Whether you’re shopping online or in a brick-and-mortar store, your debit card is one of the most important resources you have when it comes to making secure payments. But while you may use this form of payment daily, you might wonder if it’s appropriate for your child. There are many unique benefits to getting a debit card for minors, but it’s not always right for every situation. To help you determine the best way to approach your child’s personal banking options, here are a few important details to consider about kids and debit cards.

How to Decide If Your Child Is Ready for a Debit Card

Although most banks will provide supervised minors with checking accounts and debit cards, age isn’t necessarily the best way to judge if your child is ready for this option. In general, you’ll want to make sure your child is of the right maturity level. For example, if your child has a habit of losing items or overspending, giving them a debit card may result in unruly usage.

Activity level may also play a role in your decision. Minors who go shopping with friends or pay for their own gas can benefit from having a card. Those who participate exclusively in supervised activities, however, may not need this personal banking resource quite yet.

What Are the Benefits of Getting Your Child a Debit Card?

Through advanced features—such as mobile or online banking—kids can monitor their balances and learn how to budget for their lifestyle.

With a joint account, parents can monitor how much their young consumer is spending and get specific information on what they’re using their money for. And you won’t have to worry about your child accidentally losing money, as they might when using cash. Linking accounts will also allow you to transfer funds to your child’s account quickly and securely.

What Features Should You Look for in a Kid-Friendly Debit Card?

If your child is ready for a debit card, there are a few additional features you may want to invest in. In particular, you should have access to their personal banking account and have the ability to monitor their spending activity. Many banks will also allow parents to set up parental controls, such as spending limits or purchase alerts.

Providing convenient personal banking options for the whole family, Magnolia Bank is an exceptional resource for parents looking to set their child up with a debit card. Through their no-fee checking and savings accounts, your child can build their financial knowledge without worrying about surprise expenses. These specialists will also introduce you to solutions for greater control, such as joint accounts, automatic transfers, and spending limits. To learn more about their financial services, visit this Hodgenville, KY, bank online or call a friendly associate at (270) 358-3183.