Best Prepaid Cards To Give Pocket Money To Kids 'Smart Cards'

Prepaid Card

Smartly Give Pocket Money To Kids With These 'Smart Cards'!

Do you want your children to learn financial lessons through experience? Then give them a smart card like this as a New Year gift. Usually, parents give their children some pocket money every month. They are told to use that money for their needs. How much does it cost them to save and save money by the end of the month? How much is left? Your idea is to learn such calculations. However, you may not be able to monitor them every time. This is when children are more likely to go astray.

A smart prepaid card is a great way for children to learn about money on their own, experientially, while still being under the supervision of their parents. Some fintech companies offer these cards in partnership with banks. Through these cards, children can learn practical new ways of spending money, saving money, and saving without spending too much.

These smart cards are specially designed for children under 18 years of age. They work on the principle of pocket money. Interest is paid on the amount the children save. This smart card has parenting control. This means that parents will receive a message each time the child swipes the card. Limits will be imposed on ATM withdrawals and expenses. Parents can activate or deactivate the card through the card-related app. Parents can complete a minimum of KYC of Rs.10,000 per month and with full KYC up to Rs,2 lakh per month can be loaded on the card.

FamCard: This is a co-branded prepaid card. IDFC is issuing this card for children in partnership with First Bank. You can apply for the card and activate it through the form app. This app can be downloaded from Google Playstore. There are two variants available on this card. The first is 'FormCard Me'. For this, a fee of Rs.299 has to be paid. The second is the form card. For this one has to pay a one-time fee of Rs.99. There will be no additional fees or charges. There is no need to maintain a minimum balance in the account. Gives reward points for every payment a child makes. You can get discounts and cashback with these reward points.

Slonkit Prepaid Card: The Sloan Kit Money Management app is available on Google and Apple App Stores. You need to download this app and complete the KYC process. Receive a reloadable prepaid card (your child's name will be on the card) within seven days. The app issues affiliate programs in association with DCB Bank. It can be loaded up to Rs. 1 lakh at a time without exceeding the limit of Rs. 12 lakhs per annum. With this app, parents can manage cards for their four children. There are no special registration fees but the annual fee is Rs.100. This app is integrated with various types of merchants that students need.

FYP Card: FYP Fintech Startup Yes Bank offers this prepaid card for children in conjunction with Visa. The account will be maintained with zero balance. Also, there is no need to pay any fees to open an account. Reward points and cashback are available for every successful transaction that children make. Kids can learn financial skills through the information, videos, and quizzes provided in this app. The card is integrated with the FYP app. You can get this app from Google Playstore.

Junio ​​Card: This smart card is issued by Junio ​​in partnership with RBL Bank. With this smart card, children can make purchases online and offline. The card is virtually issued as soon as the KYC process is completed. It's free. To get a physical card Rs. 99 to be paid. Money can be loaded on the card through UPI. You will get 2% cashback on the amount loaded on the card through UPI. Your child will receive a 3% cashback if they swipe the card at a nearby store. Parents can create tasks in the app for children and reward them with extra pocket money.

Pencilton Card: This card is offered by Pencilton Fintech startup. This card will help teenagers and students to learn money management skills and manage expenses. RBIL Bank offers a debit card in the form of a pencil company in partnership. Get a virtual card for free. You have to pay Rs.199 for a physical card. The pocket money given by the parents to the children can be given through this card and the expenses can be tracked.

Finally: With these smart cards, parents can easily track their children's expenses and teach them money management skills. Some cards offer reward points and cashback. So children are thinking about how to manage these and how much money they can save while reducing costs. However, before taking these cards, you need to know the card features, charges, and reward points. In the beginning, it is better not to load a large amount of money on the card. This is because the greater the load, the more likely it is that children will spend more. Parents need to know the child's thoughts and intentions when it comes to spending. Tell children the importance of monthly savings and financial matters.

Post a Comment

Previous Post Next Post