Would you recommend student debit cards to your children?
Maybe I would, if I am a parent myself. Why?
Because debit cards will not get you into debt unlike credit cards. The payments using a debit card are immediately transferred from my bank account, instead of me paying the money back at a later date. It’s also convenient since I don’t have to go to the bank to pay each month.
I know, just like credit cards, debit cards can be subject to abuse also but as a parent, I have the responsibility to teach my kids about money management. I know several people who knows how to spend money wisely early in life. Their parents have taught them well. When I was younger, nobody taught me the value of saving/investing money. I had to learn it all by myself. If someone had just encouraged me long before I started working, I probably have less worries about my future now. I learned my lessons, so when I get kids of my own, I will instill to them the importance of money management.