Parents often ask us for recommendations on the best debit or credit cards options for teens. While we won’t play favorites, we’re here to guide you through an exciting array of options that have caught our attention. So, let’s dive into a selection of cards that can ignite your teen’s financial journey:
BusyKid
- Annual Fee of $20
- Allows parents to administer allowances, buy fractional shares of stock, and facilitate charitable donations.
Chase First/High School/College (3 different programs)
- Simple debit card options with minimal fees
- Geared towards different age groups: First (6-17 years), High School (13-17 years), and College (17-24 years)
Chime (Visa Debit Card)
- Offers early paycheck access
- No overdraft fees
- Visa debit card with no minimum balances or fees
- Automatic saving feature available
Current (Visa Debit Card)
- Digital wallet with a Visa debit card for teens
- Focuses on teaching kids about saving, spending, and donating through allowances
- Can be used for online and in-store purchase
FamZoo (Allowance Debit Card)
- Virtual family banking system
- Allows parents to manage allowances through IOU or prepaid card accounts
- Separate logins for kids, shared online dashboard for parents
- Includes an allowance feature to teach kids about money management
GoHenry (Debit Card and Learning App)
- Debit card and app with unique parental controls
- Simplifies allowance management and offers budgeting tools for kids
- One account can cater to up to four children
Goalsetter (Debit Card with Allowance)
- Allows parents to give allowances and rewards for correct quiz ansers
- Encourages saving with “goal cards” instead of traditional gift cards
- Parents can monitor the account, set limits, and provide financial literacy quizzes
- Includes an allowance feature to facilitate money management skills
Greenlight (Allowance Debit Card)
- Parent-managed debit card with flexible controls
- Allows setting spending limits and blocking certain stores
- Offers saving and giving account functionality
- Issued by Mastercard
- Includes an allowance feature to teach kids about budgeting and saving
Jassby (Debit Card and Learning App)
- Offers a virtual debt card with parental oversight and spending controls
- Allows parents to administer allowances and oversee purchases
- Provides features for managing chores and allowance distribution
STEP (Will Smith Debit Card)
- No minimum balance or fees
- Provides money management advice
- Integrates with Apple Pay and other money-moving apps
- Parents can monitor the account, set limits, and provide guidance
Verizon Family Money (Allowance Debit Card)
- Provides a debit card designed for teens, along with a corresponding app
- Parental control over spending categories
- Chore and allowance management features
- Real-time spending notifcations
- Offers a spending account and a savings vault
- Includes an allowance feature for teaching money management skills
We’re committed to keeping this list fresh and up-to-date for future readers. If you’ve discovered any additional credit card options for teens or have personal experiences to share, we would love to hear from you! Together, let’s empower our children with essential financial literacy using one of these fantastic cards.
Wishing you success on this exciting journey of financial growth and discovery!
Note: Fees and specific details may vary for each card. It’s advisable to verify the latest information directly with the respective providers.
