In today’s time, the popularity of Debit Cards has increased rapidly. Debit Cards have become a popular means for individuals to access their money, shop online and conduct financial transactions. So, in this article, we will know what should be your age to have a Debit Card.
How old do You have to be to have a Debit Card ?
Debit Card is a payment card. Which allow people to receive money from their bank account for purchases, withdrawals or money transactions. Debit cards are merchant-offered by specific businesses and can be used online or at point-of-sale terminals. However, debit cards are also used by ordinary citizens to access their money. So let us know in a point by point manner below what should be your age to get a Debit Card.
Minimum age for Debit Card
The minimum age limit for people to have a Debit Card varies from country to country. But sometimes the age limit varies in the financial institutions of their own country. In such a situation, if we talk about America, then the minimum age limit of people to get a Debit Card here is usually 18 years. However, there are some banks that offer debit cards to minors below the age of 18 years. For this with the consent of his parents or under specific types of accounts available to him.
Getting Debit Card with Parental Consent
If your age is less than the minimum age limit given by the bank, then in this situation you can also get the Debit Card from the bank with the consent of your parents or guardian. In such a case, banks recommend you to use a joint account or a custodial account. Spending limits and restrictions usually apply to these accounts.
Under Kishor Banking Program
Some banks offer specific types of accounts and programs for teens and youth. Banks’ programs provide debit cards with limited facilities to the people. These programs serve as educational tools for the youth. that helps them with financial responsibility and budgeting.
Prepaid debit card
If you want to get a Debit Card from a bank , and you are below the minimum age requirement traditionally set by the bank, then your other option is prepaid Debit Card. Let us tell you that prepaid debit cards are not linked to your bank account, they are funded in advance. In prepaid debit cards, you get a fixed limit, within which you can make purchases.
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