It is probably impossible to do without bank cards now: non-cash payments are increasingly replacing cash payments. Do children need a bank card? What are its pros and cons? How does it work?
A child’s card is opened by one of his adult relatives. The opening procedure is quite simple and does not take much time. For example, a mother or father comes to a bank branch with their passport, bank card and child’s birth certificate, writes an application for the issuance of an additional children’s card and draws up consent to conduct transactions on an additional card (so that the bank does not block transactions on the child’s card). After a few minutes, he picks up the finished card at the bank branch and gives it to the child.
Or you can not go to the bank at all, but write an application for a card online.
Pros and cons of children’s and teenage cards
Bank cards, including children’s and teenage cards, have many useful features. One of these features is convenience. The card acts as a tool for paying for travel, shopping, meals, it is convenient when traveling. And adults know where the child spends money and how much money he has left. If necessary, they can replenish the card, wherever the child is.
Another useful feature is security. A child can lose cash, they can be taken away from him. And if the card is lost, then it can be quickly blocked and thereby save money.
And a children’s bank card teaches a child financial literacy. According to financiers, it helps to get the skills of reasonable money management and spending planning. With the help of a mobile application and a bank piggy bank, a child can set aside part of the money for his dream. The card teaches the child to live within their means and not to spend more than they have on their balance sheet.
But with numerous advantages, these cards have disadvantages. For example, experts believe that when using a card, a child does not have a physical sensation of money, so money is spent easier and faster. Therefore, before opening a children’s card, make sure that the child understands the value of money and has mastered the basics of planning and accounting for expenses.
Another disadvantage: due to gullibility and inexperience, children can transfer card data to scammers. Therefore, before opening a bank card, it is necessary to teach the child the rules of safe use of the card.
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