Swipe Safely: A Teen Debit Card Checklist
- Secure the best teen debit card for their lifestyle and financial readiness.
- Take advantage of the safety features and safety nets the best teen debit cards offer.
- Gain valuable tips to help teens build financial awareness and good habits now to protect them from fraud in the future.
Introduction
Teen debit cards can be a great tool to help young people learn financial responsibility, but safety is key to ensuring a positive experience that doesn’t land them in financial trouble.
By providing a practical way for teens to manage their money, debit cards linked with teen checking accounts encourage them to develop budgeting skills and understand the importance of saving.
However, without proper guidance, teens may inadvertently expose themselves to risks such as overspending, fraud, or misuse. That's why it's essential to equip them with knowledge and strategies for using their debit cards safely. Here are several safety tips and best practices for teens using debit cards:
Swipe Safely: A Teen Debit Card Checklist for Ultimate Success
1. Choose a Teen-Focused Debit Card
Opt for cards designed for teens, that have:
- safety features
- parental controls
- the ability to set spending limits
- educational tools
Always check if there is a monthly fee attached to avoid unnecessary expenses, and better yet, check if your teen will get rewarded with cash back for purchases that they make.
2. Set Up Parental Controls & Enable Alerts
Many teen debit cards allow parents to monitor spending and set spending limits.
Notifications can be set for transactions, providing updates when the card is used. Make sure you have alerts set notifying you of:
- Low Balances
- Incoming Deposits
- Point of Sale Purchases
This keeps both teens and parents aware of how the card is being used and helps detect unusual activity early. Once you select the teen checking account and teen debit card that is right for your Oklahoma teen, make sure you set these alerts up inside of online banking or mobile banking immediately to start off on the right foot.
3. Use Strong Pins and Passwords
Help teens set up a strong, unique PIN for their card. Avoid common numbers (like birthdates) and never share the PIN with others.
If the card is linked to an online account or mobile app, use a strong password and enable two-factor authentication (2FA) when available.
4. Teach Basic Safety Rules
Educate teens about safe card usage, including:
- Not sharing card information with friends.
- Avoiding public Wi-Fi when making online purchases.
- Regularly checking their account for suspicious transactions.
- Keeping the physical card safe and knowing how to lock it if lost or stolen.
- Add the debit card to your digital wallet to reduce the possibility of it being misplaced.
5. Monitor Online Purchases
If the teen is using the card for online purchases, ensure they know to shop only on secure websites (look for "https" in the URL and the padlock symbol).
Avoid saving debit card information on websites or apps.
6. Make Sure Your Teen Debit Card Has Fraud Protection
Ensure your teen debit card comes with fraud protection policies, which can include zero liability for unauthorized charges.
Teach teens how to report a lost debit card or suspicious activity immediately. Be prepared now so that if an issue arises, you can stop fraudsters quickly and reduce potential damage.
7. Set Spending Limits
Many debit cards allow parents or teens to set spending limits, and even limits based on location. This can help prevent excessive spending or large losses in case of fraud.
8. Review Statements Together
Make it a habit to review debit card statements or transactions together. This helps identify unauthorized transactions and teaches teens how to track their spending.
9. Go Over Emergency Protocols
Teach your teen how to lock or deactivate their card inside online banking or mobile banking if it's lost or stolen and what additional steps should be taken to notify their financial institution and get a new card.
10. Dive Deeper with Financial Education
Ask your trusted local financial institution if they offer free financial education resources for your teen. Many credit unions offer free blogs, checklists, webinars, and more to help teach your teen about personal finance and set them up for future success.
Teen Debit Card Safety Can Make a Difference
By following these safety tips and having open communication about finances, you can empower your teen to develop strong financial habits that will benefit them for years to come. Encouraging discussions about money management, budgeting, and responsible spending can help instill a sense of accountability and confidence in their future financial decisions. While a teen debit card is a great first step, there are many important lessons you can share to help your teen get ready to become a financially responsible adult. Explore additional articles below that can help you get your Oklahoma teen on the right path towards financial wellness.
Allegiance Has the Teen Debit Card You're Looking For
No matter where you and your teen are on your financial journey, Allegiance is ready to help you take the next step! Our Teen Checking Account comes with a teen debit card for children 14 and older in the Oklahoma City Greater Metro Area that balances the freedom your teen is looking for with the oversight and parental controls you want. Prepare your teen for financial independence with Allegiance today!
Additional Related Resources for You and Your Child:
-
Financial Literacy For Kids Can Be Simple [8 Money Lessons to Share]
-
Earn and Save: How to Make Money as a Kid and Grow Your Savings
- How to Teach Kids About Money: 6 Essential Family Talks
- 7 of the Best Ways to Save Money For Your Kids Future
- Safeguarding Financial Information: Early Habits to Instill in Your Teen
- Credit Union vs Bank: Which is Best for Your Teen
- Smart Money Moves: Budgeting and Saving Strategies for Teens
- Secure the best teen debit card for their lifestyle and financial readiness.
- Take advantage of the safety features and safety nets the best teen debit cards offer.
- Gain valuable tips to help teens build financial awareness and good habits now to protect them from fraud in the future.