The best Mastercard cards for kids for 2023

How to choose the best debit card for my kid

Compare the following features when shopping around for a debit card for your child:

• Check the fees. The costs can vary between cards and banks. Most prepaid cards will have either a monthly or yearly fee.
• Spending limits. Look for cards that let you cap daily spending and set limits for ATM withdrawals or at specific stores.
• Shopping online. Consider whether being able to buy online is a benefit or a downside, and opt for a kids’ debit card that can restrict or block online spending if needed.

Common features of a kids’ debit card

There are six common features to consider when looking for a debit card for your kid:

• Chores and allowances. Many debit cards for kids offer a way to track and pay your kids for chores that they complete. You also have the option to pay allowances.
• Like a regular debit card. Your kid can use their prepaid debit card to make purchases online and in person, generally anywhere Mastercard or Visa is accepted.
• Spending controls. Many children’s debit cards come with spending control limits that parents can set within their mobile banking app to restrict how much their child can spend.
• Card lock. Parents can also lock the debit card online or via an app.
• Choose how your child can spend. Parents can choose if the card can be used at ATMs, online or for in-store purchases.
• Spending tracking tools. Many mobile banking apps offer spending tracking tools and features to help your child learn how to manage their money.

How do debit cards for kids work?

Most debit cards for kids are prepaid cards. You can load money onto them from an app using your checking account. Then, your kid can use them to shop online and in-store just as they would a normal debit card. The major difference is that your kid typically can’t overdraft with a prepaid debit card as they could a regular debit card.

A lot of these cards come with extra features, like the ability to see how your child spends their money or pay them for doing chores.

At what age can my child get a debit card?

Prepaid cards are available for kids as young as five. But debit cards linked to traditional checking accounts usually require your child to be at least 13.

You can help your child transition to a prepaid debit card for teens once they turn 13, or you can help them open a checking account for teens if they’ve outgrown the prepaid card.

Are debit cards for kids safe?

Yes, debit cards for kids are generally safe because of two main features. First, they’re FDIC-insured so you’re guaranteed to get your money back if the bank fails. Secondly, most debit cards for kids are COPPA-compliant, meaning they never sell or collect your child’s personal information, including their name, address, Social Security numbers, and even their geolocation and images.

Is my child ready for a debit card for kids?

Your child may be ready for a kids debit card if they often ask to borrow cash or have started earning money on their own — whether through an allowance or a paid job. A debit card like Greenlight can help them master the art of spending, saving and investing wisely.

If your child isn’t ready to handle real money just yet, consider a simulated bank account like Bankaroo. This app use virtual money to help young children learn how to spend and save until they’re ready to upgrade to a real debit card for kids.

How can I get a kids debit card?

You can open most debit cards for kids online. But keep in mind that if you decide to open a kids checking account as opposed to a prepaid card, you’ll need to open it as a joint account between a minor and an adult.

What are the pros and cons of a debit card for kids?

Before you get a debit card for your kid, consider these features and drawbacks:

Debit card for kids alternatives

If you’re not set on a prepaid card for your child, here are some other options to consider, depending on their age:

• Kids savings account. Help your child get a jump start on their future with a kids savings account. Most offer competitive APYs and low fees and minimum deposits. They’re a great option for any age.
• Kids checking account. Some kids checking accounts such as Chase First Checking have no monthly fees, free ATM access and chore and allowance tracking.
• Credit cards. You could add your child to your credit card as an authorized user. This could help them build their credit and learn financial responsibility, but beware of the risks that come.

Bottom line

A prepaid debit card for kids can help your child learn how to manage money responsibly — and let you track their spending so you can see if they’re meeting that goal. But while some prepaid cards let kids save money on them, they’re not a replacement for a savings account. Compare savings accounts for kids and prepaid debit cards to create a banking solution that’s right for your family.

Frequently asked questions?

• When should I give my child a debit card?

  This is completely up to you and your individual experience. You might consider giving your child a debit card when:

  • They start going out for social activities without you present.
  • When they start high school, or if they take public transportation to get to school
  • They start wanting or needing to buy things when you’re not with them.

• Can I reverse a transaction?

  Fraudulent transactions, including those where a thief stole and used the card or where the seller didn’t deliver what they promised, can often be reversed by contacting the bank or card company.

• What if my child makes a transaction I'm not happy with?

  You can’t request that your bank reverse a transaction unless you can prove the transaction was fraudulent. But, you can keep an eye on your child’s spending via the mobile banking app. And many cards can be frozen from the app so that your child can’t continue to spend if you aren’t happy with their purchases.