It is very important to prepare children for life, and all this can be done while they are young with very simple and easy steps. One of the most important things is to teach them financial literacy, saving, investing, and everything that comes with it.
You are preparing them for the future, maybe there was no one to teach you either, so you had to do it yourself. Likewise, experts advise that parents should teach children financial literacy, money, credit cards, and skills important for the future from a young age.
Sometimes it’s hard for parents to take care of everything, but it’s up to you to introduce them to the world of money and explain to them how the world works, including the world of money.
What is convenient is that if you open this type of account for your children, you will have countless opportunities, teaching and developing skills, and participating in the family community equally according to their age.
After this article, you will pick the best credit card for kids.
A credit card is a very useful tool, but it can also be very dangerous if it falls into the wrong hands or if it is not used correctly. That is why it is so important to teach our children about credit cards from a young age so that they can use them wisely when they become adults.
How to explain to kids what credit cards are?
The simple answer is through the game. Explain to them that they function similarly to your cards, a means of saving, paying, spending, investing and donating money.
When you go to the ATM or pay with a card for your child, it is simply easy, and the money is always there. It is up to you to explain to them that a card is a tool for learning financial literacy and preparing for a safe future without money problems.
You can teach younger children by playing store and salesman games and putting them in charge of the cash register. You can also make a shopping list with them and give them money.
What can children do with the card?
Children with a card can pay, withdraw money from an ATM, save, invest and donate money. Children can do all this via the mobile application, and always have an overview of their financial situation.
Children can also receive bonuses and monetary gifts from relatives and friends, this is ideal for birthdays and holidays.
One of the apps that offer this is BusyKid, which allows third parties to pay as well, you just need to send them a QR code. Grandparents, aunts, and uncles love this way of giving.
A credit card is a very useful tool, but it can also be very dangerous if it falls into the wrong hands or if it is not used correctly. That is why it is so important to teach our children about credit cards from a young age, so that they can use them wisely when they become adults.
Best Credit Cards for Kids on the Market
Currently, the best offers for children and families are BusyKid, GoHenry, and GreenLight.
BusyKid is considered one of the most famous and has won numerous awards. The monthly fee is $19.99 per year for one child, while it is possible to pay a fee of $7.99 for additional children.
What is unique is that, apart from offering the possibility of saving, spending, and donating, it also offers to invest in real stocks such as Netflix. This option also has BusyPay, which allows payment to children’s accounts with a QR code, which is great for birthday and holiday gifts.
Through the application, you can put your child on the payroll, and if the children are older, they can find a part-time job and bear their expenses.
GoHenry debit cards for children and teenagers are one of the most popular in the world. The monthly fee is $3.99 per child, families with many children may have a slightly higher cost.
Children can save, spend and even donate their money to a kind of club where everyone has their own savings goal. With this card, children can pay online and it is accepted everywhere.
Greenlight debit card for kids and teens, a monthly fee of $4.99 for up to five children.
This is ideal for larger families with several children. Parents have control over spending and can limit companies and companies they consider inappropriate for their children.
Children can spend, invest, donate and save their money. An application that offers children various tables and plans of obligations and tasks that children must complete.
When the task is completed, the money goes to the child’s account. It also offers the option of opening savings accounts in which, together with the parents, they decide how much to save monthly.
This card is especially convenient because it allows you to manage the finances of all your children from one application. The disadvantage is that it is not yet available in some countries.
In conclusion, these are the best credit cards for kids on the market that will help your children develop healthy spending habits and learn how to manage their money.
With these cards, your children can learn how to save, spend, and donate money wisely. They can also receive monetary gifts from relatives and friends and even get paid for completing tasks.
It is important to teach your children about credit cards from a young age so that they can use them wisely when they become adults. Choose the card that best suits your family’s needs and start teaching your children good financial habits today.