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Prepaid credit cards for children

When kids reach a certain age, they start exerting their independence. They want to go to the mall with their friends instead of Mom and Dad. Before you know it, they are starting to drive, and need money for gas and other teen necessities. Unfortunately, kids get more expensive as they get older, and somehow a parent`s pocket-change doesn`t always keep up with their needs.

Parents apply for a prepaid debit card in their child`s name, and deposit money into the account to activate it. Children can then use their card anywhere Visa or Mastercard is accepted. When the card is used to make a purchase, that amount is deducted from the card balance. When the card balance is low, parents can reload the card from their checking account or credit card.