Cards for Kids

[richardshakeshaft]

Hopefully not too off topic, but we’re thinking about getting some sort of card for our 8yo daughter to help her learn about money to tie in with what they’re doing at school.

Obviously, there are those aimed at kids – e.g. Go Henry – but I’m keen not to miss out on even the smallest collection opportunities (as she benefits from the hotels and flights too!) and I resent paying monthly fees unless I can see the value in doing so, and I wondered whether there were any thoughts/recommendations from other point-obsessive parents…

Thanks in advance!

[NorthernLass]

We got a Revolut card for our teenager – there aren’t really any points-earning opportunities with it any more but it’s really easy to keep track of their spending via the app and I think there was just a one-off £5 fee for the card. I think all the points opportunities lie with credit cards and maybe the odd debit card which would only be available to an adult.

[richardshakeshaft]

NorthernLass wrote:

We got a Revolut card for our teenager – there aren’t really any points-earning opportunities with it any more but it’s really easy to keep track of their spending via the app and I think there was just a one-off £5 fee for the card. I think all the points opportunities lie with credit cards and maybe the odd debit card which would only be available to an adult.

I guess I was also thinking about pros/cons of supplementary cards, but I’m not sure I want to extend her my credit line! There again, having just cancelled my BA Exec Club pre-paid mastercard, I realise that might have been a suitable option…

[NorthernLass]

I’m pretty sure you can’t get a supplementary card for an 8 year old! (In the UK, anyway)

[sloth]

https://www.natwest.com/current-accounts/childrens-accounts/kids-prepaid-pocket-money-card.html

Free for the first year

[Toaster]

https://hyperjar.com/

Free, easy to use, no credit checks, useful features.

[richardshakeshaft]

Thanks for the suggestions!

[The Savage Squirrel]

+1 for Hyperjar. Entirely free. Set up your own account and you can then link children to it and they get their own “jar” (account) and debit card with your choice oif inspirational message which is a sweet touch. Can track spend, send payments, control their funds and generally seems to do everything that GoHenry and the rest charge you money for.

[Luca M]

Personally I have opened RBS/NatWest saving account (first savers) which they can do at 7. It comes with a piggy bank and game app. I have used this to save money from friends and family gifting as well as birthday parties (we agreed with other parents to exchange cards with cash instead of buying more small toys, so that the total collected could be used on something better like a Nintendo 3DS or the likes). We used the Piggy bank to collect coins and cash gift and then periodically go to the PO or branch to deposit or withdraw (withdrawal needs to be in branch with the co-signatory parent, but I found that part of the learning experience).

At 11 they can then open proper Children Bank accounts that comes with full online debit cards (Visa/MasterCard). Barclays, HSBC, NatWest/RBS and Santander all offers them.

I think the proper bank route will set them better for the future once they become adult and/or University students.