Top 10 Best Debit Cards for Teens 2022

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Today, there is a need for financial literacy. It is not just adults who need to know about managing finances, but even teens must know this. However, teens mostly learn by watching adults handle their finances. They do not get much time to learn from experiences. Yet, teens being inquisitive and ever ready to learn, want that opportunity. One way to gain financial literacy is by practical exposure to things like debit cards. Right now, is the perfect time to get yourself a debit card for teens.

This does not need to be in-depth where you manage your parents’ taxes, pay for the electricity bill, etc. But it can include the smaller and less significant expenditures you make for yourself. A method to do this is to get your debit card. This gives you a chance to spend relatively freely. This article tells you about the top 10 best debit cards for teens 2022.

What is a debit card? 

A debit card also called an ATM or payment card, lets us withdraw funds or make online payments required. When we use a debit card, we can access money from our account and money is debited every time we use it. Debit cards allow us to withdraw cash without having to go to our bank. 

Examples of Debit Cards? 

Many banks provide debit card services to their customers. Some of the banks that issue debit cards include HDFC, Union Bank, Yes Bank, Axis Bank and Canara Bank. 

In India, you usually need to be above 18 to get your debit card. However, the growing awareness about financial literacy has helped make available debit cards for teenagers. Although banks generally do not offer debit cards to teens, many neo banks today offer teens the opportunity to get their debit cards. 

Top 10 best debit cards for teens 2022 

1. Fyp Card 

Fyp is a teen neo bank that allows its users to spend money on their own. This gives teens some financial control and prepares them for an independent life. Fyp offers teens a chance to spend on themselves by themselves. This helps teens get an idea of how to manage their money efficiently. This prepares them for the future when they earn for themselves. 

Fyp helps you budget your finances and enables you to save your money. It offers great cashback on most of your expenditures through the Fyp app or Fyp debit card. These cashback are instantaneous, so you don’t have to wait long. Teens get cashback on almost every Fyp app or debit card transaction. One reason Fyp is at the top of the best debit cards for teens is its variety of services.

Fyp encourages financial literacy in many ways. While the primary method is to give some financial control to teens, there are other ways too. Fyp has a blog with many informative articles on various financial topics for interested teens. The Fyp app also has short informative slides that teens can read to improve their knowledge. 

Teens can buy Netflix subscriptions, Spotify Premium subscriptions, fast food from restaurants like Burger King, order food online from Zomato and buy electronics from BoAt. Using the Fyp card for teens, they can also go to their favourite stores and buy clothes, buy a movie ticket or purchase groceries.

Fyp is extremely safe and reliable. The Fyp card doesn’t have sensitive details on it, the app is secured with a code, and the card can be blocked easily if lost or stolen. Users can also track transaction details through the app. 

There is no charge to use Fyp. The registration is free, and you do not need to spend any money on it. However, one will have to incur the only cost if they choose to buy the Fyp physical card for teens. Of course, if you want to spend money from the Fyp app or debit card, you will have to transfer your own money to the app first. However, Fyp does not charge any service fee. 

Using Fyp is very simple. Being a teen neo-bank, Fyp realises that everything needs to be quick and convenient. Hence using Fyp is fast and convenient too! To register, all you need to do is download the app download Fyp app from Play Store/Appstore and register yourself there. Once you enter your personal details, you will have your own account. You can then start spending money on things you need.

The Fyp card is the best card for teens in India.

2. Greenlight 

Greenlight is another one of the best debit cards for teens. While the previous neo bank, Fyp, was Indian, Greenlight is an American neo bank. This bank provides the Greenlight debit card for teens. Even though it is aimed at teens, it has no age restrictions and can even be used by adults. Greenlight can be used internationally in many countries. The Greenlight debit card is a Mastercard and can be used in those countries that accept Mastercards. However, there are a few countries where users cannot use their Greenlight cards. 

The major difference between Greenlight and the previous card is that Greenlight does not offer free services to its users. Instead, those who opt to use greenlight cards must pay a monthly fee depending on the plan they choose. There are three available plans. They include the monthly $4.99 plan, $7.98 plan and $9.98 plan. Teens can also customise their debit cards with pictures of them or other things on them. 

Greenlight also lets parents have some control over their children’s expenditures. Like the Fyp card, Greenlight also requires parents to deposit money into the app. Thus, parents can also provide their monthly allowance to kids on the app and ensure that their children aren’t spending excessively. 

