Giving Kids Debit Cards

pennypinch · #1 06-22-2011, 04:10 AM

ha... I read a question on the internet that I just have to share with you all.

This lady has a five year old child and a eight year old. She said that the eight year old always loses cash money. So she asked "Should I give my eight year old a debit card to teach her financial responsibility"?

I thought to myself "what"! I had to read it twice to make sure I hadn't misunderstood lol.

I guess to each their own but I would never give an eight year old a debit card especially knowing that she loses things to begin with!

I don't think an eight year old can quite grasp the concept of a debit card and what if she were to lose it? Worse yet, what if she were to lose it and someone else find it??? Most debit cards can also be used as credit so any one could use the card until it is reported lost and shut down!

BSClay · #2 06-22-2011, 06:03 PM

I personally have considered getting a true debit card for our oldest daughter who is turning 16 next week. Our bank allows debit cards without the credit card option and will also allow you to tie a certain limit to it. So we could give it to her with a particular amount for the month (allowance etc) and once she spends that it will be declined. I think it would teach her about the responsibility of balancing a checkbook ledger and knowing when she can't spend any longer. Now giving one to an 8 year old that you already know can't keep track of money is not a wise choice in my opinion. I would consider giving on to our 10 year old but she is more responsible than our 16 year old.

centsgirl · #3 06-23-2011, 03:52 PM

might be a good idea for a older child, but I would never of given my small children any type of plastic, not even a debt card, if that kid loses money what makes her think they will not lose the card

dimetime · #4 06-23-2011, 06:24 PM

You can't really go by age when it comes to stuff like this. I have seen some young kids where were very mature for their ages and could be trusted with a debit card. Though I would never even consider giving a kid a debit card if they had the habit of losing everything.

That is just asking for trouble in my opinion.

I can not believe anyone would even consider something like that with a forgetful child. Some people still manage to amaze me.