when their teens spend money, they can have parental power to limit their spending.
On the other side, teen debit cards have restrictions like; mobile deposit, bill paying, etc. Yet teen debit cards are connected to their parents’ accounts with money management control.
The Age Criteria Of Getting Debit Cards Being A Teen
Teen debit cards maintain age criteria. Some cards offer facilities for 13 or above; others allow younger people to have that facility. If you choose the second one that will be good for your children as they can at least understand the value of money at an early age.
Some Necessary Measures You Should Take Before Issue a Debit Card For Your Teen:
● The monthly or annual fee for each card
● Spending limit
● The facility of mobile deposits
● Financial education offered by the app
● Any facility of splitting the money into spending and saving account
● The limit of parental control
● Features like; store-management and investing
Process Of Availing A Debit Card
Opening criteria for debit cards depend on the regulations of the financial institution or bank. If you want to open a debit card for your teen, you need to follow some necessary steps:
● Put your name, DOB, government-issued ID, and security number.
● Then put your teen’s details like; Good name, DOB, and social security number
● It would help if you kept/opened a checking account to which you will link this card
If you need to expedite the date of the debit card, you need to pay a fee to get the card within 7-10 business days by mail.
Muvin: The Best Debit Cards For Teenagers
In this context, we should take one name, Muvin. If you think about pocket money app download, Muvin should come on your list first. Its motto is to boost and empower India’s teens and young generations. Muvin makes teens financially independent and educated through digitized financial retention and elementary knowledge.
1. Muvin is a digital bank that makes the youngsters understand the values of money and real-time banking innovatively and interactively. Before getting a teen debit card, you should acknowledge the financial management and parental control over the spending on your teen’s cards. Aside from this, it would help if you got educated about your personal finance in a fun way. Muvin provides that literacy to all users.
2. Muvin debit Card allows teens to spend money and save readily without the hassles of contact payments. This card also offers daily new spending features with two unique authentication systems; PIN and OTP.
3. Your children will get a seamless experience using the Muvin debit cards. They should go through the infographics and videos on Muvin’s blogs to get updated features and the latest economic trends. It has easy access to all economic demands and educational attributes about the financial world with a petty-spaced approach.