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How Old Do You Have to Be to Get a Debit Card?

How Old Do You Have to Be to Get a Debit Card

How Old Do You Have to Be to Get a Debit Card?

You normally have open access at age 18, the age of majority in most states. Some banks allow minors access to a debit card when they open a joint checking account with their parents.

You are able to have a debit card in your name at the age of 16. At 15 years old, you are able to have an ATM card. An ATM card can be used at the ATM only and purchases cannot be made with it. The account must be a joint account with a parent/guardian until you are 17 years old. Once you are 17 years old, you are able to have an account in your name only.

Can a 14-year-old have a debit card?

A child can typically get a debit card at 13 when a parent or legal guardian opens a joint teen checking account on their behalf. Teen checking accounts are typically available until the child turns 18.

A 13-year-old has no need for a credit card. A 13-year-old should not be borrowing money from a bank.

Friends, 13 years old probably shouldn’t have a debit card but I think there are cases where it would make sense (having to travel alone and shop for lunch) but usually, there are better alternatives than giving a 13-year-old a debit card.

I’m from Mexico but here things work this way:

  1. My parents help me to open a savings account on a local bank.
  2. As I grew older, the bank offered us a card that works supervised by my parents with restricted expenses.

I don’t know how does this works where you live but you should definitely ask your parents. It’s awesome you’re thinking of this at your age, most people don’t even think about being economically responsible before asking for loans or credit.

How old do you have to be to have a PayPal?

Can a 12-year-old get a debit card?

Some institutions don’t permit minors to have debit cards under their own name until they are at least 16, but others offer them to children who are 13 or even younger. … Children have their own debit card, but parents can check spending online or on a mobile app.

At 13, you’re considered underage to hold a credit card. You must attain the age of 18 to get a credit card. Therefore, no financial institution will grant you a credit card. You should understand that any time a credit card is used to make payments, the cardholder is not spending his own money.

He is technically borrowing from the card issuer and he has obligations to pay back the money. This can be described as a contractual relationship. A minor(anyone less than 18 years old) cannot enter any contact.

Even if you’re mistakenly granted a credit card, the card issuer will not be able to hold you responsible for payment as it will be considered negligence on their part not to have verified your age.

For debit cards, yes. With the consent of your parents, you can hold a debit card. Since you will be spending from the account to which your parents have access, they will be able to monitor your spending.

How Old Do You Have to Be to Get a Debit Card?

Many children learn to save by stashing cash in a piggy bank or jar, then graduate to a basic savings deposit account. But as teenagers, they start to spend more — lunch while on a field trip, a movie with a friend — and may need an account that lets them make purchases with a debit card.

A variety of options are available, including traditional checking accounts with debit cards, as well as prepaid debit cards, that parents can manage jointly with a child. The cards give children control over their own cash but allow parents to monitor the spending and offer guidance as needed.

You can start by asking if your own bank or credit union offers an option for joint accounts with teenagers, said Laura Levine, chief executive of JumpStart Coalition, which promotes youth financial literacy.

Some institutions don’t permit minors to have debit cards under their own name until they are at least 16, but others offer them to children who are 13 or even younger.

Parents should look for features like no or low fees for funding and maintaining the account, online account monitoring, convenient A.T.M. access, and the ability to set spending limits.

USAA offers a “Youth Spending” account, available to children 9 and older when their parents open the account. Children have their own debit card, but parents can check spending online or on a mobile app. Parents can also set spending limits and receive text messages if their child exceeds them.

“You can look over their shoulder and see what they’re doing,” said J. J. Montanaro, a financial planner with USAA. (Generally, to open a USAA account, you or a family member must have a current or former military affiliation.)

Why, and When, Your Child Should Have a Debit Card

The financial website Nerdwallet recently recommended several accounts for teenagers, including Alliant Credit Union’s Free Teen Checking and Capital One 360’s Money account.