In addition to the debit card facilities, Greenlight has a lot more! Those who opt for the $7.98 and $9.98 plans can also invest. Parents or children under their supervision can invest in stocks and ETFs. If children are trading, they require their parents’ approval for every trade. While one needs to pay for the stocks they buy, the app charges no trading fee.

Additionally, to encourage savings, kids who use the $9.98 plan can earn some interest on the money they have at the end of the year. Greenlight also incentivises referrals. Thus, greenlight users who refer their friends get $30 for the 1st, $50 for the 2nd and $70 for the 3rd referral. 

Greenlight isn’t available in India at the time of writing.

3. goHenry 

Another one of the best debit cards for teens is the gohenry card. Like the previous 3, goherny is also a neo concept. It offers prepaid debit cards for kids of all ages. gohenry, like Greenlight, is a foreign brand based out of London. Though aimed at kids and teens, gohenry can also be used by adults. Like Greenlight, this too can be used internationally. The gohenry debit card is a Visa card and can be used in those countries that accept Visa cards. The cards can be customised, and users can choose from a variety of choices. 

gohenry lets parents get regular updates about their child’s activities on the app. Like the other neo companies, parents can deposit money into their child’s accounts for them to use. However, while the others require parents to transfer the sums every time they want, gohenry allows parents to set up weekly allowance transfers. This means that once parents set this, their child’s account will regularly receive a fixed pre-determined sum of money. 

gohenry seemingly provides more parental control than the other apps. For example, parents can immediately transfer money to their kids whenever needed, and they get real-time notifications every time their child spends money or the card is declined. Additionally, parents can block or unblock the card whenever they want. Further, parents can still determine where and how much kids can spend no matter the amount of money deposited.  

gohenry supports savings, so the app allows parents and kids to set savings goals and track their savings. The gohenry app also has many videos and quizzes that kids can use to learn various financial skills. Upon completing missions from the app, kids get points and badges. Some of the topics here include Money basics, Jobs & earnings, Saving habits, Spending wisely and Helping others. In addition, parents can set tasks for their kids on the app, and kids can then be paid once they complete those tasks. 

Besides this, the gohenry app provides rewards to its users for every referral they make. That is, if a user recommends gohenry to someone who then starts using the app, they can earn some money. One important thing to keep in mind is that gohenry, unlike Fyp and FamPay, is not free. While users can use it for free for the first 30 days, they must then pay £2.99/month. 

4. ZAAP 

ZAAP is another one of the best debit cards for teens. ZAAP is an Australian online payment facility. 

It offers prepaid debit cards for kids between the ages of 8 and 17. The ZAAP prepaid card is a Mastercard that can be used to make online and offline purchases. In addition, the ZAAP card can be used internationally in all those countries that accept Mastercards. 

Those who choose to use ZAAP can decide to get a ZAAP card, ZAAP bands or both. Like with all the other apps, parents here can transfer money to their children’s accounts. However, ZAAP, like gohenry, allows parents to set up regular pocket money payments so that they do not have to keep going over and over to deposit money in their child’s account. 

The ZAAP app has the “Parent Wallet”, which is used to transfer funds to the “Child Account”, the “Child ZAAP Account” which holds the child’s funds and is the spending account to which their payment devices are linked and the “Child’s Savings Wallet” which is linked to the Child’s ZAAP account. It can be used to set savings goals, transfer money from their ZAAP account to their Saving Wallet and track their progress.  

Like the previous few brands, ZAAP also allows parents a certain amount of control over their kids’ activities. Parents can get notifications regarding their child’s activities on the ZAAP app. Additionally, ZAAP blocks payments to liquor shops, taverns, pubs, gambling, and dating services for safety. The app also has limits when it comes to finances. The maximum available balance at one time is $999, the minimum transaction limit is $1, and the maximum transaction without needing a PIN is $199. 

An important thing to remember is that ZAAP is not free to use. Getting the generic ZAAP card costs $9.95, while the personalised card fee is $20.00. Further, each child account costs $2 per month, and ZAAP charges a 1.5% reload fee on debit card or credit card transfers to the Parent Wallet. It also charges $10 to deactivate your card or account. Additionally, even though you can use ZAAP abroad, you are charged 3% of the Australian dollar amount of the transaction for purchases from merchants outside Australia or purchases in currencies other than Australian dollars. 

5. FamZoo 

FamZoo is another one of the best debit cards for teens. Like Greenlight, FamZoo is an American company that offers prepaid debit card services for kids. However, unlike all the above services that are targeted only at teens, FamZoo is targeted at families as a whole. Hence, everyone can use FamZoo. 

