How Old Do You Have to Get a Debit Card?

If you are wondering how old do you have to be to get a debit card, this article will help you determine your eligibility. Read on for some benefits and costs, and learn about the requirements. If you are still unsure, consider getting a joint account. Then you and your parent can share access to the money until you are 18.

Getting a debit card at a young age

Getting a debit card at a younger age can be a great opportunity for children to learn about finances. While kids may not show interest in money before they reach puberty, they are likely to develop a strong interest in it once they reach puberty. Peer pressure and the desire to be independent will likely make them want their account. Moreover, children who have a debit card will be excited to manage them.

A recent study by the Money Advice Service found that children as young as seven years old were ready to learn about money. However, how parents teach their children about money changes as they get older. This means that if you’re planning on giving your child a debit card at an early age, it may be best to wait until your child is older than seven. This is because the age at which children understand the importance of money will be different than that at which they’ll be ready to handle this responsibility.

Benefits

Getting a debit card is a great way to keep your spending under control. You can use it for other savings accounts or even a down payment on a house. These cards also have fewer fees, making them a good budgeting tool. Some debit cards even offer mobile wallets. However, they may not work for every individual. Listed below are the benefits of getting a debit card. Read on to learn more about these cards!

A debit card is convenient. You don’t have to carry cash all the time, which makes paying bills a breeze. A debit card also saves you money because transactions are immediately reflected in your account. Using it regularly will help improve your credit score over time because you won’t overspend. Furthermore, you won’t have to worry about running out of cash at the end of the month. You’ll also know your available balance at any time.

Costs

Getting a debit card is not free, so make sure you understand the costs involved before you sign up for one. Debit cards are not the same as credit cards, so the fees may vary from one institution to another. Most debit cards charge a monthly fee, but many banks waive this fee if you make direct deposits. In addition to monthly fees, debit cards may charge overdraft fees, also known as insufficient funds fees, for every withdrawal or purchase you make.

While debit card processing fees are significantly lower online than offline, the fees may cut into your margins, so it’s important to shop around for the best deal. Fortunately, the Durbin Amendment limits debit card interchange fees to 21 cents plus 0.05% of the amount paid. However, it doesn’t cover the cost of fraud protection, and some businesses pay additional fees to prevent identity theft. In addition, these fees are only applicable to transactions involving the largest card issuers in the country.

Requirements

When a person turns eighteen, they are typically eligible for a debit card. If they are younger, however, they must have a parent or guardian on their account. It’s possible to give a teenager access to your debit card as an authorized user. Other options include opening a joint account with your parents. Some banks even have accounts just for teenagers. Be sure to read the fine print to find out whether you’re eligible.

First, you must open a bank account. This account is linked to your debit card, and payments are automatically deducted from it. Whether you’re applying online or in person, you will need to present several forms of identification. These documents may include a driver’s license, passport, social security card, or other proof of identity. If you are under 18, you will also need to provide a co-signer who is over 18 years old.

Expiration date

The expiration date of a debit card is the last day of the month. You can use the card up until 11:59 PM on the last day of each month. However, after that date, the card no longer works. To find out how long your card is valid, check its expiration date on the back. You can also check the expiration date online. But be careful – some debit cards may have a long expiration date.

Having an expired debit card can cause some inconveniences. You won’t be able to use it to make deposits or withdrawals at ATMs. Automatic bill payments may bounce if the card expires. Additionally, you’ll have trouble making purchases online without updating the CVV number or expiration date. To prevent any inconvenience, keep up with the expiration date and change it whenever you want. Fortunately, most banks will provide you with a new debit card before your old one expires.