Sean McQuay, a card expert with Nerdwallet, said he generally preferred a checking account with a debit card for teenagers, rather than a prepaid debit card, because the checking account could be linked to a savings account, reinforcing the habit of setting money aside for longer-term goals. Some prepaid cards offer the ability to sequester funds, he said, but the money usually doesn’t earn interest.

Some prepaid cards, however, can work well for youngsters. Consumer Reports recently gave a top ranking to Bluebird from American Express, which offers family accounts. The main account is opened by an adult, who can give additional debit cards to up to four family members ages 13 or older. Parents can monitor the accounts online, set spending limits and restrict access to A.T.M.s if they choose.

When deciding what account to open, it is wise to consider how the child will need to use it, said Christina Tetreault, a staff lawyer specializing in financial services at Consumers Union. A college student will probably want to be able to pay bills online, she said, but a high school student mainly interested in shopping at the mall or online can probably do without the bill-paying function.

Make sure to read the fine print with any prepaid card. Some may charge fees for speaking to a customer service representative or charge for loading funds onto the card. New federal rules scheduled to take effect next year will require all prepaid cards to disclose fees and other details more clearly, Ms. Tetreault said.

Here are some questions and answers about bank accounts for teenagers:

What is the right age to open a spending account for my child?

Children vary in the speed at which they learn to handle money responsibly, Ms. Levine of JumpStart Coalition said. Some may be ready in middle school, while others may not be until high school or later. Generally, however, it is better to let them make mistakes under a parent’s tutelage, she said, than to wait until they are on their own when the financial impact is greater. It is equally important, she said, for parents to be ready to devote the time necessary to monitor the account, discuss spending and offer guidance.

Should I link my child’s checking account to a savings account?

Having an account separate from the one for spending can help encourage saving for specific goals. But Patricia Seaman, spokeswoman for the National Endowment for Financial Education, advises waiting a while before linking the two accounts, to make sure your child has the discipline to leave the money in the savings account alone. “You don’t want the savings to be too accessible,” she said.

What about overdraft fees?

Many — but not all — accounts geared toward teenagers don’t allow them to spend more than their balance. If a child tries to buy something for more than is available on the debit card, the transaction is declined. That is the best way to teach children to control spending and avoid costly fees, Ms. Seaman said. So if your teenager uses an account that offers overdraft protection — meaning the purchase will be approved, but the account will be charged a fee — you should decline the offer, she advised. “Let them get turned down at the fast-food restaurant,” she said. “Let them be embarrassed.”

Conclusion

Depends on where you live. You won’t be legally allowed to sign a contract with a bank (or anyone) in the US until you’re at least 18, unless you’ve been emancipated, and I believe 14 is the minimum federal age for that at the moment (could be mistaken).

Not sure what your plans are (an online purchase?), but you’d probably be best served to buy a pre-paid card (available almost everywhere in the US – convenience stores, gas stations, grocery stores, etc…) They won’t work everywhere, but many places – heck, some of the places I shop regularly online never even ask for the security code on my credit cards!

You will need to open a checking account at the bank. Depending on the bank you go to, you will likely need to have a parent/guardian on the account as a joint owner with you.

Once the checking account is opened, debit cards are typically issued with it. I would double-check with the bank to see if there are fees associated with ordering a debit card for the account.

How Old Do You Have to Be to Get a Debit Card

The first thing you could do is ask your parents if they could bring you to a bank that offers said services (such as wells Fargo teen program or navy federal if you are a military family) deposit a small sum (usually $100) to set up a bank account. Don’t have your parent’s permission?

Not much you can do unless you want to get a non-reloadable gift card. Gift cards of that sort can buy virtually anything online, though you may run into some difficulties with trials (such as Netflix) but if your parents are cruel and unusual or simply don’t trust you. You can easily buy a visa gift card to buy things online you will just have to switch the card when it runs out. Best of luck to you.

How Old Do You Have to Be to Get a Debit Card

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