It is a virtual bank that functions as a private online family banking system. It allows parents to teach kids to earn, save and spend money wisely. Like a few of the above applications, FamZoo also enables parents to set automated allowances that go to kids’ accounts regularly. FamZoo has two types of accounts, prepaid accounts and IOU accounts. Prepaid accounts work like a normal account. Here, parents deposit money in their child’s account and the child can then spend the money. IOU accounts are a little different.

These accounts are only used to track money held elsewhere by parents. In a sense, it shows the amount of money owed by parents to their child in the form of pre-determined allowances or payments if parents have not given them to the child yet. 

To get a FamZoo debit card, an adult must pass an online adult verification process, while those under 18 must pass an online teen verification process. If a child is 12 or younger, the parent is the legal cardholder. Parents get “on-behalf-of” cards to make purchases on a pre-teen’s behalf. On-behalf-of cards and their transactions can be seen on the FamZoo app. 

FamZoo cards have certain limits. One can make a maximum of 99 loads or load up to $2500 per day. The total card balance and maximum expenditure on a single transaction are $5000. At the same time, the maximum ATM withdrawal limit is $510. FamZoo is not a free service. You have to pay to use it. While it charges $5.99 a month, you get discounts for the six months, 12 months or 24 months subscriptions. 

Parents here can closely supervise their child’s spending habits. They get detailed information when purchases are made and even when the card is declined. Further, parents can also set chores for their kids and assign a monetary value to incentivise them. Additionally, parents can also assign financial penalties to kids for not doing their chores. Parents can also pay children some interest if they save money regularly. 

6. Axos Bank Debit Card

Another one of the best debit cards for teens is the Axos Bank debit card. The Axos Bank First Checking Account is an online bank for teens aged 13-17. Teens who join this get a free debit card. Axos allows parents to have a very clear understanding of their child’s financial activities. It requires one parent to be a joint account holder and their child.  

Axos Bank First Checking Account has no monthly maintenance fees for teens and is almost free to use. Additionally, it has no overdraft or non-sufficient funds fee. However, the account has a daily transaction limit ($100 cash, $500 debit). Further, the Axos Bank First Checking Account offers its users an annual percentage yield of 0.10% per annum. It also provides up to $12 domestic ATM fee reimbursements per month. Thus, teens using Axos don’t need to spend on its services while receiving interest on their existing deposits. 

Axos also provides teens with incentives such as a $20 referral bonus for referring their friends to the bank. It also offers real-time updates on account activities via text, push notifications, or email. When required, teens can also activate, deactivate, or reactivate their debit cards. In addition to that, teens can also set automatic bill payments to pay their bills. 

Axos Bank doesn’t accept users in India at the time of writing.

7. Capital One 

Capital One is another one of the best debit cards for teens. Like Greenlight and FamZoo, Capital One is an American company that offers prepaid debit card services for kids. An American bank holding company provides teens with their checking account called “Money”. The bank has an app that parents and teens can conduct the transactions. Teens can use the app to manage their money while parents can oversee their children’s spending habits. 

Unlike FamZoo and Greenlight, the Capital One Money account for teens is free to use and has no monthly service fees or balance requirements. Anyone above the age of 8 can use the account. It also understands that teens may not make the best money decisions. Hence it lets parents have quite a bit of control over their children’s activities. Only parents can transfer the money to their teen’s account. In this way, parents can provide their monthly allowance to kids on the app itself and ensure that their children aren’t spending more than needed. 

The capital one debit card can make online and offline payments. Additionally, unlike many of the debit cards above, this debit card can also withdraw money from ATMs. Further, the account provides teens with an annual interest of 0.10% on balance. Therefore, it is unnecessary to have a Capital One account for teens to open a money account. 

Capital One’s Debit Card for teens isn’t available in India at the time of writing.

8. Cooper 

Another one of the best debit cards for teens is Cooper. Like many previous neo banks, Cooper is also a neo concept. This is another American company that offers prepaid debit card services for kids. Cooper offers its prepaid debit cards to kids of all ages. For teens to get a card, their parents must register them on the app. The Cooper debit card is a Mastercard that can be used to make purchases. The Cooper card can be used internationally in all those countries that accept Mastercards. Cooper also provides a virtual debit card. While the physical card can be used to make online and offline purchases, the virtual debit card can only make online purchases. 

