Bank cards for children and young people – that’s how it works

Fewer and fewer shops accept cash and it is also difficult for parents to get hold of cash to be able to give their children weekly allowance.
Has it come time to give the child an account card?
– It’s not about putting a card in your hand and “doing what you want”. It is still controlled by the parent, says savings economist Frida Bratt.

The time has come for the inevitable – to give the child his own bank card. Scary? Here, savings economist Frida Bratt gives reassuring advice.

– It is a digitized world. It’s not about handing a credit card to the child so they can shop what they want.

The parent responsible for the card

You must be of legal age to obtain a credit card. For children there are special bank cards, for which the parent is legally responsible.

– The parent can control how much money should be available. There are parental restrictions, i.e. how expensive the child can buy. You can set limits for that. Should the child be able to shop on the internet? You can put a block on that. It’s still about a lot of control on the part of the parent, says Frida Bratt, savings economist, in Nyhetsmorgon.

The parent is responsible for the card and can see all the child’s transactions and withdrawals.

“A thing to keep track of”

There are, of course, both advantages and disadvantages with bank cards compared to cash.

– My children have credit cards, they have them in their mobile phones. It is both good and bad. There is ONE thing to keep track of – the phone. If the child is going to take the bus and has no money on the card or in the pocket – then you can easily swipe over, says Frida Bratt.

The big disadvantage many people think about is whether children can learn the value of money if you don’t get coins and bills in your hands.

– You may have to start with physical money and then when you think the child understands this, then an account card may be suitable. It has a little more to do with a sense of responsibility, says Frida Bratt.