Why Use a Student Mastercard?
Using a student Mastercard debit card gives users lots of flexibility. These cards are good any were Mastercard is used which means most places that sell goods or services will accept them. Teen credit cards of this type can be the first step in teaching them to be financially responsible. These are actually a teen debit card. This means they are tied to a real account balance. Unlike an actual credit card that can allow spending over the limit, thus incurring extra charges, this card is limited to the actual balance available.
Some might ask Why credit cards for teens? Teaching children to be responsible with money is part of giving them skills to use for adulthood. These cards give parents quite a bit of control. They can find out where money was spent, how much and other details by logging on to the site or they can use a toll free number and talk to a customer service representative. They can freeze the card if they dont want their child to spend any more money. This feature also is convenient if the card is ever lost or stolen. Parents can set up text messages or email alerts for any spending. This allows them to always know when the card is used and for how much.
Children can make purchases for clothing or other items on their own. Because they have a set amount of money to work with, they can learn to plan how much to spend and stay within the amount. They can use the cards to do things like go to the movies or get cash from an ATM. It cannot be used for things like gambling, purchasing alcohol, tobacco, adult entertainment or firearms. These cards do not require any credit inquiry to get started. They do not get reported on parents credit reports. There are no hidden fees or overdraft charges. They can be set up to load a specific amount each month, which is useful if the child gets an allowance or has specific expenses to be covered. Parents can reload the card easily with money if they need to. The funds can be instantly available depending on how the card is funded.
One of the best parts of these cards is that others can use it to sent money to teens. Sometimes grandparents, aunts and uncles, stepparents or others may want to send birthday or holiday money to the teen. People can be added to the card for funding allowing money to be sent securely for the teen.
Teaching children how to manage money is a gift that lasts a lifetime. A student Mastercard can be one of the first steps in safely teaching them how to use credit.
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