You don’t have to be 18 years old to become a payment cardholder. It can also be issued to younger users. What requirements must then be met and what are the costs associated with the use of a payment card for a child?
Children can pay not only in cash but more and more often they also use payment cards. They are issued by banks for accounts for children and adolescents, which can be opened for people aged 13 or older, but some banks also allow you to get cards for children under 13.
Why is it worth getting a payment card for a child?
However, many parents wonder if a payment card for a child is a good solution. However, it is safer than cash – the card can be blocked if it is lost, and when making payments, there is a need to enter the PIN code (apart from contactless transactions, which can be made up to PLN 50).
A payment card is also a great choice when your child goes on holiday alone. Then we can make a transfer at any time and will have a larger amount at his disposal.
Of course, the card also allows the parent to control the child’s expenses. Together with a bank account, he teaches responsibility for money and management even before entering adulthood.
Which card to choose?
Banks offer two options – an ordinary payment card, which we can also receive as an adult, and a prepaid card that acts as a money box. What is worth choosing?
A regular card is attached to a bank account, which means that you need to set up an account and then make a card. The money for card payments comes from the bank account, so the child can then have an easy overview of their finances.
In turn, a prepaid card is a card that is not associated with any account, but we can top it up using transfers. So it is safer because when you run out of money, it won’t be debited from your bank account.
Each of these cards can be used to make secure cashless payments in brick-and-mortar stores, and often also online, as well as withdrawals from ATMs. In the case of on-line transactions, it is worth checking if they are not blocked, as some banks automatically block them.
For cards, we can also set limits for withdrawals and transactions for one day and the entire billing month.
How much is the card for a child?
Most banks do not charge any additional fees for using a child card. However, it is worth pointing out that they may, in turn, be related to running a bank account for a child.
Detailed information on card fees can be found in the documentation and terms of service – we can also find them online and receive them at bank branches.
In summary, a payment card for a child can be a very good addition to your account, but we can also choose a prepaid card. Each of them will help your child to use money easier and safer.