Cooper emphasises imparting financial literacy to teens. It teaches them topics like the importance of economic health, saving for the future, budgeting and spending wisely, and setting goals and reaching them. Cooper is very safe and uses encryption and authentication to protect its users’ accounts. It is also FDIC insured, and users’ money is insured up to $250,000. 

Cooper lets parents have some control over their children’s expenditures. Only parents can transfer the money to their teen’s account. It also allows them to monitor purchases made by their teens and set up allowances to pay their teens for doing chores. However, Cooper has some limits on the transactions it allows. It currently has a $500 daily load limit, a $2,000 monthly load limit and a $2,000 daily spending limit. Additionally, Cooper incentivises referrals. If a person refers their friend to the app, they both get $3 as long as they use the referral link. 

Cooper’s debit card can’t be availed by users in India at the moment.

9. Chase 

Chase is another one of the best debit cards for teens. This once again is an American company. It is offered by the JP Morgan Chase Bank, an American national bank. 

The debit card is being provided to children whose parents have a checking account with Chase. The account can be opened for those aged 6 to 17 years.  

Chase lays emphasis on imparting financial literacy to teens. It teaches them to spend money effectively and not waste much. The debit card it provides can be used for online and offline purchases. Teens can also keep track of their spending by setting account alerts. Further, Chase First Banking has a $0 monthly service fee. Teens can also withdraw money from many ATMs. 

Chase lets parents have some control over their children’s expenditures. Teens can only request money. While only parents can transfer the money to their teen’s account. In this way, parents can provide their monthly allowance to kids on the app itself and ensure that their children aren’t spending more than needed. Additionally, parents can also deny requests.  

Parents can also set limits on the money that their children can spend at various places and withdraw from the ATM. Chase also encourages children to save money by letting them set goals that they can work towards. Parents can also encourage kids to do chores by assigning them the chores and paying them money once it is completed. The Chase debit card is a Visa card that can be used virtually everywhere Visa debit is accepted. It can also be used internationally in those countries that accept Visa cards. 

Chase doesn’t offer it’s services for teens in India.

10. Mydoh 

Another one of the best debit cards for teens is Mydoh. It is a neo bank for kids and parents. Mydoh is a Canadian company that offers prepaid cards for kids. Kids of all ages can use the app. It aims to impart financial literacy to teens. 

Parents need to download the app and register themselves to make an account. They then need to invite their kids to the app and sign them up. After that, the kids can get the Mydoh Smart Cash Card which they can use to spend money. The card can be used for online or offline purchases. The Mydoh card is a Visa card that can be used everywhere a Visa debit card is accepted. It can also be used internationally in those countries that accept Visa cards. 

Mydoh lets parents have some control over their children’s expenditures. They can also control various other aspects using the app. Parents can set up tasks and allowances, send kids money, track earnings and spending, and lock and unlock the card. Kids can learn various aspects of money using the app. They can manage their tasks, use their card to make purchases, track their earnings and spending and check their balance. This allows them to learn to understand where and how to spend money effectively.  

Mydoh has tasks and allowances that parents can use. Here they can provide monthly allowances as well as set tasks for kids. The kids can get a certain amount of money on completing the tasks. The app also has Mydoh Play. This aims to make learning about money easy. Kids learn about money and gain financial literacy through trivia. 

This has been a list of the top 10 best debit cards for teens. However, there are many more debit cards that are available to teens. In addition to that, there are many neo banks for teens that also offer credit cards. However, when one is just learning their way around finances, it is better that they use debit cards rather than credit cards. 

Advantages of debit cards over credit cards 

Debit cards and credit cards are pretty similar when it comes to utilising them. You can use them both to make online and offline payments. However, debit cards are used to spend money from your bank account. When you use a debit card, you can only spend as much money as your bank account. When you use credit cards, the bank gives you a fixed monthly sum of money to spend. You have to then pay the bank back with interest at the month-end. Thus using credit cards end up charging you more money than debit cards. 

While using debit cards, you can never be in debt or have overdrafts. However, credit cards put you in “debt” for the money the bank has issued, plus interest the bank charges. Sometimes depending on whether you have chosen or not, you can also have an overdraft on your credit card. This puts financial strain on you later. 

Therefore, when it comes to teens and those who are just being introduced to the world of finance, it is better to allow them to use debit cards. In this way, even if they overspend a bit, they will not go into debt. In addition, this gives them a certain amount of leeway to use their cards without being too scared or hassled while learning their way around their finances.