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Bieber Backs a Debit Card for Teenagers

Posted by on Apr. 12, 2013 at 10:05 AM
  • 16 Replies

 SO I see an article on Justin Beiber advertising a not so new product. This is for prepaid debit cards that have certain restrictions/limits available to be added by parents. I personally give my children cash, but what to you think? Is a pre-paid card you can track a good way to teach kids to manage their money?

 

http://finance.yahoo.com/news/bieber-backs-debit-card-teenagers-021124382.html

 

by on Apr. 12, 2013 at 10:05 AM
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Replies (1-10):
kmqw229
by Silver Member on Apr. 12, 2013 at 10:20 AM
I think it's a better idea than an actual credit card, but my kids are too young for that right now.
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chrissydan
by Gold Member on Apr. 12, 2013 at 10:34 AM
Maybe when they are 16 but not befor. Kids should not have to worry how to use plastic they do however need to learn the value of MONEY then comes the debit feature
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Janet
by Silver Member on Apr. 12, 2013 at 11:09 AM

 It is better than a credit card I agree. But when they are older like 16.

arpazia
by Silver Member on Apr. 12, 2013 at 11:17 AM
Um, I don't think it's a great idea.
Heck, I don't think adults should have them!
la_bella_vita
by Gold Member on Apr. 12, 2013 at 11:29 AM

 

Quoting Janet:

 It is better than a credit card I agree. But when they are older like 16.

 I agree

chattycassie
by Gold Member on Apr. 12, 2013 at 11:32 AM

 I agree, I think the pre-paid cards have too many fees and hidden cost.

Quoting arpazia:

Um, I don't think it's a great idea.
Heck, I don't think adults should have them!

 

sukainah
by Gold Member on Apr. 12, 2013 at 11:44 AM

I think the prepaid is a good idea.  But so is cash, they can earn it and spend it and know when it's gone it's gone!

chattycassie
by Gold Member on Apr. 12, 2013 at 11:47 AM

 That is why I pay in cash. Once its gone its gone. I don't like the idea of my kids having to pay a fee to use the money, otherwise I would like the debit cards since they can be tracked and certain purchases can be blocked.

Quoting sukainah:

I think the prepaid is a good idea.  But so is cash, they can earn it and spend it and know when it's gone it's gone!

 

LindaClement
by Silver Member on Apr. 12, 2013 at 1:04 PM

My kids got debit cards before they were 10.

In Canada, with inter-linked banking systems, debit cards are directly tied to the bank accounts, so you can't do anything with them except access the real money you actually have.

There's no such thing as a pre-paid debit card here, as they're unrelated to credit cards.

You can get prepaid credit cards, though...

SarahSuzyQ
by Silver Member on Apr. 12, 2013 at 1:08 PM
1 mom liked this

I think a debit card in today's society would serve the same function as a checkbook when I was a kid... And I got one in my early teens, a checkbook that was tied to my own small, separate checking account.

Honestly, we as Americans do a terrible job teaching kids to manage their money. And then we wonder why they are racking up credit card debt as college freshmen, unable to pay bills, etc.

I would not be opposed to doing something like this with my son when he is a younger teen so that he has time to develop good habits under close supervision.

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