To become a holder of a payment card, we do not need to be 18 years old at all. It can also be issued to younger users. What requirements must be met then and what are the costs associated with using a payment card for a child?
Children can pay not only in cash, but more and more often they use payment cards. They are issued by banks to accounts for children and young people, which can be set up for people who are at least 13 years old, but some banks also allow you to make a card for children under the age of 13.
Why is it worth to make a payment card for a child?
Many parents, however, wonder if a payment card for a child is a good solution. In reality, however, it is safer than cash – the card can be stipulated if it is lost, and when you pay, you need to enter the PIN code (in addition to contactless transactions, which we can make up to PLN 50).
The payment card is also an excellent choice when the child goes on holiday alone. Then, at any time, we can make a transfer and will have a larger sum available.
Of course, the card also gives the parent the opportunity 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?
Basically, banks provide two options – it is a regular payment card, which we can also receive as an adult, as well as a prepaid card that acts as a piggy bank. What is it worth to decide?
The usual card is plugged into the bank account, that is, it is necessary to create an account, and then to develop the card. Money for card payments comes from a bank account, so your child can then have an easy preview of their finances.
In turn, prepaid card is a card that is not associated with any account, but we can recharge it using transfers. Therefore, it is safer because when money runs out, it will not be charged from your bank account.
Each of these cards can be used for safe, non-cash payments at stationary stores, as well as often online ones, as well as cash withdrawals from ATMs. In the case of on-line transactions, it is worth checking if they are blocked because some banks automatically block them.
For cards, we can also set withdrawal and transaction limits for one day and for the entire settlement month.
How much does the card for a child cost?
Most banks do not charge any additional fees for using the baby card. It is worth pointing out, however, that they may in turn be related to running a bank account for a child.
Detailed information about card fees can be found in the documentation and terms of the service – we will also find them online and we will receive in bank branches.
In summary, a child’s payment card can be a very good addition to your account, but you can also choose a pre-paid card. Each of them will help your child to use their money more easily and safely.