Choose your card
Pick a card you feel is right for your child. These cards will usually come with monthly and annual fees, and some of the more expensive cards may come with features such as in-app lessons to educate kids about their finances.
A children’s prepaid card is a card that is loaded up with money by the parents, which children can use the card to make purchases. These cards are usually available for children aged 6 and above. Children’s prepaid cards are low-risk because your child can only spend what’s been loaded - giving you maximum control over their spending.
Teach children about finances: A prepaid card can help children learn the value of money and see how much they’re spending. Depending on the prepaid card you select, it may even come with saving jars and money lessons which can help your kid get clued up on cash
Safer than cash: A prepaid card and cash can both be lost or stolen, but you’re more likely to get your money back with your prepaid card. If your child’s card is missing, then you just need to notify the provider and cancel the card immediately and you’ll be able to recoup some cash, depending on how quickly you cancel
Parental control: The card might come with an app where you can see how much your child is spending. You’re also in charge of how much money is on your child’s card, so you’re in control of how much money they have access to. These cards usually block gambling or betting transactions
Fees: These cards are usually not free and you’ll either have to pay a monthly or annual fee. The card might also come with an ATM fee for withdrawing cash and an overseas fee for spending abroad
Won’t build credit history: Having a strong credit rating will make it easier to borrow money in the future. However, even though a children's prepaid card can help your child learn money management, it won't strengthen their credit score. A prepaid card won’t build your child’s credit history as they’re not borrowing money, because they’re not proving that they make payments on time
Limitations: Depending on your card issuer, you may be unable to use the card abroad and if you do you can face foreign transaction fees. Some card providers may also set limits on how much money can be put onto the card
Blocked merchants: These cards will block transactions on gambling, dating, alcohol and adult entertainment websites
Freeze and unfreeze the card: You’ll have the power to freeze and unfreeze the card whenever you feel like. Being able to block the card is helpful if the card is lost or stolen
Spending limits: Depending on your card issuer, you can put limits on how much your child can spend per week and on a single item. You can also restrict where they use their card
Teenagers can get children’s prepaid cards and they can be beneficial for teens too. Many prepaid children’s cards are connected to apps that have features tailored to teenagers, including targeted in-app content for older children.
A children’s prepaid card only allows your child to spend money that you’ve loaded onto their card. A child’s debit card, is connected to their current account and they’ll have to apply for the card and these accounts tend to be fee-free.
These cards are usually available to kids aged 6 and over.
You can load money onto the card from your own bank account.
Whether your child can be used at a cash machine, will depend on the card issuer’s terms and conditions. If you’re able to use the card at an ATM, you may be hit with a withdrawal charge.
Yes, you should be able to track your child’s spending on their card. Some issuers will even give you real-time spending notifications when your child uses the card.
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