These days’ cashless payments are becoming increasingly popular. As a parent wanting to teach your kids about finances and money management, teaching them about cashless payments is a must. Introducing your kids to using a reloadable debit card is the perfect way to do so.
Basically, it looks like a credit card, works like a debit card, minus the risk of overspending.
Unlike a regular debit card, which is linked or pulls funds from your bank account, you would need to add funds to your kids reloadable debit card in order for them to use it, much like topping up a prepaid mobile number.
For a parent, the top-up feature is the most attractive feature of a reloadable debit card. Unlike a credit card or even a regular debit card, you can sleep easy at night knowing that you won’t be surprised by an astounding credit card bill or shocked by a drained bank account due to your kids’ online shopping spree.
Exposing your kid to the basics of everyday banking is an important step in their learning process towards being financially independent and savvy. A reloadable debit card is a great way to start them off on their journey. They’ll learn that money isn’t infinite and that plastic is real money.
Still not entirely sure if a reloadable debit card is suitable for your kid? Read on and we’ll tell you more.