'Debit' type card for over tens!

Polly

My son (aged 10) is an avid reader of Match magazine. The latest issue has a 'debit' type card aimed at over tens for parents/relatives to load up with credit and which can be used at outlets taking Mastercard Maestro. Wait for the best bit - they want 'only £9.95' to set it up. Even adults get free cards! I think is is absolutely outrageous - what do others think?

ms_london

I heard about this on Kiss100 (of all places!!). The DJ was all up for the idea, but I think it will teach kids to "slap it on the plastic" rather than teaching them how to budget!!

grumbler

Polly wrote:

... what do others think?

bluecorner.co.uk
Speedcard

12 y.o. can have a proper debit card. 10 y.o. will be fine with a cash card.

Becles

I think it's a good idea in the sense that rather than carrying a wallet full of cash, teenagers can carry a preloaded card which only they know the PIN number for.

It's less attractive to bullies compared to cash, and if it's lost presumably it can be stopped in the same way a normal debit card can be.

I would also say it could be used as a budgeting tool. Eg parent says they will put £30 on it every 1st of the month, and it's up to teenager to make it last the month.

Polly

I agree that its a useful thing for teenagers but aiming it at ten year olds is too low.

Debt_Free_Chick

Becles wrote:

It's less attractive to bullies compared to cash, and if it's lost presumably it can be stopped in the same way a normal debit card can be.

I generally agree, but a real bully will just march the kid down to the store to buy what he wants or, if it's a cash card, down to the ATM - rather like the Government proposed with on the spot fines

Savvy_Sue

Once he's 11 he can have a bank account with a cash card, I know NatWest do one. But they can't go overdrawn! Excellent training for later in life ... and a lot easier if Mum doesn't have to flash the plastic when buying new games after school!

James

I noticed the bit about bullying and safety. If you give a child a pre-loaded card with more money on it than they would normally carry on a daily basis then you could be asking for trouble.

http://www.finextra.com/fullstory.asp?id=14851

claz

i aren't sure what to make of this i supposed it will depend on how resposbile your child is or should i say how irresponsible

it is important to teach children the value of money but as to whether cash or plasic is best i don't know

i have 2 cousins one who's now 12 she has always watched every single penny she spends but then her brother can have 5p in his pocket longer than 2 minutes without spending it

Polly

Know what you mean - my son is of the 5p burning a hole in the pocket brigade and I just know the plastic would be hard for him to resist. This product is not for us, but I can see situations where it may be beneficial.

cougar_3

Try https://www.splashplastic.com - it doesn't cost £10 to set up but can only be used at selected retailers.

I think that bullying is not going to be a problem with a card or cash, although the Natwest accounts are much better than these in that the money is yours and easily returned. It also earns interest and teaches the value of saving. The Natwest account solo debit cards are much more useful and can be used more widely.